12.
Notes Payable
Notes
payable consisted of the following:
Schedule
of Notes Payable
| (Dollars in thousands) | |
September 30, 2022 | | |
December 31, 2021 | |
| Notes payable bearing interest at 5.00%. Principal and accrued interest was payable in six equal installments on each six-month anniversary of the issuance date of January 11, 2019. The notes were secured by the security interests and subordinated to the Company’s senior indebtedness. | |
$ | - | | |
$ | 124 | |
| Notes payable bearing interest at 5.00%. Principal and accrued interest was payable in six equal installments on each six-month anniversary of the issuance date of January 11, 2019. The notes were secured by the security interests and subordinated to the Company’s senior indebtedness. | |
$ | - | | |
$ | 124 | |
| Promissory note payable bearing interest of 5.2%. The note had a maturity of May 2023, but was accelerated to December 30, 2022 in accordance with the forbearance agreement entered into on May 24, 2022. Principal and accrued interest are paid in accordance with a monthly amortization schedule. The note is secured by the assets of Craft C+P. | |
| 27 | | |
| 79 | |
| Promissory note payable bearing interest of 4.45%. The note matured in May 2022. Principal and accrued interest were paid in accordance with a monthly amortization schedule. The note was secured by the assets of Craft C+P and included certain affirmative and financial covenants. | |
| - | | |
| 56 | |
| Promissory note payable under a revolving line of credit bearing variable interest starting at 3.25%. The note had a 15-month term with principal and accrued interest due in lump sum in January 2022. The borrowing limit was $0.5 million. The note was secured by the assets of Craft C+P and included certain affirmative and financial covenants. The note was paid in full in September 2022. | |
| - | | |
| 500 | |
| Promissory note payable bearing interest of 4.14%. The note had a maturity of July 2024, but was accelerated to December 30, 2022 in accordance with the forbearance agreement entered into on May 24, 2022. Principal and accrued interest are paid in accordance with a monthly amortization schedule. The note is secured by the assets of Craft C+P. | |
| 44 | | |
| 108 | |
| Promissory note payable bearing interest of 3.91%. The note had a maturity of August 2024, but was accelerated to December 30, 2022 in accordance with the forbearance agreement entered into on May 24, 2022. Principal and accrued interest are paid in accordance with a monthly amortization schedule. The note is secured by the assets of Craft C+P. | |
| 69 | | |
| 167 | |
| Promissory note payable bearing interest of 3.96%. The note had a maturity of November 2024, but was accelerated to December 30, 2022 in accordance with the forbearance agreement entered into on May 24, 2022. Principal and accrued interest are paid in accordance with a monthly amortization schedule. The note is secured by the assets of Craft C+P. | |
| 75 | | |
| 182 | |
| Promissory notes payable bearing interest of 6.0%. The notes have a 36-month term with maturity in April 2024. Accrued interest is paid in accordance with a monthly amortization schedule. | |
| 7,751 | | |
| 7,751 | |
| Total notes payable | |
| 7,966 | | |
| 8,967 | |
| Less current portion | |
| (217 | ) | |
| (894 | ) |
| Long-term portion of notes payable | |
$ | 7,749 | | |
$ | 8,073 | |
Eastside
Distilling, Inc. and Subsidiaries
Notes
to Consolidated Financial Statements
September
30, 2022
(Unaudited)
The
Company paid $0.4 million and $0.5 million in interest on notes for the nine months ended September 30, 2022 and 2021, respectively.
Maturities
on notes payable as of September 30, 2022 were as follows:
Schedule
of Maturities on Notes Payable
| (Dollars in thousands) | | |
| |
| 2022 | | |
$ | 217 | |
| 2023 | | |
| - | |
| 2024 | | |
| 7,749 | |
| 2025 | | |
| - | |
| 2026 | | |
| - | |
| Thereafter | | |
| - | |
| Total | | |
$ | 7,966 | |
|