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Note 12 - Debt | 3 Months Ended
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Apr. 01, 2018
Notes to Financial Statements |
Long-term Debt [Text Block] |
( 1 2 ) | Debt
Debt outstanding consists of the following (in thousands):
|  | April 1, |  |  | December 31, |
|  | 2018 |  |  | 2017 |
|  | (Unaudited) |  |  |  |  |
Current: |  |  |  |  |  |  |  |
Current portion of capital lease obligation |  | $ | 516 |  |  | $ | 829 |
Long Term: |  |  |  |  |  |  |  |
Note payable – related party |  | $ | 6,500 |  |  | $ | 6,500 |
Capital lease obligation |  |  | 3,286 |  |  |  | 3,397 |
Less unamortized debt issuance and modification costs |  |  | (62 | ) |  |  | (65 | )
Long term debt net of unamortized debt costs |  | $ | 9,724 |  |  | $ | 9,832 |
Note Payable – Related Party The Company has received the benefit of cash infusions from GFCM in the form of secured promissory note obligations totaling $6,500,000 in principal as of April 1, 2018 and December 31, 2017. GFCM is an entity controlled by the Company’s chairman, president and chief executive officer, Jeffrey T. Gill and one of our directors, R. Scott Gill. GFCM, Jeffrey T. Gill and R. Scott Gill are significant beneficial stockholders of the Company. The promissory note bears interest at a rate of 8.0% per year until March 31, 2019 and, thereafter, at the greater of 8.0% or 500 basis points above the five -year Treasury note average during the preceding 90 -day period, in each case, payable quarterly. The maturity dates for the obligation are as follows: $2,500,000 of the obligation on April 1, 2021, $2,000,000 on April 1, 2023 and the balance on April 1, 2025. The note allows for up to an 18 -month deferral of payment for up to 60% of the interest due on the portion of the notes maturing in April of 2021 and 2023. Obligations under the promissory note are guaranteed by all of the subsidiaries and are secured by a first priority lien on substantially all assets of the Company. Capital Lease Obligation On March 9, 2016, the Company completed the sale of its 24 -acre Toluca property for 215,000,000 Mexican Pesos, or approximately $12,182,000 in U.S. dollars. Simultaneously, the Company entered into a ten -year lease of the 9 acres and buildings currently occupied by the Company and needed for its ongoing business in Toluca. As a result of the Toluca Sale-Leaseback, the Company has a capital lease obligation of $2,890,000 for the building as of April 1, 2018. In January 2018, the Company entered into a 36 -month capital lease for $1,277,000 for new production equipment installed at its Sypris Electronics facility during 2017. The balance of the capital lease obligation as of April 1, 2018 was $912,000.

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- Definition The entire disclosure for long-term debt. + 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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