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Notes Payable and Lease Obligations | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
Notes Payable and Lease Obligations | Note 9 - Notes Payable and Lease Obligations Long Term Debt
|  | December 31, |  |  | December 31, |
|  | 2020 |  |  | 2019 |
(In thousands) |  |  |  |  |  |  |  |
Paycheck Protection Program Loan |  | $ | 1,035 |  |  | $ | - |
Less current portion of notes payable and other long-term debt |  |  | (463 | ) |  |  | - |
Notes payable and other long-term debt |  | $ | 572 |  |  | $ | - |
The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program (“PPP”), the initiative provides federally guaranteed loans to small businesses. These loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward. On April 17, 2020, the Company received a $1.0 million loan under the PPP with a maturity date of April 17, 2022 and an annual interest rate of 1.00%. The loan will be repaid in 12 monthly consecutive interest and principal payments and one balloon payment of approximately $351,000, commencing May 1, 2021. While the Company believes a significant portion of the loan will be forgiven, the Company has not received any notification, if any, of the loan amount will be forgiven. Unison Revolving Line of Credit The Company has a revolving line of credit (“LOC”) agreement which matures on April 12, 2022. The LOC provides for $75,080 in working capital. The interest rate is at the Wall Street Journal prime rate plus 1.50% and is adjusted daily. Principal and interest are payable upon demand, but if demand is not made, then annual payments of accrued interest only are due, with the principal balance due upon maturity. As of December 31, 2020 and 2019, the effective interest rate was 4.75% and 6.25%, respectively. The LOC is collateralized by all the business assets of ICS. As of December 31, 2020 and 2019, there were no amounts outstanding under this LOC. Lease Obligations We have operating and finance leases for corporate offices, other regional offices, and certain equipment. Our leases have remaining lease terms of 1 year to 15 years, some of which include multiple options to extend the leases for up to 5 years each. The components of lease expense were as follows (in thousands):
|  | Year ended |  |  | Year ended |
|  | December 31, 2020 |  |  | December 31, 2019 |
Operating lease cost |  | $ | 464 |  |  | $ | 469 |
Finance lease cost |  |  |  |  |  |  |  |
Amortization of assets |  |  | 8 |  |  |  | 9 |
Interest on finance lease obligations |  |  | 5 |  |  |  | 7 |
Variable lease cost |  |  | - |  |  |  | - |
Total net lease cost |  | $ | 477 |  |  | $ | 485 |
Included in the table above, is approximately $0.3 million for the year ended December 31, 2020, respectively, of operating lease cost for our corporate headquarters. This space is being leased from The Move, LLC. Our CEO and President, each a related party to WFCF, have a 24.3% jointly-held ownership interest in The Move, LLC. Rent and lease expense for each of the years ended December 31, 2020 and 2019 was $0.6 million. Supplemental balance sheet information related to leases was as follows (in thousands): Supplement balance sheet info:
|  | December 31, 2020 |  |  | December 31, 2019 |
Operating leases: |  | Related Party |  |  | Other |  |  | Total |  |  | Related Party |  |  | Other |  |  | Total |
Operating lease ROU assets |  | $ | 2,755 |  |  | $ | 238 |  |  | $ | 2,993 |  |  | $ | 2,933 |  |  | $ | 314 |  |  | $ | 3,247 |
Current operating lease liabilities |  |  | 179 |  |  |  | 89 |  |  |  | 268 |  |  |  | 158 |  |  |  | 81 |  |  |  | 239 |
Noncurrent operating lease liabilities |  |  | 3,079 |  |  |  | 178 |  |  |  | 3,257 |  |  |  | 3,260 |  |  |  | 266 |  |  |  | 3,526 |
Total operating lease liabilities |  | $ | 3,258 |  |  | $ | 267 |  |  | $ | 3,525 |  |  | $ | 3,418 |  |  | $ | 347 |  |  | $ | 3,765 |
Finance leases: |  | December 31, 2020 |  |  | December 31, 2019 |
Right of use asset, at cost |  | $ | 67 |  |  | $ | 43 |
Accumulated amortization |  |  | (30 | ) |  |  | (22 | )
Right of use asset, net |  | $ | 37 |  |  | $ | 21 |
Current obligations of finance leases |  | $ | 13 |  |  | $ | 8 |
Finance leases, net of current obligations |  |  | 31 |  |  |  | 21 |
Total finance lease liabilities |  | $ | 44 |  |  | $ | 29 |
Weighted average remaining lease term (in years): |  |  |  |  |  |  |  |
Operating leases |  |  | 10.0 |  |  |  | 11.0 |
Finance leases |  |  | 3.7 |  |  |  | 3.0 |
Weighted average discount rate: |  |  |  |  |  |  |  |
Operating leases |  |  | 5.8 | % |  |  | 5.8 | %
Finance leases |  |  | 13.0 | % |  |  | 20.8 | %
Supplemental cash flow and other information related to leases was as follows (in thousands):
|  | Year ended |  |  | Year ended |
|  | December 31, 2020 |  |  | December 31, 2019 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 449 |  |  | $ | 430 |
Operating cash flows from finance leases |  | $ | 5 |  |  | $ | 7 |
Financing cash flows from finance leases |  | $ | 8 |  |  | $ | 7 |
Right of use assets obtained in exchange for lease liabilities: |  |  |  |  |  |  |  |
Operating leases |  | $ | 3,531 |  |  | $ | 3,513 |
Maturities of lease liabilities were as follows (in thousands):
Years Ending December 31st, |  | Operating Leases |  |  | Finance Leases |
2021 |  | $ | 462 |  |  | $ | 18 |
2022 |  |  | 466 |  |  |  | 15 |
2023 |  |  | 461 |  |  |  | 10 |
2024 |  |  | 407 |  |  |  | 5 |
2025 |  |  | 405 |  |  |  | 4 |
Thereafter |  |  | 2,495 |  |  |  | - |
Total lease payments |  |  | 4,696 |  |  |  | 52 |
Less amount representing interest |  |  | (1,171 | ) |  |  | (8 | )
Total lease obligations |  |  | 3,525 |  |  |  | 44 |
Less current portion |  |  | (268 | ) |  |  | (13 | )
Long-term lease obligations |  | $ | 3,257 |  |  | $ | 31 |

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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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