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Subsequent Event | 9 Months Ended
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Sep. 30, 2020
Subsequent Events [Abstract] |
Subsequent Events [Text Block] | 16. SUBSEQUENT EVENTS Credit Refinancing On October 27, 2020 , the Company entered into a Credit Agreement (the “Credit Agreement”) with Wells Fargo Bank, National Association, as administrative agent, lead arranger and book runner, and the lenders party thereto (the “Lenders”). Pursuant to the terms of the Credit Agreement, the Lenders made available to the Company secured loans (the “ Wells Fargo Loans ”) in the maximum aggregate principal amount of $ 43,500,000 , consisting of (i) a revolving loan commitment of $ 25,000,000 (approximately $ 8,745,000 of which was advanced to the Company on October 28, 2020) and (ii) term loan commitments of $ 18,500,000 ($ 16,790,000 of which was advanced to the Company on October 28, 2020). Such revolving loan commitment terminates, and all outstanding borrowings thereunder must be repaid, on October 27, 2024 , and such term loans are to be repaid in monthly installments with the remaining outstanding balance due on October 27, 2024 , in each case subject to certain optional and mandatory repayment terms. The Company’s obligations under the Credit Agreement and the Loans are unconditionally guaranteed by each of the Company’s U.S. and Canadian subsidiaries, with such obligations of the Company and such subsidiaries being secured by a lien on substantially all of their U.S. and Canadian assets. Interest is payable monthly and is based on either LIBOR Rate or Base Rate, as defined by the Credit Agreement, at the discretion of the Company. As of October 28, 2020, the revolving loan was based on the Base Rate resulting in a rate of 4.75 % and the term loan was based on the LIBOR Rate resulting in a rate of 3.75 %. In connection with the funding of the Wells Fargo Loans, FGI Equipment Finance LLC advanced to the Company, pursuant to a Master Security Agreement, dated as of October 27, 2020 (the “Security Agreement”), among FGI Equipment Finance LLC, the Company as debtor, and each of Core Composites Corporation and CC HPM, S. de R.L. de C.V. as a guarantor, a term loan in the principal amount of $ 13,200,000 (the “FGIEF Loan”), which loan is secured by certain assets of the Company and the guarantors located in Mexico. Interest is payable monthly at a fixed rate of 8.25 %. The proceeds of the Wells Fargo Loans and the FGIEF Loans were used in part to repay all existing outstanding indebtedness of the Company owing to KeyBank National Association, and to pay certain fees and expenses associated with the transactions contemplated by the Credit Agreement and the Security Agreement, and will be used to finance the ongoing general corporate needs of the Company. Concurrent with the closing of the Credit Agreement and the Master Security Agreement, the Company settled both outstanding interest rate swaps, which resulted in a loss and cash outflow of $ 1,253,000 , recorded in interest expense and operating activities, respectively. The Company also recorded losses of $ 605,000 from writing off outstanding deferred loan costs related to the Amended A/R Credit Agreement. Facility Closure On November 5, 2020 the Company announced it will close the manufacturing facility located in Batavia, Ohio in 2021. The Company has begun working with customers to relocate the business into other Core locations or to third parties. Revenue from the facility accounts for less than 5 % of the Company's total revenues and the Company anticipates approximately half of those revenues will transition to other Core locations. The Company anticipates shutdown costs to consist of severance cost, moving and production testing and recertification costs and asset impairment charges. Management has determined the costs related to the closure of the manufacturing facility located in Batavia, Ohio to be immaterial to the Company’s consolidated financial statements.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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