v3.25.1
Notes and lines of credit consist of the following: (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 39 Months Ended
Mar. 01, 2024
Nov. 13, 2023
Jan. 28, 2022
Jul. 31, 2014
Mar. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Jan. 26, 2022
Letter of Credit [Member]                
Line of Credit Facility [Line Items]                
Debt Instrument, Description of Variable Rate Basis       prime rate   prime rate    
Debt Instrument, Basis Spread on Variable Rate       1.00%   1.00%    
Libertyville Bank and Trust [Member]                
Line of Credit Facility [Line Items]                
Related Party Transaction, Rate [1]         8.50%      
Line of Credit Facility, Current Borrowing Capacity [1]         $ 30 $ 30 $ 30  
Long-Term Line of Credit [1]          
Libertyville Bank and Trust One [Member]                
Line of Credit Facility [Line Items]                
Related Party Transaction, Rate [2]         8.50%      
Line of Credit Facility, Current Borrowing Capacity [2]         $ 500 500 500  
Long-Term Line of Credit [2]          
Beachcorp, LLC [Member]                
Line of Credit Facility [Line Items]                
Related Party Transaction, Rate [3]         8.25%      
Line of Credit Facility, Current Borrowing Capacity [3]         $ 8,000 8,000 5,604  
Long-Term Line of Credit [3]         $ 6,292 6,292  
Beachcorp, LLC One [Member]                
Line of Credit Facility [Line Items]                
Related Party Transaction, Rate [4]         8.25%      
Line of Credit Facility, Current Borrowing Capacity [4]         $ 5,200 5,200 5,200  
Long-Term Line of Credit [4]         $ 5,200 5,200 4,000  
Strandler, LLC [Member]                
Line of Credit Facility [Line Items]                
Related Party Transaction, Rate [5]         8.25%      
Line of Credit Facility, Current Borrowing Capacity [5]         $ 1,000 1,000 1,000  
Long-Term Line of Credit [5]         $ 1,000 $ 1,000 $ 1,000  
Letter of Credit [Member]                
Line of Credit Facility [Line Items]                
Line of Credit Facility, Maximum Borrowing Capacity       $ 30        
Revolving Credit Facility [Member] | Business Loan Agreement [Member] | Beachcorp, LLC [Member]                
Line of Credit Facility [Line Items]                
Line of Credit Facility, Maximum Borrowing Capacity     $ 8,000         $ 6,000
Debt Instrument, Description of Variable Rate Basis     prime rate          
Debt Instrument, Basis Spread on Variable Rate     0.75%          
Line of Credit Facility, Expiration Date Oct. 01, 2025   Mar. 31, 2024          
Inventory Facility [Member] | Business Loan Agreement [Member] | Beachcorp, LLC [Member]                
Line of Credit Facility [Line Items]                
Line of Credit Facility, Maximum Borrowing Capacity     $ 4,000          
Debt Instrument, Description of Variable Rate Basis     prime rate          
Debt Instrument, Basis Spread on Variable Rate     0.75%          
Line of Credit Facility, Expiration Date     Mar. 31, 2024          
Line of Credit Percentage of Eligible inventory     50.00%          
Replacement Promissory Note [Member] | Business Loan Agreement [Member] | Beachcorp, LLC [Member]                
Line of Credit Facility [Line Items]                
Line of Credit Facility, Maximum Borrowing Capacity   $ 5,200            
Debt Instrument, Description of Variable Rate Basis   prime rate            
Debt Instrument, Basis Spread on Variable Rate   0.75%            
Line of Credit Facility, Expiration Date Oct. 01, 2025              
Line of Credit Percentage of Eligible inventory   55.00%            
Term Loan [Member] | Strandler, LLC [Member]                
Line of Credit Facility [Line Items]                
Debt Instrument, Description of Variable Rate Basis     prime rate          
Debt Instrument, Basis Spread on Variable Rate     0.75%          
Line of Credit Facility, Expiration Date Oct. 01, 2025              
[1] Since July 2014, we have maintained a bank-issued letter of credit for up to $30 in borrowings, with interest at the prime rate plus 1%, to support our obligations under our Romeoville, Illinois facility lease agreement. No borrowings have been incurred under this promissory note. It is our intention to renew this note annually. Because there were no amounts outstanding on the note at any time during 2025 or 2024, we have recorded no related liability on our balance sheet.
[2] On December 21, 2021, the existing credit agreement with Libertyville was converted for use to support our obligations under our newly leased manufacturing and warehouse space in Bolingbrook, Illinois. Interest on drawn balances will be at the prime rate plus 1%. This credit agreement has a maturity of December 22, 2025. We expect to renew this agreement annually, as the lease requires. This credit agreement is secured by all the unencumbered assets of the Company and has superior collateral rights to those credit facilities with Beachcorp, LLC and Strandler, LLC.
[3] On January 28, 2022, the Company entered into an Amended and Restated Business Loan Agreement (the “A&R Loan Agreement”), which amends and restates the Master Agreement between the Company and Beachcorp, LLC, and a new promissory note in order to evidence the A/R Revolver facility, including an amendment to expand the limit on the A/R Revolver Facility from $6,000 to $8,000, reduce the interest rate to the prime rate plus 0.75%, and extend the maturity of the A/R Revolver Facility to March 31, 2024. On March 1, 2024, the company entered into a Second Amendment to the Amended and Restated Business Loan Agreement extending the maturity of the A/R Revolver Facility to October 1, 2025.
[4] On January 28, 2022, the Company entered into the A&R Loan Agreement and a new revolving loan agreement (“Inventory Facility”) with Beachcorp, LLC, and a new promissory note in order to evidence the Inventory Facility. The maximum borrowing amount under the Inventory Facility was $4,000, with a borrowing base consisting of up to 50% of the value of qualified inventory of the Company. The interest rate for the Inventory Revolver is at the prime rate plus 0.75%, and it was set to mature on March 31, 2024. On November 13, 2023, the Company entered into a Replacement Promissory Note with Beachcorp, LLC replacing the Inventory Facility promissory note executed on January 28, 2022. The maximum borrowing amount under the replacement Inventory Facility was increased to $5,200, with a borrowing base consisting of up to 55% of the value of qualified inventory of the Company. The interest rate for the replacement Inventory Revolver remains at the prime rate plus 0.75%. On March 1, 2024, the company entered into a Second Amendment to the Business Loan Agreement extending the maturity of the Inventory Revolver Facility to October 1, 2025.
[5] On January 28, 2022, the Company entered into an additional Business Loan Agreement (the “New Term Loan Agreement”) with Strandler, LLC, which effectively transferred or assigned the Term Loan to Strandler, LLC from Beachcorp, LLC. Interest on the New Term Loan is at the prime rate plus 0.75%. Strandler, LLC is also an affiliate of Bradford T. Whitmore. On March 1, 2024, the company entered into a Second Amendment to the Business Loan Agreement extending the maturity of the Term Maturity Note to October 1, 2025.