XML 59 R41.htm IDEA: XBRL DOCUMENT v3.20.1
Notes Payable, Related Party Notes Payable and Finance Lease Obligations (Details Textual) - USD ($)
 1 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 26, 2019
Jan. 15, 2019
Jan. 31, 2020
Oct. 21, 2019
May 31, 2019
May 31, 2018
Mar. 31, 2020
Mar. 31, 2019
Jun. 30, 2019
Dec. 31, 2019
Apr. 04, 2018
Mar. 29, 2018
Notes Payable and Capital Lease Obligations (Textual)                        
Issuance of common stock, shares     419,597                  
Issuance of common stock     $ 984,000       $ 984,000          
Notes payable percentage             18.00%          
Interest rate             3.00%     12.00%    
Michael Taglich [Member]                        
Notes Payable and Capital Lease Obligations (Textual)                        
Common stock purchased, shares                   15,000    
Common stock purchase price, per share                   $ 1.01    
Advanced from related parties $ 250,000                      
Issuance of common stock, shares 37,500                      
Proceeds from related party debt       $ 1,000,000                
Michael Taglich [Member] | Robert [Member]                        
Notes Payable and Capital Lease Obligations (Textual)                        
Advanced from related parties                     $ 100,000 $ 1,000,000
Robert [Member]                        
Notes Payable and Capital Lease Obligations (Textual)                        
Common stock purchased, shares                   150,000    
Common stock purchase price, per share                   $ 1.01    
Issuance of common stock, shares 37,500                      
Taglich Brothers, Inc., [Member]                        
Notes Payable and Capital Lease Obligations (Textual)                        
Related party notes payable allocated percentage, description                   4% of the purchase price of the 7% Notes    
Robert and Michael Taglich [Member]                        
Notes Payable and Capital Lease Obligations (Textual)                        
Loan facility, description             From November 23, 2016 through March 21, 2017, the Company received gross proceeds of $4,775,000, of which $1,950,000 were received from Robert and Michael Taglich, from the sale of an equal principal amount of our 8% Subordinated Convertible Notes (the “8% Notes”), together with warrants to purchase a total of 383,080 shares of our common stock, in private placement transactions with accredited investors (the “8% Note Offerings”). In connection with the offering of the 8% Notes, the Company issued 8% Notes in the aggregate principal amount of $382,000 to Taglich Brothers, Inc., placement agent for the 8% Note Offerings, in lieu of payment of cash compensation for sales commissions, together with warrants to purchase a total of 180,977 shares of our common stock. Payment of the principal and accrued interest on the 8% Notes are junior and subordinate in right of payment to our indebtedness under the SNB Facility.          
Interest-bearing, description             Interest on the 8% Notes is payable on the outstanding principal amount thereof at the annual rate of 8%, payable quarterly commencing February 28, 2017, in cash, or at our option, in additional 8% Notes, provided that if accrued interest payable on $1,269,000 principal amount of the 8% Notes issued in December 2016 is paid in additional 8% Notes, interest for that quarterly interest payment shall be calculated at the rate of 12% per annum. Upon the occurrence and continuation of an event of default, interest shall accrue at the rate of 12% per annum.          
Interest expense             $ 128,000 $ 130,000        
Convertible notes payable             5,923,000     $ 6,862,000    
Amortization of debt discount             73,000 130,000        
Unamortized debt discounts             $ 153,000     226,000    
Two Thousand Nineteen [Member]                        
Notes Payable and Capital Lease Obligations (Textual)                        
Interest-bearing, description             Interest on the 2019 Notes is payable on the outstanding principal amount thereof at the rate of one percent (1%) per month, payable monthly commencing June 30, 2018. Upon the occurrence and continuation of a failure to pay accrued interest, interest shall accrue and be payable on such amount at the rate of 1.25% per month; provided that upon the occurrence and continuation of a failure to timely pay the principal amount of the 2019 Note, interest shall accrue and be payable on such principal amount at the rate of 1.25% per month and shall no longer be payable on interest accrued but unpaid. The 2019 Notes are subordinate to the Company’s obligations to SNB.          
