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v3.25.1

Notes and lines of credit consist of the following (Details) - USD ($) $ in Thousands |  |  |  | 1 Months Ended | 12 Months Ended | 36 Months Ended |  |  |
--- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Mar. 01, 2024 | Nov. 13, 2023 | Jan. 28, 2022 | Jul. 31, 2014 | Dec. 31, 2024 | Dec. 31, 2024 | Dec. 30, 2024 | Dec. 31, 2023 | Jan. 26, 2022
Letter of Credit [Member] |  |  |  |  |  |  |  |  |  |
Line of Credit Facility [Line Items] |  |  |  |  |  |  |  |  |  |
Debt Instrument, Description of Variable Rate Basis |  |  |  |  | prime rate |  | prime rate |  |  |
Debt Instrument, Basis Spread on Variable Rate |  |  |  |  | 1.00% |  | 1.00% |  |  |
Libertyville Bank and Trust [Member] |  |  |  |  |  |  |  |  |  |
Line of Credit Facility [Line Items] |  |  |  |  |  |  |  |  |  |
Related Party Transaction, Rate | [1] |  |  |  |  | 8.50% |  |  |  |
Line of Credit Facility, Current Borrowing Capacity | [1] |  |  |  |  | $ 30 | $ 30 |  | $ 30 |
Long-Term Line of Credit | [1] |  |  |  |  |  |  |  |  |
Libertyville Bank and Trust One [Member] |  |  |  |  |  |  |  |  |  |
Line of Credit Facility [Line Items] |  |  |  |  |  |  |  |  |  |
Related Party Transaction, Rate | [2] |  |  |  |  | 8.50% |  |  |  |
Line of Credit Facility, Current Borrowing Capacity | [2] |  |  |  |  | $ 500 | 500 |  | 500 |
Long-Term Line of Credit | [2] |  |  |  |  |  |  |  |  |
Beachcorp, LLC [Member] |  |  |  |  |  |  |  |  |  |
Line of Credit Facility [Line Items] |  |  |  |  |  |  |  |  |  |
Related Party Transaction, Rate | [3] |  |  |  |  | 8.25% |  |  |  |
Line of Credit Facility, Current Borrowing Capacity | [3] |  |  |  |  | $ 5,604 | 5,604 |  | 3,298 |
Long-Term Line of Credit | [3] |  |  |  |  |  |  |  | 2,810 |
Beachcorp, LLC One [Member] |  |  |  |  |  |  |  |  |  |
Line of Credit Facility [Line Items] |  |  |  |  |  |  |  |  |  |
Related Party Transaction, Rate | [4] |  |  |  |  | 8.25% |  |  |  |
Line of Credit Facility, Current Borrowing Capacity | [4] |  |  |  |  | $ 5,200 | 5,200 |  | 5,200 |
Long-Term Line of Credit | [4] |  |  |  |  |  |  | $ 4,000 | 5,000 |
Strandler, LLC [Member] |  |  |  |  |  |  |  |  |  |
Line of Credit Facility [Line Items] |  |  |  |  |  |  |  |  |  |
Related Party Transaction, Rate | [5] |  |  |  |  | 8.25% |  |  |  |
Line of Credit Facility, Current Borrowing Capacity | [5] |  |  |  |  | $ 1,000 | 1,000 |  | 1,000 |
Long-Term Line of Credit | [5] |  |  |  |  | $ 1,000 | 1,000 |  | 1,000 |
Strandler LLC One [Member] |  |  |  |  |  |  |  |  |  |
Line of Credit Facility [Line Items] |  |  |  |  |  |  |  |  |  |
Related Party Transaction, Rate | [6] |  |  |  |  | 9.25% |  |  |  |
Line of Credit Facility, Current Borrowing Capacity | [6] |  |  |  |  | $ 0 | 0 |  | 2,000 |
Long-Term Line of Credit | [6] |  |  |  |  | $ 0 | $ 0 |  | $ 2,000 |
Letter of Credit [Member] |  |  |  |  |  |  |  |  |  |
Line of Credit Facility [Line Items] |  |  |  |  |  |  |  |  |  |
Line of Credit Facility, Maximum Borrowing Capacity |  |  |  |  | $ 30 |  |  |  |  |
Revolving Credit Facility [Member] | Business Loan Agreement [Member] | Beachcorp, LLC [Member] |  |  |  |  |  |  |  |  |  |
Line of Credit Facility [Line Items] |  |  |  |  |  |  |  |  |  |
Line of Credit Facility, Maximum Borrowing Capacity |  |  |  | $ 8,000 |  |  |  |  |  | $ 6,000
Debt Instrument, Description of Variable Rate Basis |  |  | prime rate | prime rate |  |  |  |  |  |
Debt Instrument, Basis Spread on Variable Rate |  |  |  | 0.75% |  |  |  |  |  |
Line of Credit Facility, Expiration Date |  | Oct. 01, 2025 |  | Mar. 31, 2024 |  |  |  |  |  |
Inventory Facility [Member] | Business Loan Agreement [Member] | Beachcorp, LLC [Member] |  |  |  |  |  |  |  |  |  |
Line of Credit Facility [Line Items] |  |  |  |  |  |  |  |  |  |
Line of Credit Facility, Maximum Borrowing Capacity |  |  |  | $ 4,000 |  |  |  |  |  |
Debt Instrument, Description of Variable Rate Basis |  |  |  | prime rate |  |  |  |  |  |
Debt Instrument, Basis Spread on Variable Rate |  |  |  | 0.75% |  |  |  |  |  |
Line of Credit Facility, Expiration Date |  |  |  | Mar. 31, 2024 |  |  |  |  |  |
Line of Credit Percentage of Eligible inventory |  |  |  | 50.00% |  |  |  |  |  |
Replacement Promissory Note [Member] | Business Loan Agreement [Member] | Beachcorp, LLC [Member] |  |  |  |  |  |  |  |  |  |
Line of Credit Facility [Line Items] |  |  |  |  |  |  |  |  |  |
Line of Credit Facility, Maximum Borrowing Capacity |  |  | $ 5,200 |  |  |  |  |  |  |
Debt Instrument, Basis Spread on Variable Rate |  |  | 0.75% |  |  |  |  |  |  |
Line of Credit Facility, Expiration Date |  | Oct. 01, 2025 |  |  |  |  |  |  |  |
Line of Credit Percentage of Eligible inventory |  |  | 55.00% |  |  |  |  |  |  |
Term Loan [Member] | Strandler, LLC [Member] |  |  |  |  |  |  |  |  |  |
