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Notes Payable | 12 Months Ended
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Dec. 31, 2019
Notes Payable [Abstract] |
Notes Payable | Notes payable consist of the following (in thousands):
|  | December 31, |
|  | 2019 |  |  | 2018 |
Note payable to a Bank, maturing September 2021; with monthly payments of approximately $26 of principal and interest fixed at 3.99%; collateralized by principally all assets of the Company. |  | $ | 519 |  |  | $ | 799 |
Note payable to a Bank, maturing July 2031; with monthly payments of approximately $11 of principal and interest fixed at 5.29%; collateralized by principally all assets of Smith-Columbia Corporation and guaranteed by the Company. |  |  | 1,103 |  |  |  | 1,169 |
Note payable to a Bank, maturing April 2021; with monthly payments of approximately $6.2 of principal and interest at prime at variable rate (5.29% at December 31, 2019 and 2018); collateralized by certain property of the Company. |  |  | 96 |  |  |  | 163 |
Note payable to a Bank, maturing October 2029; with monthly payments of approximately $22 of principal and interest fixed at 3.64% under a swap agreement; collateralized by principally all assets of Smith-Carolina Corporation and guaranteed by the Company. |  |  | 2,197 |  |  |  | — |
Construction loan draw on-line-of-credit for the North Carolina Expansion, refinanced in note maturing October 2029. |  |  | — |  |  |  | 1,000 |
Installment notes, collateralized by certain machinery and equipment maturing at various dates, primarily through 2021; with monthly payments varying from $0.3 to $4.1 with annual interest rates between 3.49% and 5.75%. |  |  | 1,096 |  |  |  | 1,372 |
A revolving line-of-credit evidenced by a note payable to a Bank, with the maximum amount of $4,000, maturing October 1, 2020, with interest only payments and an initial rate of 4.49% adjustable monthly (4.75% at December 31, 2019). The line-of-credit is collateralized by a first lien position on the Company's accounts receivable and inventory and a second lien position on all other business assets. |  |  | — |  |  |  | — |
|  |  | 5,011 |  |  |  | 4,503 |
Less current maturities |  |  | (925 | ) |  |  | (1,711 | )
|  | $ | 4,086 |  |  | $ | 2,792 |
The Company's notes payable includes certain restrictive covenants, which require the Company to maintain minimum levels of tangible net worth, places limits on annual capital expenditures and the payment of cash dividends. At December 31, 2019, the Company was in compliance with all covenants pursuant to the loan agreements, with the annual capital expenditures of $3,500, excluding acquisitions and plant expansions. The aggregate amounts of notes payable maturing in each of the next five years and thereafter are as follows (in thousands):
Year Ending December 31, |  |  |
2020 |  | $ | 925 |
2021 |  |  | 773 |
2022 |  |  | 484 |
2023 |  |  | 433 |
2024 |  |  | 512 |
Thereafter |  |  | 1,884 |
|  | $ | 5,011 |

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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 + Details
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- References No definition available. + Details
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