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Debt and Contingent Obligations (Tables) | 9 Months Ended
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Sep. 30, 2019
Debt Disclosure [Abstract] |
Net Carrying Amount of Debt | The Company’s net carrying amount of debt was comprised of the following:
($ in thousands) |  | September 30, 2019 |  | December 31, 2018
Xcel Term Loan |  | $ | 20,000 |  |  | $ | 15,500 |
Unamortized deferred finance costs related to term loan |  | (211 | ) |  | (200 | )
IM Seller Note |  | — |  |  | 742 |
Ripka Seller Note |  | — |  |  | 583 |
Contingent obligation - HH Seller |  | 900 |  |  | — |
Contingent obligation - JR Seller |  | — |  |  | 100 |
Contingent obligation - CW Seller |  | — |  |  | 2,850 |
Total |  | 20,689 |  |  | 19,575 |
Current portion of long-term debt (i), (ii) |  | 4,750 |  |  | 8,275 |
Long-term debt |  | $ | 15,939 |  |  | $ | 11,300 |
(i) | The current portion of long-term debt as of September 30, 2019 consisted of $4.75 million related to the Xcel Term Loan.
(ii) | The current portion of long-term debt presented on the Condensed Consolidated Balance Sheet at December 31, 2018 includes (a) $4.0 million related to the Prior Term Loan, (b) $0.74 million related to the IM Seller Note, (c) $2.95 million related to contingent obligations, and (d) $0.58 million related to the Ripka Seller Note.
Maturities of Long-term Debt | Principal on Term Loan A is payable in quarterly installments on each of March 31, June 30, September 30, and December 31 as follows:
($ in thousands) |
Period | Amount
June 30, 2019 – September 30, 2020 | $ | 1,000 |
December 31, 2020 | $ | 1,250 |
Principal on Term Loan B is payable in quarterly installments on each of March 31, June 30, September 30, and December 31 as follows:
($ in thousands) |
Period | Amount
March 31, 2020 – September 30, 2020 | $ | 250 |
March 31, 2021 – December 30, 2022 | $ | 1,125 |
March 31, 2023 – December 31, 2023 | $ | 1,250 |
Schedule of Fixed Charge Coverage Ratios and Leverage Ratios | The Xcel Term Loan contains customary covenants, including reporting requirements, trademark preservation, and the following financial covenants of Xcel (on a consolidated basis with Xcel and the Guarantors under the Second Amended and Restated Loan and Security Agreement):
• | net worth of at least $90.0 million at the end of each fiscal quarter;
• | liquid assets of at least $4.0 million through April 30, 2020, and at least $5.0 million thereafter;
• | the fixed charge coverage ratio for the twelve-fiscal month period ending at the end of each fiscal quarter shall not be less than the ratio set forth below for such fiscal period:
Fiscal Quarter End | Fixed Charge Coverage Ratio
December 31, 2019, March 31, 2020, June 30, 2020, September 30, 2020 | 1.05 to 1.00
December 31, 2020, March 31, 2021, June 30, 2021, September 30, 2021, December 31, 2021 and thereafter | 1.10 to 1.00
• | capital expenditures (excluding any capitalized compensation costs) shall not exceed $1.7 million for fiscal year December 31, 2018;
• | capital expenditures (excluding any capitalized compensation costs) shall not exceed $0.9 million for fiscal year December 31, 2019;
• | capital expenditures (excluding any capitalized compensation costs) shall not exceed $0.7 million for any fiscal year beginning after December 31, 2019; and
• | the leverage ratio for the twelve-fiscal month period ending at the end of each fiscal period set forth below shall not exceed the ratio below:
Fiscal Period | Maximum Leverage Ratio
December 31, 2018 | 2.90 to 1.00
December 31, 2019, March 31, 2020, June 30, 2020, and September 30, 2020 | 2.40 to 1.00
December 31, 2020, March 31, 2021, June 30, 2021 and September 30, 2021 | 1.70 to 1.00
December 31, 2021 and each Fiscal Quarter end thereafter | 1.50 to 1.00

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