Line of Credit Facility [Line Items] |  |  |  |  |  |  |  |  |  |
Debt Instrument, Description of Variable Rate Basis |  |  |  | prime rate |  |  |  |  |  |
Debt Instrument, Basis Spread on Variable Rate |  |  |  | 0.75% |  |  |  |  |  |
Line of Credit Facility, Expiration Date |  | Oct. 01, 2025 |  |  |  |  |  |  |  |
Bridge Note [Member] | Strandler, LLC [Member] |  |  |  |  |  |  |  |  |  |
Line of Credit Facility [Line Items] |  |  |  |  |  |  |  |  |  |
Line of Credit Facility, Maximum Borrowing Capacity |  |  | $ 2,000 |  |  |  |  |  |  |
Debt Instrument, Description of Variable Rate Basis |  |  | prime rate |  |  |  |  |  |  |
Debt Instrument, Basis Spread on Variable Rate |  |  | 0.75% |  |  |  |  |  |  |
Line of Credit Facility, Expiration Date |  |  | May 13, 2024 |  |  |  |  |  |  |
[1] | Since July 2014, we have maintained a bank-issued letter of credit for up to $30 in borrowings, with interest at the prime rate plus 1%, to support our obligations under our Romeoville, Illinois facility lease agreement. No borrowings have been incurred under this promissory note. It is our intention to renew this note annually. Because there were no amounts outstanding on the note at any time during 2024 or 2023, we have recorded no related liability on our balance sheet.
[2] | On December 21, 2021, the existing credit agreement with Libertyville was converted for use to support our obligations under our newly leased manufacturing and warehouse space in Bolingbrook, Illinois. Interest on drawn balances will be at the prime rate plus 1%. This credit agreement has a maturity of December 22, 2025. We expect to renew this agreement annually, as the lease requires. This credit agreement is secured by all the unencumbered assets of the Company and has superior collateral rights to those credit facilities with Beachcorp, LLC and Strandler, LLC.
[3] | On January 28, 2022, the Company entered into an Amended and Restated Business Loan Agreement (the “A&R Loan Agreement”), which amends and restates the Master Agreement between the Company and Beachcorp, LLC, and a new promissory note in order to evidence the A/R Revolver facility, including an amendment to expand the limit on the A/R Revolver Facility from $6,000 to $8,000, reduce the interest rate to the prime rate plus 0.75%, and extend the maturity of the A/R Revolver Facility to March 31, 2024. On March 1, 2024, the company entered into a Second Amendment to the Amended and Restated Business Loan Agreement extending the maturity of the A/R Revolver Facility to October 1, 2025.
[4] | On January 28, 2022, the Company entered into the A&R Loan Agreement and a new revolving loan agreement (“Inventory Facility”) with Beachcorp, LLC, and a new promissory note in order to evidence the Inventory Facility. The maximum borrowing amount under the Inventory Facility was $4,000, with a borrowing base consisting of up to 50% of the value of qualified inventory of the Company. The interest rate for the Inventory Revolver is at the prime rate plus 0.75%, and it was set to matured on March 31, 2024. On November 13, 2023, the Company entered into a Replacement Promissory Note with Beachcorp, LLC replacing the Inventory Facility promissory note executed on January 28, 2022. The maximum borrowing amount under the replacement Inventory Facility was increased to $5,200, with a borrowing base consisting of up to 55% of the value of qualified inventory of the Company. The interest rate for the replacement Inventory Revolver remains at the prime rate plus 0.75%. On March 1, 2024, the company entered into a Second Amendment to the Business Loan Agreement extending the maturity of the Inventory Revolver Facility to October 1, 2025.
[5] | On January 28, 2022, the Company entered into an additional Business Loan Agreement (the “New Term Loan Agreement”) with Strandler, LLC, which effectively transferred or assigned the Term Loan to Strandler, LLC from Beachcorp, LLC. Interest on the New Term Loan is at the prime rate plus 0.75%. Strandler, LLC is also an affiliate of Bradford T. Whitmore. On March 1, 2024, the company entered into a Second Amendment to the Business Loan Agreement extending the maturity of the Term Maturity Note to October 1, 2025.
[6] | On November 13, 2023, the Company entered into a new Promissory Note (the “Bridge Note”) with Strandler, LLC. The maximum borrowing amount under the Bridge Note was $2,000. The interest rate for the Bridge Note was at the prime rate plus 0.75%, and it was to mature on May 13, 2024. The Bridge Note was repaid in February 2024.

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- Definition The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(16)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(16)(a)(2)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1 + Details
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