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LONG-TERM DEBT | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
LONG-TERM DEBT | 12. LONG-TERM DEBT The long-term debt of is presented as follows: SCHEDULE OF LONG TERM DEBT
|  | 2024 |  |  | 2023 |
|  | December 31, |
|  | 2024 |  |  | 2023 |
|  | (in thousands) |
Loans |  | $ | 10,651 |  |  | $ | 17,845 |
Leases |  |  | 7,100 |  |  |  | 4,357 |
Total outstanding debt |  |  | 17,751 |  |  |  | 22,202 |
Less current portion |  |  | (4,635 | ) |  |  | (10,449 | )
Total long-term debt |  | $ | 13,116 |  |  | $ | 11,753 |
The term loans and other financial liabilities are evaluated according to the amortized cost method using the effective interest rate of the loan. The loan issuance costs and premiums, if any, are determined at inception and are amortized over the useful life of the loan via the effective interest rate. Term Loans The Company maintains term loans with several financial institutions (the “Term Loans”). The Term Loans are unsecured and have fixed monthly payments ranging from approximately $13 to $215, with annual payments ranging from approximately $103 to $332. Interest on the Term Loans range from 5.5% to 9.0% per annum. The Term Loans mature through 2034. Lease Obligations The Company owes $7,186 and $4,467 related to its leases as of December 31, 2024, and 2023, respectively. Lease obligations are payable in monthly installments of principal and interest and are collateralized by the related assets financed. Refer to Note 4 for additional information regarding the Company’s leases. FORAFRIC GLOBAL PLC AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) The scheduled maturities of outstanding debt As of December 31, 2024 are as follows: SCHEDULE OF MATURITIES OF OUTSTANDING DEBT
|  | (in thousands) |
2025 |  | $ | 4,634 |
2026 |  |  | 2,968 |
2027 |  |  | 2,426 |
2028 |  |  | 1,554 |
2029 |  |  | 1,476 |
Thereafter |  |  | 4,693 |
Total outstanding debt |  | $ | 17,751 |

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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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