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v3.25.1

Debt (Tables) | 3 Months Ended
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Mar. 31, 2025
Debt [Abstract] |
Schedule of Indebtedness to Third Parties | Indebtedness to third parties consists of the following:
|  | March 31, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
Current Credit Facility - Revolver |  | $ | 11,204,000 |  |  | $ | 12,905,000 |
Current Credit Facility - Term Loan |  |  | 6,642,000 |  |  |  | 5,225,000 |
Solar Credit Facility |  |  | 970,000 |  |  |  | 970,000 |
Finance lease obligations |  |  | 953,000 |  |  |  | 1,007,000 |
Loans Payable - financed assets |  |  | 12,000 |  |  |  | 14,000 |
Subtotal |  |  | 19,781,000 |  |  |  | 20,121,000 |
Less: Current portion |  |  | (18,096,000 | ) |  |  | (18,362,000 | )
Long-Term Portion |  | $ | 1,685,000 |  |  | $ | 1,759,000 |
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, 2025 |  | $ | 6,642,000 |
Term Loan payable |  |  | 6,642,000 |
Less: Current portion of Term Loan payable |  |  | (6,642,000 | )
Total long-term portion of Term Loan payable |  | $ | - |
Schedule of Finance Lease Obligations | The Company has entered into finance leases for the purchase of additional manufacturing equipment. The obligations for the finance leases totaled $953,000 and $1,007,000 as of March 31, 2025 and December 31, 2024, respectively. The leases have an average imputed interest rate of 7.31% per annum and are payable monthly with the final payments due between September of 2026 and May of 2030.
|  | Three Months Ended |
|  | March 31, |  |  | March 31, |
|  | 2025 |  |  | 2024 |
Finance Lease cost: |  |  |  |  |  |
Amortization of ROU assets |  | $ | 49,000 |  |  | $ | 38,000 |
Interest on lease liabilities |  |  | 18,000 |  |  |  | 16,000 |
Total lease Costs |  | $ | 67,000 |  |  | $ | 54,000 |
Other Information: |  |  |  |  |  |  |  |
Cash Paid for amounts included in the measurement lease liabilities: |  |  |  |  |  |  |  |
Financing cash flow from finance lease obligations |  | $ | 54,000 |  |  | $ | 41,000 |
Supplemental disclosure of non-cash activity |  |  |  |  |  |  |  |
Acquisition of finance lease asset |  | $ | - |  |  | $ | - |
|  | March 31, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
Weighted Average Remaining Lease Term - in years |  |  | 4.6 |  |  |  | 4.8 |
Weighted Average Discount rate - % |  |  | 7.44 | % |  |  | 7.44 | %
Schedule of Future Minimum Finance Lease Payments | As of March 31, 2025, the aggregate future minimum finance lease payments, including imputed interest are as follows:
For the year ending |  | Amount |
December 31, 2025 (remainder of year) |  | $ | 218,000 |
December 31, 2026 |  |  | 266,000 |
December 31, 2027 |  |  | 190,000 |
December 31, 2028 |  |  | 190,000 |
December 31, 2029 |  |  | 190,000 |
Thereafter |  |  | 75,000 |
Total future minimum finance lease payments |  |  | 1,129,000 |
Less: imputed interest |  |  | (176,000 | )
Less: Current portion |  |  | (227,000 | )
Long-term portion |  | $ | 726,000 |
Schedule of Annual Maturities | Annual maturities of this loan are as follows:
For the year ending |  | Amount |
December 31, 2025 (remainder of year |  | $ | 7,000 |
December 31, 2026 |  |  | 5,000 |
Loans Payable - financed assets |  |  | 12,000 |
Less: Current portion |  |  | (9,000 | )
Long-term portion |  | $ | 3,000 |
Schedule of Related Party Notes Outstanding | The Related Party Notes outstanding as of March 31, 2025 consist of:
|  | Michael Taglich, |  |  | Robert Taglich, |  |  | Taglich Brothers, |  |  |  |
|  | Director |  |  | Director |  |  | Inc. |  |  | Total |
Convertible Subordinated Notes |  | $ | 2,416,000 |  |  | $ | 1,905,000 |  |  | $ | - |  |  | $ | 4,321,000 |
Subordinated Notes |  |  | - |  |  |  | 550,000 |  |  |  | - |  |  |  | 550,000 |
Total |  | $ | 2,416,000 |  |  | $ | 2,455,000 |  |  | $ | - |  |  | $ | 4,871,000 |
The Related Party Notes outstanding as of December 31, 2024 consist 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 |  |  | 800,000 |  |  |  | 550,000 |  |  |  | - |  |  |  | 1,350,000 |
Total |  | $ | 3,466,000 |  |  | $ | 2,455,000 |  |  | $ | 241,000 |  |  | $ | 6,162,000 |

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