XML 31 R17.htm IDEA: XBRL DOCUMENT

LONG-TERM DEBT

12 Months Ended

Dec. 31, 2020

11.

LONG-TERM DEBT

As described above, in connection with the Sixth Amendment, the Company and BankUnited agreed to extend the maturity dates of the Revolving Loan and Term Loan to May 2, 2022 and make conforming changes to the repayment schedule of the Term Loan. The availability under the Revolving Note was permanently reduced by $6 million, to $24 million, and the outstanding principal amount on the Term Note was increased by $6 million to approximately $7,933,000. The BankUnited Facility, as amended by the Sixth Amendment, requires us to maintain the financial covenants described in the preceding note.

The Company paid to BankUnited, commitment and agent fees in the amount of $107,540 in 2020, together with out of pocket costs, expenses, and reasonable attorney’s fees incurred by BankUnited in connection with the Sixth Amendment. The Company paid to BankUnited, commitment and agent fees in the amount of $25,000 in 2019, together with out of pocket costs, expenses, and reasonable attorney’s fees incurred by BankUnited in connection with the Fifth Amendment. The Company has cumulatively paid approximately $596,000 of total debt issuance costs in connection with the BankUnited Facility of which approximately $84,000 is included in other assets at December 31, 2020.

On April 10, 2020, we entered into the Paycheck Protection Program (PPP) Loan, with BNB Bank (now part of Dime Community Bank) as the Lender, in an aggregate principal amount of $4,795,000, pursuant to the Paycheck Protection Program under the CARES Act. The PPP Loan is evidenced by the Note. Subject to the terms of the Note, the PPP Loan bears interest at a fixed rate of one percent (1%) per annum, with the first six months of interest deferred, has an initial term of two years, and is unsecured and guaranteed by the Small Business Administration (SBA). The Note provides for customary events of default including, among other things, cross-defaults on any other loan with the Lender. The PPP Loan may be accelerated upon the occurrence of an event of default.

On November 2, 2020 the Company applied to the Lender for full forgiveness of the PPP Loan as calculated in accordance with the terms of the CARES Act, as modified by the Paycheck Protection Flexibility Act. We were notified by our lender that our application was accepted and forwarded to the SBA, from whom, we are currently awaiting a response. To date the lender has not requested payment of any interest or principal. All amounts are classified as current or long term in accordance with the Note terms.

The maturities of the long-term debt (excluding unamortized debt issuance costs) as of December 31, 2020, are as follows:

Year ending December 31,

2021 $ 6,501,666

2022 5,997,681

2023 136,433

2024 44,498

2025 26,483

Total $ 12,706,761

Included in the long-term debt are financing leases and notes payable of $678,428 and $546,100 at December 31, 2020 and 2019, respectively, including a current portion of $255,833 and $384,619, respectively.