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Note 12 - Debt | 12 Months Ended
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Dec. 31, 2022
Notes to Financial Statements |
Long-Term Debt [Text Block] | (12) Debt Long-term obligations consists of the following (in thousands):
|  | December 31, |
|  | 2022 |  |  | 2021 |
Current: |  |  |  |  |  |  |  |
Finance lease obligation, current portion |  | $ | 1,102 |  |  | $ | 983 |
Equipment financing obligations, current portion |  |  | 398 |  |  |  | 336 |
Note payable – related party, current portion |  |  | 2,500 |  |  |  | 0 |
Current portion of long-term debt and finance lease obligations |  | $ | 4,000 |  |  | $ | 1,319 |
Long Term: |  |  |  |  |  |  |  |
Finance lease obligations |  | $ | 2,536 |  |  | $ | 3,469 |
Equipment financing obligations |  |  | 738 |  |  |  | 868 |
Note payable – related party |  |  | 4,000 |  |  |  | 6,500 |
Less unamortized debt issuance and modification costs |  |  | (11 | ) |  |  | (16 | )
Long term debt and finance lease obligations, net of unamortized debt costs |  | $ | 7,263 |  |  | $ | 10,821 |
The weighted average interest rate for outstanding borrowings at December 31, 2022 and 2021 was 8.5% and 6.5%, respectively. The Company had no capitalized interest in 2022 or 2021. Interest paid during the years ended December 31, 2022 and 2021 totaled approximately $526,000 and $699,000, respectively. Paycheck Protection Program During 2020, the Company secured a $3,558,000 term loan (the “PPP Loan”) with BMO Harris Bank National Association (“BMO”). Proceeds from the PPP Loan were used to retain workers and maintain payroll and make lease and utility payments. The PPP Loan is evidenced by a promissory note in favor of BMO, as lender, with a principal amount of $3,558,000 that bears interest at a fixed annual rate of 1.00%. On June 28, 2021, the Company received notice from BMO that BMO had received confirmation from the U.S. Small Business Administration (the “SBA”) that the application for forgiveness of the PPP Loan had been approved. The loan forgiveness request in the amount of $3,558,000 was applied to the Company’s entire outstanding PPP Loan balance with BMO. During the year ended December 31, 2021, the Company recorded a gain on the forgiveness of the PPP Loan and accrued interest in the amount of $3,599,000. Note Payable – Related Party The Company has received the benefit of cash infusions from Gill Family Capital Management, Inc. (“GFCM”) in the form of secured promissory note obligations totaling $6,500,000 in principal as of December 31, 2022 and 2021 (the “Note”). 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. As of December 31, 2022, our principal commitment under the Note was $2,500,000 due on April 1, 2023, $2,000,000 on April 1, 2024 and the balance on April 1, 2026. Interest on the Note is reset on April 1 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 Note allows for up to an 18-month deferral of payment for up to 60% of the interest due on the portion of the Note maturing in April of 2023 and 2024. 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, including those in Mexico. Finance Lease Obligations As of December 31, 2022, the Company had $3,638,000 outstanding under finance lease obligations for both property and machinery and equipment with maturities through 2026 and a weighted average interest rate of 8.5%. Equipment Financing Obligations As of December, 2022, the Company had $1.1 million outstanding under equipment financing facilities, with effective interest rates ranging from 4.4% to 8.1% and payments due through 2028. Payments on the Company’s equipment financing obligations are due as follows (in thousands):
Next 12 months |  | $ | 468 |
12 to 24 months |  |  | 399 |
24 to 36 months |  |  | 223 |
36 to 48 months |  |  | 127 |
48 to 60 months |  |  | 31 |
Thereafter |  |  | 5 |
Total payments |  |  | 1,253 |
Less imputed interest |  |  | (117 | )
Total equipment financing obligations |  | $ | 1,136 |

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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 https://asc.fasb.org/topic&trid=2208564 + Details
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