Long-term Debt

9 Months Ended

Sep. 30, 2022

Long-term Debt

Long-term Debt

Note 6 – Long-term Debt

Long-term debt is as follows:

	September 30, 2022		December 31, 2021
Various equipment notes payable to banks in monthly installments ranging from $1 to $2, including interest at 6.26 percent to 12.18 percent maturing from July 2022 through April 2023. The notes are collateralized by the financed equipment and guaranteed by a stockholder of the Company.	$	26	$	130
Total		26		130
Less current portion		24		120
Long‑term portion	$	2	$	10

Note Payable

On December 7, 2021, prior to the Closing, the Company used available cash to pay off the outstanding balance and remaining fees of a note payable to a commercial bank. The Company was in compliance with all financial covenants through the loan payoff on December 7, 2021.

Interest expense on long-term debt was $1 and $32 for the three months ended September 30, 2022 and 2021, respectively, and $6 and $111 for the nine months ended September 30, 2022 and 2021, respectively.