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v3.25.1

Debt (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Debt [Line Items] |
Schedule of Current Credit Facilities and Finance Lease Obligations | Indebtedness to third parties consists of the following:
|  | December 31, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Revolving loan to Webster Bank (“Webster”) |  | $ | 12,905,000 |  |  | $ | 10,804,000 |
Term loan, Webster |  |  | 5,225,000 |  |  |  | 5,045,000 |
CT Green Bank Loan |  |  | 970,000 |  |  |  | 393,000 |
Finance lease obligations |  |  | 1,007,000 |  |  |  | 884,000 |
Loans Payable - financed assets |  |  | 14,000 |  |  |  | 22,000 |
Subtotal |  |  | 20,121,000 |  |  |  | 17,148,000 |
Less: Current portion |  |  | (18,362,000 | ) |  |  | (16,036,000 | )
Long Term Portion |  | $ | 1,759,000 |  |  | $ | 1,112,000 |
Schedule of Payments Due Under the Term Loan | The below table shows the timing of payments due under the Term Loans:
For the year ending |  | Amount |
December 31, 2025 |  | $ | 5,225,000 |
Term Loan payable |  |  | 5,225,000 |
Less: Current portion of Term Loan payable |  |  | (5,225,000 | )
Total long-term portion of Term Loan payable |  | $ | - |
Schedule of Finance Lease Obligations | Interest expense related to the finance leases amounted to approximately $73,000 and $50,000 for the years ended December 31, 2024 and 2023, respectively
|  | Year Ended |
|  | December 31, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Finance Lease cost: |  |  |  |  |  |
Amortization of ROU assets |  | $ | 176,000 |  |  | $ | 84,000 |
Interest on lease liabilities |  |  | 73,000 |  |  |  | 50,000 |
Total lease Costs |  | $ | 249,000 |  |  | $ | 134,000 |
Other Information: |  |  |  |  |  |  |  |
Cash Paid for amounts included in the measurement lease liabilities: |  |  |  |  |  |  |  |
Financing cash flow from finance lease obligations |  | $ | 196,000 |  |  | $ | 123,000 |
Supplemental disclosure of non-cash activity |  |  |  |  |  |  |  |
Acquisition of finance lease asset |  | $ | 319,000 |  |  | $ | 679,000 |
|  | December 31, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Weighted Average Remaining Lease Term - in years |  |  | 4.8 |  |  |  | 5.4 |
Weighted Average Discount rate - % |  |  | 7.44 | % |  |  | 7.31 | %
Schedule of Future Minimum Finance Lease Payment | As of December 31, 2024, the aggregate future minimum finance lease payment, including imputed interest are as follows:
For the year ending |  | Amount |
December 31, 2025 |  | $ | 291,000 |
December 31, 2026 |  |  | 266,000 |
December 31, 2027 |  |  | 190,000 |
December 31, 2028 |  |  | 190,000 |
December 31, 2029 |  |  | 190,000 |
Thereafter |  |  | 74,000 |
Total future minimum finance lease payments |  |  | 1,201,000 |
Less: imputed interest |  |  | (194,000 | )
Less: Current portion |  |  | (223,000 | )
Long-term portion |  | $ | 784,000 |
Schedule of Annual Maturities | Annual maturities of this loan are as follows:
For the year ending |  | Amount |
December 31, 2025 |  | $ | 9,000 |
December 31, 2026 |  |  | 5,000 |
Loans Payable - financed assets |  |  | 14,000 |
Less: Current portion |  |  | (9,000 | )
Long-term portion |  | $ | 5,000 |
Schedule of Related Party Notes Outstanding as of the Notes | The Related Party Notes outstanding as of December 31, 2024 consists of:
|  | Michael Taglich, Robert Taglich, Taglich Brothers, |  |  |  |
|  | Director |  |  | 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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