| SCHEDULE OF LONG TERM DEBT |
Long-term
debt consists of the following as of December 31, 2025, and December 31, 2024:
SCHEDULE OF LONG TERM DEBT
| (Amounts in Thousands) | |
December
31, 2025 | | |
December
31, 2024 | | |
| |
| | | |
| | | |
| Revolving Credit facility
dated May 8, 2020, borrowings based upon eligible accounts receivable, subject to monthly borrowing base calculation, balance due
on May 15, 2027. Effective interest rates for 2025 and 2024 were 9.5% and 10.5%, respectively (1) | |
$ | — | | |
$ | — | | |
| Revolving Credit facility
dated May 8, 2020, borrowings based upon eligible accounts receivable, subject to monthly borrowing base calculation, balance due
on May 15, 2027. Effective interest rates for 2025 and 2024 were 9.5% and 10.5%, respectively (1) | |
$ | — | | |
$ | — | | |
| Term Loan
dated July 31, 2023, payable in equal monthly installments of principal, balance due on May 15, 2027. Effective interest rates for
2025 and 2024 were 8.3% and 9.3%, respectively (1) | |
| 1,333 | | |
| 1,834 | | |
| Capital Loan dated May 4, 2021, payable
in equal monthly installments of principal, balance due on May 15, 2027. Effective interest rates for 2025 and 2024 were were 7.8%
and 8.7%, respectively (1) | |
| 149 | | |
| 253 | | |
| Debt Issuance Costs | |
| (114 | ) | (2) |
| (178 | ) | (2) |
| Notes
Payable up to 2044, with annual interest rates ranging from 8.1% to 10.7% (3) | |
| 504 | | |
| 406 | | |
| Total debt | |
| 1,872 | | |
| 2,315 | | |
| Less current portion of long-term debt | |
| 562 | | |
| 550 | | |
| Long-term debt | |
$ | 1,310 | | |
$ | 1,765 | | |
| (1) | | Our revolving credit
facility is collateralized by our accounts receivable, and our Term Loan and Capital Loan are collateralized by our property and equipment. |
| (2) | | Aggregate unamortized
debt issuance costs in connection with the Company’s Credit Facility, which consists of the Revolving Credit, Term Loan and Capital
Loan, as applicable. |
| (3) | | Includes a promissory
note entered into on July 24, 2024, in connection with the purchase of the Company’s EWOC property. See a discussion of this note
below which includes a variable interest rate provision. |
|