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NOTES PAYABLE (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
NOTES PAYABLE |
Schedule of notes payable |
|  | December 31, |
|  | 2023 |  |  | 2022 |
Note payable to Summit Community Bank (the “Bank”), maturing February 2037; with monthly payments of approximately $21 of principal and interest fixed at 4.09%; net of $22 and $24 of deferred loan costs, respectively; collateralized by the related real property. |  | $ | 2,525 |  |  | $ | 2,668 |
Note payable to the Bank, maturing October 2029; with monthly payments of approximately $22 of principal and interest fixed at 3.64% under a Promissory Notes Rate Conversion Agreement; net of $16 and $18 of deferred loan costs, respectively; collateralized by all assets of Smith-Carolina Corporation and guaranteed by the Company. |  |  | 1,382 |  |  |  | 1,590 |
Note payable to the Bank, maturing March 2030; with monthly payments of approximately $27 of principal and interest fixed at 3.99%; net of $22 and $25 of deferred loan costs, respectively; collateralized by the Company’s property, plant, and buildings. |  |  | 1,792 |  |  |  | 2,039 |
Installment notes, collateralized by certain machinery and equipment maturing at various dates; with monthly payments varying from $0.9 to $3.4 with annual interest rates between 2.90% and 3.99%. |  |  | 29 |  |  |  | 51 |
A revolving line of credit evidenced by promissory note with the Bank, with the available amount of $5,000, maturing October 1, 2024, which carries a variable interest rate of prime, and a floor of 3.50% and an initial rate of 8.50% adjustable monthly (8.50% at December 31, 2023). The amount available is based on the lower of the maximum $5,000 or eligible inventory and accounts receivable balances at the financial statement date. Key provisions of the line of credit require the Company (i) to obtain bank approval for capital expenditures in excess of $5,000 during the term of the loan and (ii) to obtain bank approval prior to its funding of any acquisition. The line of credit is collateralized by a first lien position on the Company's accounts receivable, inventory, and equipment. |  |  | — |  |  |  | — |
A guidance line of credit to purchase business equipment in an amount up to $1,500, maturing October 1, 2024, with an interest rate of at the Wall Street Journal prime rate plus 0.50% with a floor of 3.50% per annum. The line of credit is collateralized by a first lien position on all equipment purchased under the line. |  |  | — |  |  |  | — |
Total Notes Payable Outstanding |  |  | 5,728 |  |  |  | 6,348 |
Less current maturities |  |  | (636 | ) |  |  | (618 | )
Notes Payable-less current maturities |  | $ | 5,092 |  |  | $ | 5,730 |
Schedule of maturities of notes payable |
Year Ending December 31, |  |  |
2024 |  | $ | 636 |
2025 |  |  | 658 |
2026 |  |  | 671 |
2027 |  |  | 699 |
2028 |  |  | 727 |
Thereafter |  |  | 2,337 |
|  | $ | 5,728 |

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