Quarterly report pursuant to Section 13 or 15(d)

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

v3.20.2
Long Term Debt - Schedule of Long term Debt (Details) - USD ($)
$ in Thousands
Sep. 30, 2020
Dec. 31, 2019
Total debt $ 7,254 $ 3,880
Less current portion of long-term debt [1] 828 1,300
Long-term debt 6,426 2,580
Revolving Credit [Member]    
Total debt [2] 321
Term Loan [Member]    
Total debt [2],[3] 1,487 1,827
Promissory Note [Member]    
Total debt [1],[4] 424 1,732
Promissory Note [Member]    
Total debt [4] 5,318 [5]
Note Payable [Member]    
Total debt $ 25
[1] Net of debt discount/debt issuance costs of ($99,000) and ($248,000) at September 30, 2020 and December 31, 2019, respectively. The Promissory Note provides for prepayment of principal over the term of the Note without penalty. In 2019, the Company made total prepayment of principal of $520,000 which was reflected in the current portion of the debt. During the first nine months of 2020, the Company made total principal repayment of $1,457,000 of which $416,000 was prepaid. At September 30, 2020, outstanding balance of the loan are current.
[2] 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. See "Revolving Credit and Term Loan Agreement" below for terms of the Company's credit facility prior to the New Loan Agreement dated May 8, 2020.
[3] Net of debt issuance costs of ($113,000) and ($92,000) at September 30, 2020 and December 31, 2019, respectively.
[4] Uncollateralized note.
[5] Entered into with the Company's credit facility lender under the Paycheck Protection Program (see "PPP Loan" below for further information on this loan).