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Note 14 - Debt
 12 Months Ended
Dec. 31, 2018
Notes to Financial Statements  
Long-term Debt [Text Block]
(
1
4
)
Debt
 
Long-term obligations consists of the following (in thousands):
 
   
December 31,
  
   
2018
    
2017
  
Current:
                
Current portion of capital lease obligations
   $
593
     $
829
  
                 
Long Term:
                
Note payable – related party
   $
6,500
     $
6,500
  
Capital lease obligations
    
2,804
      
3,397
  
Less unamortized debt issuance and modification costs
    
(51
 )    
(65
 )
                 
Long term debt and capital lease obligations, net of unamortized debt costs
   $
9,253
     $
9,832
  
 
The weighted average interest rate for outstanding borrowings at
December 
31,
 
2018
and
2017
was
8.0%
.
The Company had
no
capitalized interest in
2018
or
2017.
Interest paid during the years ended
December 
31,
 
2018
and
2017
totaled approximately
$526,000
and
$526,000,
respectively.
 
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
December 
31,
 
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 is reset on
April 1
st
of each year, 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
s
 
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 (see Note
5
). As a result of the Toluca Sale-Leaseback, the Company has a capital lease obligation of
$2,699,000
for the building as of
December 
31,
 
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
December 
31,
 
2018
was
$698,000.
 
The future minimum payments for capital leases as of
December 
31,
2018
are as follows (in thousands):
 
2019
   $
927
  
2020
    
881
  
2021
    
580
  
2022
    
548
  
2023
    
548
  
Thereafter
    
1,143
  
Total future payments
    
4,627
  
Less: Amount representing interest
    
(1,230
 )
Present value of future minimum payments
    
3,397
  
Less: Current portion
    
(593
 )
Long term portion
   $
2,804