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Note 6 - Current Debt | 12 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Short-Term Debt [Text Block] |
6. | CURRENT DEBT:
The Interim Funding Agreement dated August 2, 2022 with Wells Fargo Equipment Finance, Inc. (“WFEF”), as amended January 23, 2023, March 15, 2023, July 21, 2023, and November 2, 2023 (together, the “IFA”), provided for aggregate interim funding advances up to $10.8 million of equipment purchased for a new reinforced concrete pipe mill, and was converted into a term loan in October 2024. See Note 8, “Long-term Debt”, for additional information. As of December 31, 2023, the outstanding balance of the IFA was $10.8 million, which was classified as a current liability since there was not a firm commitment for long-term debt financing. As of December 31, 2023, the IFA bore interest at the term Secured Overnight Finance Rate (“SOFR”) plus 1.75%, and the weighted-average interest rate for outstanding borrowings was 7.08%. The IFA required monthly payments of accrued interest and granted a security interest in the equipment to WFEF. Effective November 2, 2023, the IFA required the Company to maintain a consolidated senior leverage ratio no greater than 3.00 to 1.00 (subject to certain exceptions) and a minimum consolidated earnings before interest, taxes, depreciation, and amortization (“EBITDA”) (as defined in the IFA) of at least $35 million for the four consecutive fiscal quarters most recently ended.

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- Definition The entire disclosure for short-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/470/tableOfContent + Details
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