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7. Notes Payable

3 Months Ended

Mar. 31, 2018

Debt Disclosure [Abstract]

Notes Payable

		March 31, 2018				December 31, 2017
Variable rate term loan due May 31, 2018. Principal and interest (4.15% at March 31, 2018) payable monthly with a balloon payment due at maturity.		$	2,705			$	2,832
Variable rate term loan due May 31, 2019. Principal and interest (4.16% at March 31, 2018) payable monthly with a balloon payment due at maturity.			3,364				3,447
Total notes payable			6,069				6,279
Less current portion			–				(3,166	)
Total long-term portion		$	6,069			$	3,113

The variable rate term loans are subject to interest at the prime rate or at the LIBOR plus 2.5% and are collateralized by substantially all of Lifeway’s assets. In addition, under the terms of the related agreements, we are subject to minimum fixed charged ratio and tangible net worth thresholds, which among other things may limit our ability to pay dividends or repurchase shares of its common stock. Further, under the agreements Lifeway is required to deliver its annual and quarterly financial statements and related SEC filings within specified timeframes. Although we were not in compliance with the minimum fixed charge coverage ratio covenant at March 31, 2018, we have obtained a waiver of the minimum fixed charge coverage ratio through December 31, 2018. On May 7, 2018, we refinanced the two outstanding term loans and our $5 million revolving credit facility into a new, three-year, $10 million revolving line of credit. The notes payable are presented long-term as of March 31, 2018, as the new maturity date is May 7, 2021.  

See Note 14 for discussion of this subsequent event.  

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- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ 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

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