Principal amount           $ 100,000            
Common stock purchased, shares         18,334       180,000      
Common stock purchase price         $ 100,000       $ 182,000      
Aggregate principal amount           $ 1,200,000            
Subordinated Notes Maturity Date           May 31, 2019     Jun. 30, 2020      
Issuance of common stock, shares           214,762            
Accrued interest on notes payable           1.25%            
Placement agent fee           4.00%            
Two Thousand Nineteen [Member] | Michael Taglich [Member]                        
Notes Payable and Capital Lease Obligations (Textual)                        
Aggregate principal amount           $ 100,000            
Issuance of common stock, shares           17,857            
Two Thousand Nineteen [Member] | Robert [Member]                        
Notes Payable and Capital Lease Obligations (Textual)                        
Placement invested percentage           4.00%            
Aggregate principal amount           $ 1,000,000            
Issuance of common stock           178,571            
Total purchase price           $ 1,000,000            
SNB Bank [Member]                        
Notes Payable and Capital Lease Obligations (Textual)                        
Loan facility, description             The terms of the SNB Facility require that, among other things, the Company maintain a specified Fixed Charge Coverage Ratio of 1.25 to 1.00 at the end of each Fiscal Quarter beginning with the Fiscal Quarter ending March 31, 2020.          
Interest-bearing, description             Under the terms of the SNB Facility, both the SNB revolving line of credit and the SNB term loan will bear an interest rate equal to 30-day LIBOR, (with a 1% floor), plus 2.5%. The average interest rate charged during the period ended March 31, 2020 was 4.0%.          
Principal amount             $ 17,222,000     16,343,000    
Coverage ratio, description             The Company maintain a specified Fixed Charge Coverage Ratio of 1.25 to 1.00 at the end of each Fiscal Quarter beginning with the Fiscal Quarter ending March 31, 2020.          
Revolving credit loan debt to SNB             $ 13,577,000     12,543,000    
Term loan amount             3,645,000     $ 3,800,000    
Interest expense             120,000          
PNC Bank [Member]                        
Notes Payable and Capital Lease Obligations (Textual)                        
Principal amount             15,000,000          
Interest expense             512,000          
2019 Notes [Member]                        
Notes Payable and Capital Lease Obligations (Textual)                        
Notes payable percentage                   12.00%    
Senior Subordinated Convertible Promissory Notes [Member]                        
Notes Payable and Capital Lease Obligations (Textual)                        
Loan facility, description   The Company issued its 7% senior subordinated convertible promissory notes due December 31, 2020, each in the principal amount of $1,000,000 (together, the “7% Notes”), to Michael Taglich and Robert Taglich, each for a purchase price of $1,000,000. The 7% Notes bear interest at the rate of 7% per annum, are convertible into shares of the Company’s common stock at a conversion price of $0.93 per share, subject to the anti-dilution adjustments set forth in the 7% Notes and are subordinate to the Company’s indebtedness under the SNB Facility.                    
Related party notes payable allocated percentage, description   In connection with the 7% Notes, the Company paid Taglich Brothers, Inc. a fee of $80,000 (4% of the purchase price of the 7% Notes), paid in the form of a promissory note having terms substantially identical to the 7% Notes.                    
Convertible Notes Payable, Third Parties [Member]                        
Notes Payable and Capital Lease Obligations (Textual)                        
Principal amount     $ 805,000                  
Sale of principle convertible note interest rate     8.00%                  
Interest expense             $ 42,000 40,000        
Interest rate             8.00%          
Debt converted     $ 80,000                  
Convertible debt, shares issued     590,243                  
Share price     $ 1.50                  
Convertible notes payable             $ 1,437,000     $ 2,338,000    
Amortization of debt discount             4,000 $ 120,000        
Notes payable and finance lease obligations [Member]                        
Notes Payable and Capital Lease Obligations (Textual)                        
Related party advances and notes payable, net of debt discounts             5,923,000     6,862,000    
Unamortized debt discounts             3,000     7,000    
Loan payable obligation             $ 313,000     $ 385,000