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Note 9 - Debt | 9 Months Ended
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Sep. 29, 2024
Notes to Financial Statements |
Long-Term Debt [Text Block] |
(9) | Debt
Debt outstanding consists of the following (in thousands):
|  | September 29, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
|  | (Unaudited) |  |  |  |  |
Current: |  |  |  |  |  |  |  |
Finance lease obligation, current portion |  | $ | 1,467 |  |  | $ | 1,327 |
Equipment financing obligations, current portion |  |  | 522 |  |  |  | 618 |
Working capital line of credit |  |  | 500 |  |  |  | 500 |
Note payable – related party, current portion |  |  | 2,000 |  |  |  | 0 |
Current portion of long-term debt and finance lease obligations |  | $ | 4,489 |  |  | $ | 2,445 |
Long Term: |  |  |  |  |  |  |  |
Finance lease obligation |  | $ | 1,133 |  |  | $ | 1,852 |
Equipment financing obligations |  |  | 959 |  |  |  | 1,333 |
Note payable – related party |  |  | 7,000 |  |  |  | 6,500 |
Less unamortized debt issuance and modification costs |  |  | (16 | ) |  |  | (16 | )
Long-term debt and finance lease obligations net of unamortized debt costs |  | $ | 9,076 |  |  | $ | 9,669 |
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 $9,000,000 in principal as of September 29, 2024 and $6,500,000 as of December 31, 2023 (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 September 29, 2024, our principal commitment under the Note was $2,000,000 due on April 1, 2025, $2,000,000 on April 1, 2026 and the balance of $5,000,000 due on April 1, 2027. 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, which was 9.12% as of September 29, 2024. The Note allows for a deferral of payment for up to 60% of the interest due on the Note to April 1, 2025. During the first quarter of 2024, the Company amended the Note to increase the principal amount due on April 1, 2027 by $2,500,000. The amendment increased the aggregate amount previously loaned by GFCM to the Company from $6,500,000 to $9,000,000. This additional amount loaned to the Company in the first quarter of 2024 was approved by the Audit Committee and provided the Company necessary liquidity. Obligations under the 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 September 29, 2024, the Company had $2,600,000 outstanding under finance lease obligations for both property and machinery and equipment with maturities through 2028 and a weighted average interest rate of 8.8%. Equipment Financing Obligations As of September 29, 2024, the Company had $1,481,000 outstanding under equipment financing facilities, with a weighted average interest rate of 6.7% and payments due through 2028. Payments on the Company’s equipment financing obligations are due as follows (in thousands):
Next 12 months |  | $ | 607 |
12 to 24 months |  |  | 478 |
24 to 36 months |  |  | 376 |
36 to 48 months |  |  | 189 |
48 to 60 months |  |  | 0 |
Thereafter |  |  | 0 |
Total payments |  |  | 1,650 |
Less imputed interest |  |  | (169 | )
Total equipment financing obligations |  | $ | 1,481 |

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