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Note 8 - Long-term Debt | 12 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Long-Term Debt [Text Block] |
8. | LONG-TERM DEBT:
On October 28, 2024, the Company converted the outstanding balance of the IFA into a $15 million term loan with WFEF that was used to fund the Company’s new reinforced concrete pipe mill. The term loan matures on October 28, 2029, bears interest at the SOFR Average (as defined in the term loan) plus 2.22%, is payable in monthly installments of $0.3 million plus accrued interest, and is secured by the pipe mill equipment. As of December 31, 2024, the outstanding balance of the term loan was $14.5 million and the weighted-average interest rate for outstanding borrowings was 6.90%. The term loan may be prepaid in full at any time provided that the Company pays a prepayment fee equal to 2% of the outstanding principal balance if repaid in the first 30 months of the loan. Future principal payments of long-term debt are as follows (in thousands):
Year ending December 31, |  |  |  |
2025 |  | $ | 3,000 |
2026 |  |  | 3,000 |
2027 |  |  | 3,000 |
2028 |  |  | 3,000 |
2029 |  |  | 2,500 |
Total future principal payments |  |  | 14,500 |
Less: Unamortized debt issuance costs |  |  | (30 | )
Less: Current portion of long-term debt |  |  | (2,994 | )
Long-term debt, net of current portion |  | $ | 11,476 |

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- Definition The entire disclosure for long-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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