XML 35 R23.htm IDEA: XBRL DOCUMENT
v3.26.1

Note 12 - Debt | 12 Months Ended
--- | ---
Dec. 31, 2025
Notes to Financial Statements |
Long-Term Debt [Text Block] |
(12) | Debt
Long-term obligations consists of the following (in thousands):
|  | December 31, |
|  | 2025 |  |  | 2024 |
Current: |  |  |  |  |  |  |  |
Finance lease obligation, current portion |  | $ | 622 |  |  | $ | 1,507 |
Equipment financing obligations, current portion |  |  | 526 |  |  |  | 481 |
Working capital line of credit |  |  | 500 |  |  |  | 500 |
Current portion of long-term debt and finance lease obligations |  | $ | 1,648 |  |  | $ | 2,488 |
Long-Term: |  |  |  |  |  |  |  |
Finance lease obligations |  | $ | 4,021 |  |  | $ | 735 |
Equipment financing obligations |  |  | 846 |  |  |  | 852 |
Note payable – related party |  |  | 12,000 |  |  |  | 9,000 |
Less unamortized debt issuance and modification costs |  |  | (7 | ) |  |  | (14 | )
Long-term debt and finance lease obligations, net of unamortized debt costs |  | $ | 16,860 |  |  | $ | 10,573 |
The Company had no capitalized interest in 2025 or 2024. Note Payable – Related Party The Company has received the benefit of loans from GFCM in the form of secured promissory note obligations totaling $12,000,000 in principal as of December 31, 2025 and $9,000,000 as of December 31, 2024 (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 year ended December 31, 2025, the Company and GFCM amended the Note to, among other things: (i) increase the principal amount by $3,000,000 to $12,000,000, (ii) extend the maturity dates for $2,000,000 of the obligation to April 1, 2026, $2,000,000 to April 1, 2027, $5,000,000 on April 1, 2028, and the balance of $3,000,000 due on April 1, 2029, and (iii) allow for the deferral of payment for up to 100% of the interest due on the Note to April 1, 2026. During the first quarter of 2026, the Company further amended the Note to extend the maturity dates on all tranches by one year and allow for the continued deferral of payment for up to 100% of the interest due on the Note to April 1, 2027. Interest on the Note is payable quarterly, unless the deferral option is elected, and the rate is reset on April 1 of each year at the greater of 8% or 500 basis points above the five-year Treasury note average during the previous 90-day period. This additional $3,000,000 loaned to the Company during 2025 and the modification during the first quarter of 2026 was approved by the Audit Committee and provided the Company necessary liquidity (see Note 22). The weighted average interest rate for the Note as of December 31, 2025 and 2024 was 9.2%. As permitted under the Note, all interest was deferred during 2025. Interest paid on the Note during the year ended December 31, 2024 totaled approximately $283,000. The total interest accrued and unpaid as of December 31, 2025 was $1,709,000. 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, 2025, the Company had $4,643,000 outstanding under finance lease obligations for both property and machinery and equipment with maturities through 2031 and a weighted average interest rate of 13.1%. Equipment Financing Obligations As of December 31, 2025, the Company had $1,372,000 outstanding under equipment financing facilities, with a weighted average interest rate of 6.9% and payments due through 2030. Payments on the Company’s equipment financing obligations are due as follows as of December 31, 2025 (in thousands):
Next 12 months |  | $ | 605 |
12 to 24 months |  |  | 494 |
24 to 36 months |  |  | 234 |
36 to 48 months |  |  | 108 |
48 to 60 months |  |  | 90 |
Thereafter |  |  | 0 |
Total payments |  |  | 1,531 |
Less imputed interest |  |  | (159 | )
Total equipment financing obligations |  | $ | 1,372 |

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/470/tableOfContent + Details
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration