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DEBT

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

DEBT

10. Debt

On March 24, 2016, the Company entered into an Amended and Restated Credit Agreement (the “Credit Agreement”) with BankUnited, N.A. (“BankUnited”) as a lender and the sole arranger, administrative agent and collateral agent and Citizens Bank N.A. (the “BankUnited Facility”). The BankUnited Facility provided for a revolving credit loan commitment of $30 million (the “Revolving Loan”) and a $10 million term loan (“Term Loan”). The Revolving Loan bears interest at a rate based upon a pricing grid, as defined in the agreement.

On June 25, 2019, the Company entered into a Fifth Amendment (the “Fifth Amendment”) to the Credit Agreement. Under the Fifth Amendment, the parties amended the Credit Agreement by extending the maturity date of the Company’s Revolving Loan and Term Loan to June 30, 2021 and making conforming changes to the repayment schedule of the Term Loan. Additionally, in connection with the Fifth Amendment, Citizens Bank, N.A. assigned all of its obligations under the BankUnited Facility to BNB Bank.

As of March 31, 2020, the Company had $26.7 million outstanding under the Revolving Loan bearing interest at 6.25%. As of March 31, 2020, the Revolving Loan had a maturity date of June 30, 2021.

The Company has cumulatively paid approximately $488,000 of total debt issuance costs in connection with the BankUnited Facility, of which approximately $43,000 is included in other assets and $7,000 is a reduction of long-term debt at March 31, 2020.

The Term Loan had an initial amount of $10 million, payable in monthly installments, as defined in the agreement, as of March 31, 2020, with a maturity date of June 30, 2021.

The maturities of long-term debt (excluding unamortized debt issuance costs) are as follows:

Twelve months ending March 31,
2021		$	2,460,639
2022			905,152
2023			173,779
2024			86,974
Total		$	3,626,544

The BankUnited Facility is secured by all of the Company’s assets.

In addition to the Term Loan, included in long-term debt are financing leases and notes payable of $464,981 including a current portion of $360,639.

The BankUnited Facility was further amended, and certain covenant violations were waived, in August 2020. See Note 13. Subsequent Events for additional detail.

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- References

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- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

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