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Debt (Tables) | 9 Months Ended
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Sep. 30, 2023
Debt [Abstract] |
Schedule of Debt | Notes payable, related party notes payable and finance lease obligations consist of the following:
|  | September 30, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Revolving loan to Webster Bank |  | $ | 8,444,000 |  |  | $ | 13,352,000 |
Term loan, Webster |  |  | 5,275,000 |  |  |  | 5,396,000 |
Connecticut Green Bank loan |  |  | 393,000 |  |  |  | - |
Finance lease obligations |  |  | 923,000 |  |  |  | 328,000 |
Loans payable - financed assets |  |  | 24,000 |  |  |  | 30,000 |
Related party notes payable |  |  | 6,162,000 |  |  |  | 6,162,000 |
Subtotal |  |  | 21,221,000 |  |  |  | 25,268,000 |
Less: Current portion |  |  | (13, 903,000 | ) |  |  | (14,477,000 | )
Long Term Portion |  | $ | 7, 318,000 |  |  | $ | 10,791,000 |
Schedule of Payments Due Under the Term Loan | The below table shows the timing of payments due under the Term Loan:
For the year ending |  | Amount |
December 31, 2023 (remainder of the year) |  | $ | 236,000 |
December 31, 2024 |  |  | 945,000 |
December 31, 2025 |  |  | 4,143,000 |
Webster Term Loan payable |  |  | 5,324,000 |
Less: debt issuance costs |  |  | (49,000 | )
Total Webster Term Loan payable, net of debt issuance costs |  |  | 5,275,000 |
Less: Current portion of Webster Term Loan payable |  |  | 5,275,000 |
Total long-term portion of Webster Term Loan payable |  | $ | - |
Schedule of Finance Lease Paid | The leases have an average imputed interest rate of 7.32% per annum and are payable monthly with the final payments due between September of 2026 and May of 2030.
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |  |  | September 30, |  |  | September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Finance Lease cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of Right-of-Use assets |  | $ | 39,000 |  |  | $ | - |  |  | $ | 84,000 |  |  | $ | - |
Interest on lease liabilities |  |  | 17,000 |  |  |  | - |  |  |  | 33,000 |  |  |  | - |
Total lease Costs |  | $ | 56,000 |  |  | $ | - |  |  | $ | 117,000 |  |  | $ | - |
Other Information: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash Paid for amounts included in the measurement lease liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financing cash flow from finance lease obligations |  | $ | 39,000 |  |  | $ | 9,000 |  |  | $ | 84,000 |  |  | $ | 9,000 |
Supplemental disclosure of non-cash activity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acquisition of finance lease asset |  | $ | 679,000 |  |  | $ | - |  |  | $ | 679,000 |  |  | $ | - |
Schedule of Aggregate Future Minimum Finance Lease Payment | As of September 30, 2023, the aggregate future minimum finance lease payments, including imputed interest are as follows:
For the year ending |  | Amount |
December 31, 2023 (remainder of the year) |  | $ | 56,000 |
December 31, 2024 |  |  | 224,000 |
December 31, 2025 |  |  | 224,000 |
December 31, 2026 |  |  | 199,000 |
December 31, 2027 |  |  | 124,000 |
December 31, 2028 |  |  | 124,000 |
Thereafter |  |  | 177,000 |
Total future minimum finance lease payments |  |  | 1,128,000 |
Less: imputed interest |  |  | (205,000 | )
Less: Current portion |  |  | (162,000 | )
Long-term portion |  | $ | 761,000 |
For the year ending |  | Amount |
December 31, 2023 (remainder of the year) |  | $ | 3,000 |
December 31, 2024 |  |  | 9,000 |
December 31, 2025 |  |  | 9,000 |
December 31, 2026 |  |  | 4,000 |
Loans Payable - financed assets |  |  | 25,000 |
Less: Current portion |  |  | (9,000 | )
Long-term portion |  | $ | 16,000 |
Schedule of Note Holders and the Principal Balance | The note holders and the principal balance of the notes of September 30, 2023 are shown below:
|  | Michael Taglich, |  |  | Robert Taglich, |  |  | Taglich Brothers, |  |  |  |
|  | Chairman |  |  | Director |  |  | Inc. |  |  | Total |
Convertible Subordinated Notes |  | $ | 2,666,000 |  |  | $ | 1,905,000 |  |  | $ | 241,000 |  |  | $ | 4,812,000 |
Subordinated Notes |  |  | 1,000,000 |  |  |  | 350,000 |  |  |  | - |  |  |  | 1,350,000 |
Total |  | $ | 3,666,000 |  |  | $ | 2,255,000 |  |  | $ | 241,000 |  |  | $ | 6,162,000 |

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