| Schedule of Long Term Debt |
Long-term
debt consists of the following:
Schedule
of Long Term Debt
| (Amounts in Thousands) |
|
September 30, 2024 |
|
|
December 31, 2023 |
|
| Revolving
Credit facility dated May 8, 2020, borrowings based upon eligible accounts receivable, subject to monthly borrowing base calculation,
balance due on May 15, 2027. Effective interest rate for the first nine months of 2024 was 10.5% (1) |
|
$ |
— |
|
|
$ |
— |
|
| Revolving
Credit facility dated May 8, 2020, borrowings based upon eligible accounts receivable, subject to monthly borrowing base calculation,
balance due on May 15, 2027. Effective interest rate for the first nine months of 2024 was 10.5% (1) |
|
$ |
— |
|
|
$ |
— |
|
|
Term Loan 1 dated May 8, 2020, payable in equal monthly installments
of principal, balance due on May 15, 2027. Effective interest
rate for the first nine months of 2024 was 9.5% (1)
|
|
|
— |
|
|
|
213 |
|
|
Term Loan 2 dated July 31, 2023, payable in equal monthly
installments of principal, balance
due on May 15, 2027. Effective interest rate for first nine months of 2024 was 9.4% (1)
|
|
|
1,958 |
|
|
|
2,333 |
|
| Capital
Line dated May 4, 2021, payable in equal monthly installments of principal, balance due on May 15, 2027. Effective interest rate
for first six months of 2024 was 8.8% (1) |
|
|
279 |
|
|
|
358 |
|
| Debt Issuance Costs |
|
|
(184 |
)(2)
|
|
|
(170 |
)(2)
|
| Notes
Payable up to 2044, with annual interest rates ranging from 8.10% to 10.7% (3) |
|
|
411 |
|
|
|
14 |
|
| Total debt |
|
|
2,464 |
|
|
|
2,748 |
|
| Less current portion of long-term debt |
|
|
554 |
|
|
|
773 |
|
| Long-term debt |
|
$ |
1,910 |
|
|
$ |
1,975 |
|
| (1) |
Our revolving credit
facility is collateralized by our accounts receivable, and our term loans and capital line are collateralized by our property, plant,
and equipment. |
| (2) |
Aggregate unamortized
debt issuance costs in connection with the Company’s credit facility, which consists of the revolving credit, Term loan 1, Term
loan 2 and Capital Line, as applicable. |
| (3) |
Includes a promissory
note entered into on July 24, 2024, in connection with the purchase of the Company’s EWOC property. See a discussion of this note
below which include a variable interest rate provision. |
|