Note 7 - Line of Credit and Long-term Debt

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Long-Term Debt [Text Block]

7. Long-term debt

Long-term debt consisted of the following as of March 31, 2022 and December 31, 2021:

(In thousands)	Maturity Date	Interest Rate			March 31, 2022			December 31, 2021
2022 term loan 1	Sep-24		4.0	%	$	1,750		$	1,750
2022 term loan 2	Various		4.0	%		2,896			2,813
Insurance premium financing	Apr-22		4.0	%		69			373
Freezer equipment loan	Dec-25		5.7	%		572			612
Manufacturing equipment loans	Oct-25		5.7	%		333			355
Freezer installation loan	Various		6.3	%		1,271			1,334
Other loans	Various		Various			8			9
Total debt, excluding unamortized debt issuance costs						6,899			7,246
Less: unamortized debt issuance costs						(29	)		(31	)
Total debt						6,870			7,215
Less: current portion						(557	)		(862	)
Total long-term debt					$	6,313		$	6,353

The 2022 term loans are secured by substantially all assets of Global Cooling. Equipment loans are secured by the financed equipment.

As of March 31, 2022, the scheduled maturities of loans payable for each of the next five years and thereafter were as follows:

(In thousands)	Amount
2022 (9 months remaining)	$	432
2023		813
2024		2,294
2025		543
2026		221
Thereafter		2,596
Total debt, excluding unamortized debt issuance costs		6,899
Less: unamortized debt issuance costs		(29	)
Total debt	$	6,870