Debt

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Debt

Debt

The outstanding balances for the loans as of March 31, 2022, and December 31, 2021, were as follows:

	March 31, 2022		December 31, 2021
Lines of credit, current portion	$	3,590,862	$	4,473,489
Equipment loans, current portion	86,173		61,640
Term notes, current portion	5,447,371		5,628,884
Total current	9,124,406		10,164,013
Lines of credit, net of current portion	10,339,420		5,640,051
Long-term portion of equipment loans and term notes	8,555,477		8,426,105
Total notes payable and line of Credit	$	28,019,303	$	24,230,169

Future scheduled maturities of outstanding debt are as follows:

Twelve Months Ending March 31,
2023	$	9,124,406
2024	10,674,063
2025	2,407,852
2026	359,791
2027	370,582
Thereafter	5,082,609
Total	$	28,019,303

In August 2020, the Company filed a lawsuit against Alan Martin regarding his note payable (See Note 8). As of March 31, 2022, the note had a balance of $2,857,500 and accrued interest of $1,248,779 which is reflective in the current liabilities.

During 2022, the Company had four revolving lines of credit totaling in the aggregate $23.5 million including one capital expenditures line of credit totaling $0.5 million. The revolving lines of credit used as of March 31, 2022, totaled $13.9 million with an interest rate ranging from prime plus 2.50% - 4.25% and a term of one-two years. As of March 31, 2022, the Company had $1.5 million in additional funds available to borrow. The Company is required to maintain covenants including financial ratios as a condition of the line of credit agreements. We are in compliance with these covenants.

In April 2022, the Company had three notes payable due to the seller of Morris that matured. As of the date of this report the notes carry a balance of $2,280,177. This balance is expected to be paid off by June 2022.