Debt (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
|---|
| Debt [Line Items] |
|
| Schedule of Indebtedness to Third Parties |
Indebtedness to third parties consists of the following:
| | |
June 30, | | |
December 31, | |
| | |
2024 | | |
2023 | |
| | |
| | |
| |
| Current Credit Facility - Revolver | |
$ | 11,147,000 | | |
$ | 10,804,000 | |
| Current Credit Facility - Term Loan | |
| 5,600,000 | | |
| 5,045,000 | |
| Solar Credit Facility | |
| 899,000 | | |
| 393,000 | |
| Finance lease obligations | |
| 1,113,000 | | |
| 884,000 | |
| Loans Payable - financed assets | |
| 18,000 | | |
| 22,000 | |
| Subtotal | |
| 18,777,000 | | |
| 17,148,000 | |
| Less: Current portion | |
| (16,984,000 | ) | |
| (16,036,000 | ) |
| Long-Term Portion | |
$ | 1,793,000 | | |
$ | 1,112,000 | |
|
| Schedule of Annual Maturities |
The below table shows the timing of payments due
under the Term Loan:
| For the year ending | |
Amount | |
| December 31, 2024 (remainder of year) | |
$ | 407,000 | |
| December 31, 2025 | |
| 5,225,000 | |
| Term Loan payable | |
| 5,632,000 | |
| Less: debt issuance costs | |
| (32,000 | ) |
| Total Term Loan payable, net of debt issuance costs | |
| 5,600,000 | |
| Less: Current portion of Term Loan payable | |
| (5,600,000 | ) |
| Total long-term portion of Term Loan payable | |
$ | - | |
|
| Schedule of Finance Lease Obligations |
The obligations for the finance leases totaled $1,113,000 and $884,000 as of June
30, 2024 and December 31, 2023, respectively. The leases have an average imputed interest rate of 7.44% per annum and are payable monthly
with the final payments due between September of 2026 and May of 2030.
| | |
Three Months Ended | | |
Six Months Ended | |
| | |
June 30, | | |
June 30, | | |
June 30, | | |
June 30, | |
| | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| Finance Lease cost: | |
| | |
| | |
| | |
| |
| Amortization of ROU assets | |
$ | 41,000 | | |
$ | 12,000 | | |
$ | 79,000 | | |
$ | 25,000 | |
| Interest on lease liabilities | |
| 17,000 | | |
| 10,000 | | |
| 33,000 | | |
| 16,000 | |
| Total lease Costs | |
$ | 58,000 | | |
$ | 22,000 | | |
$ | 112,000 | | |
$ | 41,000 | |
| | |
| | | |
| | | |
| | | |
| | |
| Other Information: | |
| | | |
| | | |
| | | |
| | |
| Cash paid for amounts included in the measurement lease liabilities: | |
| | | |
| | | |
| | | |
| | |
| Financing cash flow from finance lease obligations | |
$ | 51,000 | | |
$ | 26,000 | | |
$ | 92,000 | | |
$ | 40,000 | |
| | |
| | | |
| | | |
| | | |
| | |
| Supplemental disclosure of non-cash activity | |
| | | |
| | | |
| | | |
| | |
| Acquisition of finance lease asset | |
$ | 319,000 | | |
$ | 683,000 | | |
$ | 319,000 | | |
$ | 683,000 | |
|
| Schedule of Lease Term and Discount Rate |
| | | June 30, | | | December 31, | | | | | 2024 | | | 2023 | | | | | | | | | | | Weighted Average Remaining Lease Term - in years | | | 5.2 | | | | 5.4 | | | Weighted Average Discount rate - % | | | 7.44 | % | | | 7.31 | % |
|
| Schedule of Future Minimum Finance lease Payment |
As of June 30, 2024, the aggregate future minimum
finance lease payments, including imputed interest are as follows:
| For the year ending | |
Amount | |
| December 31, 2024 (remainder of year) | |
$ | 145,000 | |
| December 31, 2025 | |
| 291,000 | |
| December 31, 2026 | |
| 266,000 | |
| December 31, 2027 | |
| 190,000 | |
| December 31, 2028 | |
| 190,000 | |
| Thereafter | |
| 264,000 | |
| Total future minimum finance lease payments | |
| 1,346,000 | |
| Less: imputed interest | |
| (233,000 | ) |
| Less: Current portion | |
| (215,000 | ) |
| Long-term portion | |
$ | 898,000 | |
|
| Schedule of Note Holders and the Principal Balance |
The Related Party Notes outstanding as of the
notes of June 30, 2024 and December 31, 2023 consist of:
| |
|
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 |
|
|
| Loans Payable – Financed Assets [Member] |
|
| Debt [Line Items] |
|
| Schedule of Annual Maturities |
Annual maturities of this loan are as follows:
| For the year ending | |
Amount | |
| December 31, 2024 (remainder of year) | |
$ | 5,000 | |
| December 31, 2025 | |
| 9,000 | |
| December 31, 2026 | |
| 4,000 | |
| Loans Payable - financed assets | |
| 18,000 | |
| Less: Current portion | |
| (9,000 | ) |
| Long-term portion | |
$ | 9,000 | |
|