Long Term Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long Term Debt

Long-term debt consists of the following:

(Amounts in Thousands)	September 30, 2024			December 31, 2023
Revolving Credit facility dated May 8, 2020, borrowings based upon eligible accounts receivable, subject to monthly borrowing base calculation, balance due on May 15, 2027. Effective interest rate for the first nine months of 2024 was 10.5% (1)	$	—		$	—
Term Loan 1 dated May 8, 2020, payable in equal monthly installments of principal, balance due on May 15, 2027. Effective interest rate for the first nine months of 2024 was 9.5% (1)		—			213
Term Loan 2 dated July 31, 2023, payable in equal monthly installments of principal, balance due on May 15, 2027. Effective interest rate for first nine months of 2024 was 9.4% (1)		1,958			2,333
Capital Line dated May 4, 2021, payable in equal monthly installments of principal, balance due on May 15, 2027. Effective interest rate for first six months of 2024 was 8.8% (1)		279			358
Debt Issuance Costs		(184	)(2)		(170	)(2)
Notes Payable up to 2044, with annual interest rates ranging from 8.10% to 10.7% (3)		411			14
Total debt		2,464			2,748
Less current portion of long-term debt		554			773
Long-term debt	$	1,910		$	1,975

⁽¹⁾ Our revolving credit facility is collateralized by our accounts receivable, and our term loans and capital line are collateralized by our property, plant, and equipment.

⁽²⁾ Aggregate unamortized debt issuance costs in connection with the Company’s credit facility, which consists of the revolving credit, Term loan 1, Term loan 2 and Capital Line, as applicable.

⁽³⁾ Includes a promissory note entered into on July 24, 2024, in connection with the purchase of the Company’s EWOC property. See a discussion of this note below which include a variable interest rate provision.