Quarterly report pursuant to Section 13 or 15(d)

Long-Term Debt - Schedule of Long-term Debt (Details)

v3.20.1
Long-Term Debt - Schedule of Long-term Debt (Details) - USD ($)
$ in Thousands
Mar. 31, 2020
Dec. 31, 2019
Less current portion of long-term debt $ 1,614 $ 1,300
Long Term Debt [Member]    
Total debt 3,209 3,880
Less current portion of long-term debt [1] 1,614 1,300
Long-term debt 1,595 2,580
Revolving Credit [Member]    
Total debt [3] [2] 321
Term Loan [Member]    
Total debt [3],[4] 1,739 [2] 1,827
Promissory Note [Member]    
Total debt [1],[5] $ 1,470 $ 1,732
[1] Net of debt discount/debt issuance costs of ($198,000) and ($248,000) at March 31, 2020 and December 31, 2019, respectively. The Promissory Note provides for prepayment of principal over the term of the Note without penalty. The Company made prepayments of principal of $312,000 in the first quarter of 2020 and $520,000 in 2019 which were reflected in the current portion of the debt.
[2] As discussed in Note 16 – "Subsequent Events – Credit Facility," on May 8, 2020, the Company entered into a new loan agreement, replacing the Revised Loan Agreement dated October 31, 2011 as discussed below, with PNC. The new loan agreement has a maturity date of May 15, 2024. In accordance with ASC 470, "Debt," this post balance-sheet date agreement demonstrated the Company's ability to refinance its short-term obligations on a long-term basis; therefore, the Company has reclassified the current portion of the outstanding debt to long-term except for $427,000 in principal payments that will be due by March 31, 2021 (see Note 16 - "Subsequent Events – Credit Facility" for further details of this new loan agreement).
[3] Our revolving credit facility is collateralized by our accounts receivable and our term loan is collateralized by our property, plant, and equipment. Effective July 1, 2019, monthly installment principal payment on the Term Loan was amended to approximately $35,500 from approximately $101,600.
[4] Net of debt issuance costs of ($74,000) and ($92,000) at March 31, 2020 and December 31, 2019, respectively.
[5] Uncollateralized note