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Note 12 - Debt | 12 Months Ended
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Dec. 31, 2023
Notes to Financial Statements |
Long-Term Debt [Text Block] |
(12) | Debt
Long-term obligations consists of the following (in thousands):
|  | December 31, |
|  | 2023 |  |  | 2022 |
Current: |  |  |  |  |  |  |  |
Finance lease obligation, current portion |  | $ | 1,327 |  |  | $ | 1,102 |
Equipment financing obligations, current portion |  |  | 618 |  |  |  | 398 |
Note payable – related party, current portion |  |  | 0 |  |  |  | 2,500 |
Working capital line of credit |  |  | 500 |  |  |  | 0 |
Current portion of long-term debt and finance lease obligations |  | $ | 2,445 |  |  | $ | 4,000 |
Long-Term: |  |  |  |  |  |  |  |
Finance lease obligations |  | $ | 1,852 |  |  | $ | 2,536 |
Equipment financing obligations |  |  | 1,333 |  |  |  | 738 |
Note payable – related party |  |  | 6,500 |  |  |  | 4,000 |
Less unamortized debt issuance and modification costs |  |  | (16 | ) |  |  | (11 | )
Long-term debt and finance lease obligations, net of unamortized debt costs |  | $ | 9,669 |  |  | $ | 7,263 |
The Company had no capitalized interest in 2023 or 2022. Note Payable – Related Party The Company has received the benefit of loans from GFCM in the form of secured promissory note obligations totaling $6,500,000 in principal as of December 31, 2023 and 2022 (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. During the fourth quarter ended December 31, 2023, the Company and GFCM amended the Note to, among other things: (i) increase the principal amount by $2,500,000 to $6,500,000, (ii) extend the maturity dates for $2,000,000 of the obligation to April 1, 2025, $2,000,000 to April 1, 2026 and the balance to April 1, 2027 (iii) adjust the interest rate beginning on November 10, 2023 and on each April 1 thereafter, to reflect the greater of 8% or 500 basis points above the five-year Treasury note average during the previous 90-day period, and (iv) allow for the deferral of payment for up to 60% of the interest due on the Note to April 1, 2025. On February 7, 2024, the Company further amended the Note to increase the principal amount due on April 1, 2027 by another $2,500,000. The amendment increased the aggregate amount previously loaned by GFCM to the Company from $6,500,000 to $9,000,000 (see Note 21). The weighted average interest rate for the Note as of December 31, 2023 and 2022 was 8.7% and 8.0%, respectively. Interest paid on the Note during the years ended December 31, 2023 and 2022 totaled approximately $479,000 and $526,000, respectively. 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, 2023, the Company had $3,179,000 outstanding under finance lease obligations for both property and machinery and equipment with maturities through 2026 and a weighted average interest rate of 8.8%. Equipment Financing Obligations As of December 31, 2023, the Company had $1,951,000 outstanding under equipment financing facilities, with a weighted average interest rate of 6.8% and payments due through 2028. Payments on the Company’s equipment financing obligations are due as follows (in thousands):
Next 12 months |  | $ | 733 |
12 to 24 months |  |  | 557 |
24 to 36 months |  |  | 461 |
36 to 48 months |  |  | 349 |
48 to 60 months |  |  | 110 |
Thereafter |  |  | 0 |
Total payments |  |  | 2,210 |
Less imputed interest |  |  | (259 | )
Total equipment financing obligations |  | $ | 1,951 |

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