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Subsequent Events | 6 Months Ended
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Jun. 30, 2022
Subsequent Events [Abstract] |
Subsequent Events [Text Block] | 15. SUBSEQUENT EVENTS Credit Refinancing On July 22, 2022, the Company entered into a Credit Agreement (the "Huntington Credit Agreement") with The Huntington National Bank (“Huntington”), as the sole lender, administrative agent, lead arranger and book runner. Pursuant to the terms of the Huntington Credit Agreement, Huntington made available to the Company secured loans (the "Huntington Loans") in the maximum aggregate principal amount of $75,000,000, consisting of (i) a revolving loan commitment of $25,000,000 (approximately $13,689,000 of which was advanced to the Company on July 22, 2022), (ii) term loan commitments of $25,000,000 ($25,000,000 of which was advanced to the Company on July 22, 2022) and (ii) Capex loan commitments of $25,000,000 (none of which was advanced to the Company on July 22, 2022). The revolving loan commitment terminates, and all outstanding borrowings thereunder must be repaid on July 22, 2027. The term loan is to be repaid in monthly installments beginning in August 2022 of approximately $104,000 per month for the first 24 months, approximately $156,000 per month for the next 24 months, approximately $208,000 for the next 12 months and the remaining balance to be paid in July 2027. Any borrowings from the Capex loan will be converted to new Term Loans annually each February, beginning February 2025, and will have monthly principal repayments based on a sixty month amortization period with all amounts outstanding on the Capex Term Loans being fully due in July 2027. The Company's obligation under the Huntington Credit Agreement and the Loans are secured by each of the Company's U.S. and Canadian assets and 65% of the Company's equity interest in its Mexican subsidiaries and unconditionally guaranteed by certain of its subsidiaries.. Interest is payable monthly and is based on either Daily Simple SOFR or ABR, as defined by the Huntington Credit Agreement, at the discretion of the Company. As of July 22, 2022, the revolving loan and term loan was based on the Daily Simple SOFR resulting in an interest rate of 3.34%. Concurrent with the closing of the Huntington Credit Agreement, the Company entered into an interest rate swap agreement that became effective July 22, 2022 and continues through July 22, 2027, which was designated as a cash flow hedge for the entire term loan of $25,000,000 mentioned above. Under this agreement, the Company will pay a fixed rate of 4.75% to the counterparty and receives daily simple SOFR. The initial proceeds of the Huntington Loans were used in part to (i) repay all existing outstanding indebtedness of the Company owing to the Lenders under the Credit Agreement, FGI and Leaf Capital Funding and (ii) pay certain fees and expenses associated with the transactions contemplated by the Huntington Credit Agreement. Additional proceeds of the Huntington Loans will be used to finance the ongoing general needs of the Company. The Company recorded losses of $1,234,000 from writing off outstanding deferred loan costs and approximately $348,000 from a prepayment fee associated with the FGI Term Loan.

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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 https://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 https://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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