XML 47 R35.htm IDEA: XBRL DOCUMENT v3.21.2
Notes Payable, Related Party Notes Payable and Finance Lease Obligations (Details) - USD ($)
 1 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 14, 2021
Dec. 31, 2019
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
Notes Payable, Related Party Notes Payable and Finance Lease Obligations (Details) [Line Items]              
Debt expiring date   Dec. 30, 2022          
Loan and security agreement, description         the Company entered into the First Amendment to Loan and Security Agreement (“First Amendment”). The terms of the amendment increase the Term Loan to $5,685,000. The repayment terms of the term loan were amended to provide monthly principal installments in the amount of $67,679 beginning on December 1, 2020, with a final payment of any unpaid balance of principal and interest payable on December 30, 2022. Additionally, the date by which certain subordinated third-party notes need to be extended was changed from September 30, 2020 to November 30, 2020. The Company paid an amendment fee of $20,000.    
SNB facility, description On June 14, 2021, the Company entered into the Second Amendment to the Loan and Security Agreement (“Second Amendment”). The purpose of the Second Amendment was to clarify the definition and calculation of Excess Cash Flow, and to confirm the extension of the due date for the payment of the Excess Cash Flow payment. The amount of the Excess Cash Flow payment for the year ended December 31, 2020 was calculated to be $558,750. Per the terms of the Second Amendment, the Excess Cash Flow is payable in three installments of $186,250 on each of June 15, 2021, June 30, 2021, and September 15, 2021. As of June 30, 2021, the Company paid the first two installments totaling $372,500. Additionally, the Company paid an amendment fee of $10,000.        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 June 30, 2021 was 3.5%.     
Payable     $ 44,000   $ 44,000   $ 48,000
Amendment fee         10,000    
Interest expense     125,000 $ 125,000 $ 250,000 $ 253,000  
Interest incurred on notes to third parties       38,000   80,000  
Amortization of debt discount       3,000   7,000  
Robert and Michael Taglich [Member]              
Notes Payable, Related Party Notes Payable and Finance Lease Obligations (Details) [Line Items]              
Loan facility, description         From 2016 through 2020, the Company entered into various subordinated notes payable and convertible subordinated notes payable with Michael and Robert Taglich. These notes resulted in proceeds to the Company totaling $6,550,000. In connection with these notes, Michael and Robert were issued a total of 355,082 shares of common stock and Taglich Brothers Inc. was issued promissory notes totaling $554,000 for placement agency fees. On January 1, 2021, the related party subordinated notes due to Michael and Robert Taglich and Taglich Brothers, Inc., were amended to include all accrued interest through December 31, 2020 in the principal balance of the notes. Per the terms of the SNB Facility, these notes remain subordinate to the SNB Facility and are due on July 1, 2023. There are no principal payments due on these notes until such time. The note holders and the principal balance of the notes as amended on January 1, 2021 are shown below    
Three Installments [Member]              
Notes Payable, Related Party Notes Payable and Finance Lease Obligations (Details) [Line Items]              
Payable     186,250   $ 186,250    
First Two Installments [Member]              
Notes Payable, Related Party Notes Payable and Finance Lease Obligations (Details) [Line Items]              
Paid     372,500   372,500    
Notes Payable to Banks [Member]              
Notes Payable, Related Party Notes Payable and Finance Lease Obligations (Details) [Line Items]              
Loan obligation     44,000   44,000   48,000
Convertible Notes Payable – Third Parties [Member]              
Notes Payable, Related Party Notes Payable and Finance Lease Obligations (Details) [Line Items]              
Interest payable related parties     0   0    
SBA Loans [Member]              
Notes Payable, Related Party Notes Payable and Finance Lease Obligations (Details) [Line Items]              
Revolving credit loan term amount         $ 16,000,000    
SNB Bank [Member]              
Notes Payable, Related Party Notes Payable and Finance Lease Obligations (Details) [Line Items]              
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.    
Principal amount     20,049,000   $ 20,049,000   21,207,000
Revolving credit loan debt to SNB         15,256,000   15,649,000
Term loan amount         4,793,000   $ 5,558,000
Interest expense     $ 180,000 $ 154,000 $ 361,000 $ 274,000