XML 46 R36.htm IDEA: XBRL DOCUMENT v3.22.2.2
Debt (Details) - USD ($)
1 Months Ended 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Dec. 07, 2021
Jan. 02, 2021
May 17, 2022
Apr. 30, 2022
Sep. 30, 2022
Sep. 30, 2021
Jun. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2021
Dec. 31, 2020
Dec. 01, 2020
Dec. 31, 2019
Debt (Details) [Line Items]                          
Expires date               Dec. 30, 2025          
Revolving loan                         $ 20,000,000
Term loan                         5,000,000
Capital expenditure line of credit     $ 2,000,000                   $ 2,000,000
Outstanding under the revolving loan         $ 14,097,000     $ 14,097,000          
Revolving loan               4,691,000          
Webster revolving loan, description                   As of December 31, 2021, our debt to Webster in the amount of $16,648,000 consisted of the Webster Revolving Loan in the amount of $12,456,000 and the Webster term loan in the amount of $4,192,000.       
Interest expense         204,000 $ 181,000   $ 506,000 $ 542,000        
Line of credit, description the Company entered into the Third Amendment to the Webster Facility (“Third Amendment”). The purpose of the amendment was to provide a maturity date for the Webster Facility of December 30, 2025 as compared to the original maturity date of December 30, 2022. Such amendment also increased the Revolving Line of Credit to its current limit of $20,000,000 (up from the original $16,000,000) and also provided for a similar increase in the inventory sublimit to $14,000,000 (up from the original $11,000,000). The Third Amendment, also allows the Company, subject to certain limitations, to begin amortizing $250,000 of its related party subordinated notes payable each quarter as long as certain conditions are met. In connection with these changes, the Company paid an amendment fee of $75,000.   the Company entered into the Fourth Amendment to the Webster Facility (“Fourth Amendment”). The purpose of the amendment was to increase the Term Loan to $5,000,000, generating proceeds of $1,945,000, reduced the monthly principal installments to be made in respect to the term loan, and establish a capital expenditure line of credit in the amount of $2,000,000 which the Company can draw upon from time to time to finance purchases of machinery and equipment, thereby increasing the amount of capital expenditures that the Company may make each year. The principle payments are $59,524 per month commencing in June 2022 with a balloon payment due on December 30, 2025. In connection with these changes, the Company paid an amendment fee of $20,000.               In 2020, the Company entered into the First Amendment to the Webster Facility which increased the Term Loan to $5,685,000 and required the Company to make monthly principal installments in the amount of $67,679 beginning on December 1, 2020. Other minor modifications were made and the Company paid an amendment fee of $20,000.     
Term loan     $ 5,000,000               $ 5,685,000    
Principle payments     59,524                 $ 67,679  
Amendment fee $ 75,000           $ 10,000       $ 20,000    
Excess cash flow percentage             25.00%            
Excess cash flow payments       $ 854,000           $ 558,750      
Loan proceeds     1,945,000                    
Amendment fee paid     $ 20,000                    
Webster facility, description               Under the terms of the Webster Facility, both the Webster revolving line of credit and the Webster term loan will bear an interest rate equal to the greater of (i) 3.50% and (ii) a rate per annum equal to the rate per annum published from time to time in the “Money Rates” table of the Wall Street Journal (or such other presentation within The Wall Street Journal as may be adopted hereafter for such information) as the base or prime rate for corporate loans at the nation’s largest commercial bank, less sixty-five hundredths (-0.65%) of one percent per annum. The average interest rate charged was 4.70% and 3.50% for the three months ended September 30, 2022 and 2021, respectively and was 3.94% and 3.50% for the nine months ended September 30, 2022 and 2021, respectively.           
Finance lease               $ 0   263,000      
Interest rate               4.20%          
Loan obligation         33,000     $ 33,000   $ 39,000      
Number of directors               2          
Related party notes payable, 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 35,508 shares of common stock and Taglich Brothers Inc. was issued promissory notes totaling $554,000 for placement agency fees. At December 31, 2020, related party notes payable totaled $6,012,000 and accrued interest totaled $400,000.           
Related party convertible amount   $ 2,732,000                      
Subordinated debt paid               $ 250,000          
Principal payment         250,000     250,000          
Interest expense         $ 118,000 $ 126,000   $ 369,000 $ 376,000        
Common Stock [Member]                          
Debt (Details) [Line Items]                          
Price per share (in Dollars per share)   $ 15                      
Related Party [Member]                          
Debt (Details) [Line Items]                          
Related party convertible amount   $ 2,080,000                      
Price per share (in Dollars per share)   $ 9.3                      
Webster Facility [Member]                          
Debt (Details) [Line Items]                          
Loan facility, description               In connection with the Webster Facility, the Company is required to maintain a defined Fixed Charge Coverage Ratio of 1.25 to 1.00 at the end of each Fiscal Quarter.