Debt (Tables)

6 Months Ended

Jun. 30, 2023

Debt [Abstract]

Schedule of Debt

Notes payable, related party notes payable and finance lease obligations consist of the following:

	June 30,			December 31,
	2023			2022
Revolving loan to Webster Bank (“Webster”)	$	13,837,000		$	13,352,000
Term loan, Webster		5,506,000			5,396,000
Finance lease obligations		962,000			328,000
Loans Payable - financed assets		27,000			30,000
Related party notes payable		6,162,000			6,162,000
Subtotal		26,494,000			25,268,000
Less: Current portion		(14,951,000	)		(14,477,000	)
Long Term Portion	$	11,543,000		$	10,791,000

Schedule of Payments Due Under The Term Loan

The below table shows the timing of payments due under the Term Loan:

For the year ending	Amount
December 31, 2023 (remainder of the year)	$	473,000
December 31, 2024		945,000
December 31, 2025		4,142,000
Webster Term Loan payable		5,560,000
Less: debt issuance costs		(54,000	)
Total Webster Term Loan payable, net of debt issuance costs		5,506,000
Less: Current portion of Webster Term Loan payable		(945,000	)
Total long-term portion of Webster Term Loan payable	$	4,561,000

Schedule of Finance Lease Paid

The leases have an average imputed interest rate of 7.32% per annum and are payable monthly with the final payments due between September of 2026 and May of 2030.

	Three Months Ended				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2023		2022		2023		2022
Finance Lease cost:
Amortization of ROU assets	$	26,000	$	-	$	45,000	$	-
Interest on lease liabilities		10,000		-		16,000		-
Total lease Costs	$	36,000	$	-	$	61,000	$	-
Other Information:
Cash Paid for amounts included in the measurement lease liabilities:
Financing cash flow from finance lease obligations	$	26,000	$	9,000	$	45,000	$	9,000
Supplemental disclosure of non-cash activity
Acquisition of finance lease asset	$	683,000	$	-	$	683,000	$	-

Schedule of Components of Lease Term and Discount Rate

	June 30,			December 31,
	2023			2022
Weighted  Average Remaining Lease Term - in years		5.8			4
Weighted Average Discount rate - %		7.32	%		7.48	%

Schedule of Aggregate Future Minimum Finance Lease Payment

As of June 30, 2023, the aggregate future minimum finance lease payments, including imputed interest are as follows:

For the year ending	Amount
December 31, 2023 (remainder of the year)	$	112,000
December 31, 2024		224,000
December 31, 2025		224,000
December 31, 2026		199,000
December 31, 2027		124,000
December 31, 2028		124,000
Thereafter		177,000
Total future minimum finance lease payments		1,184,000
Less: imputed interest		(222,000	)
Less: Current portion		(159,000	)
Long-term portion	$	803,000

For the year ending	Amount
December 31, 2023 (remainder of the year)	$	6,000
December 31, 2024		9,000
December 31, 2025		9,000
December 31, 2026		3,000
Loans Payable - financed assets		27,000
Less: Current portion		(9,000	)
Long-term portion	$	18,000

Schedule of Note Holders and The Principal Balance

The note holders and the principal balance of the notes

	Michael Taglich,		Robert Taglich,		Taglich Brothers,
	Chairman		Director		Inc.		Total
Convertible Subordinated Notes	$	2,666,000	$	1,905,000	$	241,000	$	4,812,000
Subordinated Notes		1,000,000		350,000		-		1,350,000
Total	$	3,666,000	$	2,255,000	$	241,000	$	6,162,000