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Note 7 - Line of Credit and Long-term Debt | 9 Months Ended
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Sep. 30, 2021
Notes to Financial Statements |
Long-term Debt [Text Block] | 7. Line of credit and long-term debt At September 30, 2021 the Company maintained a line of credit, which was assumed in the acquisition of Global Cooling, with a bank which had an original expiration date of June 2023. The outstanding balance bore interest at a floating rate equal to the 3-month LIBOR rate plus 5.50%. The maximum allowed on the line of credit was $5,000,000. The line was secured by substantially all assets of Global Cooling. On October 14, 2021, the Company paid off the entirety of the outstanding balance on the line of credit and all related interest. Long-term debt consisted of the following as of September 30, 2021 and December 31, 2020:
|  |  |  |  |  |  | September 30, |  |  | December 31, |
(In thousands) | Maturity Date |  | Interest Rate |  |  | 2021 |  |  | 2020 |
2019 term loan | Sep-23 |  |  | 10.5 | % |  | $ | 1,750 |  |  | $ | - |
2018 term loan | Sep-23 |  |  | 10.5 | % |  |  | 2,813 |  |  |  | - |
Insurance premium financing | Apr-22 |  |  | 4.0 | % |  |  | 726 |  |  |  | - |
Paycheck Protection Program loan | May-22 |  |  | 1.0 | % |  |  | 295 |  |  |  | 295 |
Freezer equipment loan | Dec-25 |  |  | 5.7 | % |  |  | 652 |  |  |  | 365 |
Manufacturing equipment loans | Oct-25 |  |  | 5.7 | % |  |  | 376 |  |  |  | 439 |
Freezer installation loan | Various |  |  | 6.3 | % |  |  | 1,395 |  |  |  | 156 |
Other loans | Various |  | Various |  |  |  | 10 |  |  |  | 14 |
Total debt |  |  |  |  |  |  | 8,017 |  |  |  | 1,269 |
Less: Unamortized debt issuance costs |  |  |  |  |  |  | (124 | ) |  |  | - |
Total debt, net of unamortized debt issuance costs |  |  |  |  |  | $ | 7,893 |  |  | $ | 1,269 |
The 2019 and 2018 term loans are secured by substantially all assets of Global Cooling. As of September 30, 2021, the scheduled maturities of loans payable for each of the next five years and thereafter were as follows:
(In thousands) |  | Amount |
2021 (3 months remaining) |  | $ | 950 |
2022 |  |  | 1,208 |
2023 |  |  | 2,038 |
2024 |  |  | 1,944 |
2025 |  |  | 543 |
Thereafter |  |  | 1,334 |
Total |  | $ | 8,017 |
Debt covenants and default provisions The line of credit, 2019 term loan, and 2018 term loan assumed in the acquisition of Global Cooling contain affirmative and negative covenants that are customary for financings of their respective types. As of September 30, 2021, the Company was not in compliance with certain reporting and financial covenants. To remedy the non-compliance related to the financial covenants associated with the line of credit, the Company paid off the entirety of the outstanding balance on the line of credit and all related interest on October 14, 2021. To remedy the non-compliance related to the financial covenants associated with the 2019 and 2018 term loans, the Company entered into amended and restated term notes. On October 1, 2021, the Company entered into amended and restated term notes (the “Loan Agreements”) with Advantage Capital (“Advantage”) and Enhanced Capital (“Enhanced”). Pursuant to the Loan Agreements, Advantage provided two term notes in the amount of $1.4 million (“Advantage Term Note I”) and $1.4 million (“Advantage Term Note II”) (collectively the “Advantage Term Notes”). Enhanced provided one term note in the amount of $1.8 million (the “Enhanced Term Note”). The Advantage and Enhanced Term Notes were used to refinance the term notes outstanding under the amended and restated term notes dated December 7, 2018 and October 1, 2019, respectively, mature on December 18, 2027 and September 7, 2024, respectively, and bear interest at a fixed rate of 4%. The Advantage and Enhanced Term Notes are interest-only with one balloon principal payment at maturity and can be pre-paid without penalty at any time. All financial covenants included in the original agreements previously in effect were removed by the Loan Agreements.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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