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Long Term Debt (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Schedule of Long term Debt

Long-term debt consists of the following:

 Schedule of Long term Debt

(Amounts in Thousands)		June 30,2021				December 31, 2020
Total debt			1,223				6,729
Revolving Credit facility dated May 8, 2020, borrowings based upon eligible accounts receivable, subject to monthly borrowing base calculation, balance due on May 15, 2024. Effective interest rate for the first six month of 2021 was 5.3%. (1)		$	—			$	—
Term Loan dated May 8, 2020, payable in equal monthly installments of principal, balance due on May 15, 2024. Effective interest rate for the first six months of 2021 was 4.4%. (1)			1,177	(2)			1,388	(2)
Promissory Note dated April 14, 2020, balance subject to loan forgiveness. Interest accrues at annual rate of 1.0%. (3)			—	(4)			5,318	(4)
Notes Payable to 2023 and 2025, annual interest rate of 5.6% and 9.1%.			46				23
Total debt			1,223				6,729
Less current portion of long-term debt			404				3,595
Long-term debt		$	819			$	3,134

⁽¹⁾ Our revolving credit facility is collateralized by our accounts receivable and our term loan is collateralized by our property, plant, and equipment.

⁽²⁾ Net of debt issuance costs of ($103,000) and ($105,000) at June 30, 2021 and December 31, 2020, respectively.

⁽³⁾ Uncollateralized note.

⁽⁴⁾ Entered into with the Company’s credit facility lender under the Paycheck Protection Program (“PPP”) under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) (see “PPP Loan” below for information regarding forgiveness on the entire loan balance, along with accrued interest, effective June 15, 2021).

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Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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