XML 49 R38.htm IDEA: XBRL DOCUMENT v3.21.1
Long Term Debt (Details)
1 Months Ended 3 Months Ended
Jun. 22, 2020
Sep. 26, 2017
USD ($)
Mar. 31, 2021
USD ($)
Mar. 31, 2020
USD ($)
Dec. 31, 2020
USD ($)
Industrial Development Bond Financing [Member]          
Long Term Debt (Details) [Line Items]          
Proceeds of the bond sale   $ 4,500,000      
Lender's purchase of industrial development bond   $ 4,500,000      
Repurchase price of facilities if bond has been redeemed or fully paid     $ 1,000    
Bond redemptions, description     The Bond bears interest at the rate of 3.07% per annum, calculated on the basis of a 360-day year and the actual number of days elapsed (subject to increase to 6.07% per annum upon the occurrence of an event of default), and is payable in 118 monthly installments of $31,324 beginning on November 1, 2017 and ending on August 1, 2027, with a final principal and interest payment to be made on September 1, 2027 in the amount of $1,799,201.    
Number of installments     118    
Financial covenants under credit agreement, description     the Company is subject to certain covenants, including financial covenants requiring that the Company maintain (i) a minimum fixed charge ratio (generally, the ratio of (A) EBITDA minus the sum of Company’s distributions to its shareholders, taxes paid and unfunded capital expenditures to (B) current maturities of Company long-term debt plus interest expense) of 1.20 to 1, tested quarterly, and (ii) a ratio of funded debt (as defined in the guaranty agreement) divided by the sum of net worth and funded debt of 0.75 to 1, tested quarterly. For purposes of computing the fixed charge coverage ratio, “EBITDA” generally is defined as net income before taxes and depreciation expense plus amortization expense, plus interest expense, plus non-recurring and/or non-cash losses and expenses, minus non-recurring and/or non-cash gains and income; “unfunded capital expenditures” generally is defined as capital expenditures made from Company funds other than funds borrowed through term debt incurred to finance such capital expenditures.    
Term loan, description     the $4,500,000 proceeds of the Bond sale, there are unused proceeds of approximately $318,000 remaining that are held in a custodial account and may be drawn by Kinpak from time to time to fund additional expenditures related to the Expansion Project.    
Payments for debt issuance costs     $ 196,095    
Payments of lease agreement     5,687 $ 5,925  
Principal under lease agreement     5,254 5,752  
Interest under lease agreement     $ 433 $ 173  
Other Long Term Obligations [Member]          
Long Term Debt (Details) [Line Items]          
Promissory note, description     the Company provided to Snappy Marine a promissory note in the amount of $1,000,000, including interest (of the $1,000,000 amount of the promissory note, $930,528 was recorded as principal, and the remaining $69,472, representing an imputed interest rate of 2.87% per annum, is being recorded as interest expense over the term of the note).    
Debt payment, terms     over a 60- month period that commenced on August 1, 2018, with a final payment due and payable on July 1, 2023.    
Notes payable equal installment     $ 16,667    
Maturity period for capital lease     maturities through 2025    
Aggregate equipment lease     $ 95,000   $ 100,000
Minimum [Member] | Other Long Term Obligations [Member]          
Long Term Debt (Details) [Line Items]          
Percentage of interest rates     1.53%    
Maximum [Member] | Other Long Term Obligations [Member]          
Long Term Debt (Details) [Line Items]          
Percentage of interest rates     3.86%    
Check Corporation [Member] | Other Long Term Obligations [Member]          
Long Term Debt (Details) [Line Items]          
Promissory note, description     the Company’s agreement to purchase assets of Check Corporation, the Company agreed to pay Check Corporation (dba Damp Check®) $100,000 in equal installments of approximately $4,348 over a 23-month period that commenced on January 15, 2020, with a final payment due and payable on November 15, 2021. The Company recorded $97,012 as principal, and the remaining $2,988, representing an imputed interest rate of 3.15% per annum, will be recorded as interest expense over the 23 months.    
Canon Solutions America, Inc [Member] | Other Long Term Obligations [Member]          
Long Term Debt (Details) [Line Items]          
Lease agreement, description the Company entered into a lease agreement with Canon Solutions America, Inc. to lease office equipment. The lease obligates the Company to pay $100,009 in 63 equal monthly payments of $1,587. The lease is classified as a finance lease. The Company recorded a lease liability which is included in long term debt and a corresponding right to use asset that is included in property, plant and equipment of $96,039 based on a discount rate of 1.53%.