| Schedule of Long Term Debt |
Long-term
debt consists of the following as of June 30, 2026, and December 31, 2025:
Schedule of Long Term Debt
| (Amounts
in Thousands) | |
June
30, 2026 | | |
December
31, 2025 | |
| Revolving
Credit facility dated May 8, 2020, subject to monthly borrowing base calculation. Effective interest rates for first six
months of 2026 was 8.8% (1) | |
$ | — | (4) | |
$ | — | |
| Revolving
Credit facility dated May 8, 2020, subject to monthly borrowing base calculation. Effective interest rates for first six
months of 2026 was 8.8%
(1) | |
$ | — | (4) | |
$ | — | |
| Term Loan dated July 31, 2023, payable
in equal monthly installments in principal of approximately
$42.
Effective interest rates for first six months of 2026 was 7.6%
(1) | |
| 1,083 | (4) | |
| 1,333 | |
| Capital
Loan dated May 4, 2021, payable in equal monthly installments in principal of approximately $9.
Effective interest rates for first six months of 2026 was 7.0%
(1) | |
| 96 | (4) | |
| 149 | |
| Debt
Issuance Costs (2) | |
| (71 | ) (2) | |
| (114 | ) (2) |
| Notes Payable up to 2044, with
annual interest rates ranging from 8.2%
to 10.7%
(3) | |
| 872 | | |
| 504 | |
| Total
debt | |
| 1,980 | | |
| 1,872 | |
| Less
current portion of long-term debt | |
| 616 | | |
| 562 | |
| Long-term
debt | |
$ | 1,364 | | |
$ | 1,310 | |
| (1) | Under our Credit
Facility, our Revolving Credit is collateralized by our accounts receivable, and our Term Loan and Capital Loan are collateralized by
our property, plant, and equipment. |
| (2) | Aggregate unamortized
debt issuance costs in connection with the Company’s Credit Facility. |
| (3) | Includes two promissory
notes executed in July 2024 and April 2026 in connection with the purchases of the Company’s EWOC property and a parcel adjacent
to the Company’s PFNW facility, respectively. Each note contains a variable interest rate provision under which the applicable
interest rate is adjusted based on the term of the note. (see a discussion of the April 2026 promissory note below). |
| (4) | As discussed in
Note 14 – “Subsequent Events – Credit Facility”, on August 10, 2026, the Company entered into an amendment to
its PNC Loan Agreement which extended the maturity date of the Credit Facility under the PNC Loan Agreement from May 15, 2027 to May
15, 2030, among other things. In accordance with ASC 470, “Debt,” this post balance-sheet date agreement demonstrated the
Company’s ability to refinance its short-term obligations on a long-term basis; therefore, the Company has reclassified the current
portion of the outstanding debt to long-term except for approximately $500,000 in principal payments under the Term Loan that will be
due by June 30, 2027. The Capital Loan was not affected by the amendment and remained as a current liability (see Note 14 - “Subsequent
Events – Credit Facility” for a discussion of this amendment). |
|