| Schedule of Debt |
|
|
|
|
|
|
|
|
|
|
|
|
| (in thousands) |
October 2, 2023 |
|
January 2, 2023 |
| Term loan |
$ |
52,067 |
|
|
$ |
54,507 |
|
| Related party note payable |
15,100 |
|
|
10,000 |
|
| Revolving line of credit |
— |
|
|
4,000 |
|
| Other notes payable |
722 |
|
|
780 |
|
| Finance lease liability |
1,280 |
|
|
933 |
|
| Total Debt |
$ |
69,169
|
|
|
$ |
70,220
|
|
| Less: Unamortized debt discount to related party note |
(650) |
|
|
(765) |
|
| Less: Unamortized debt issuance costs |
(1,134) |
|
|
(1,441) |
|
| Total Debt, net |
67,385
|
|
|
68,014
|
|
| Less: Short-term borrowings, including finance leases |
(3,539) |
|
|
(4,985) |
|
| Total Long-term borrowings, including finance leases and related party note payable |
$ |
63,846
|
|
|
$ |
63,029
|
|
The Credit Agreement, including the term loan and revolving line of credit, is secured by substantially all of the Company’s assets and incurs interest on outstanding amounts at the following rates per annum through maturity:
|
|
|
|
|
|
| Time Period |
Interest Rate |
| Through December 31, 2022 |
6.75% |
| From January 1, 2023 through June 15, 2023 |
6.75% |
| From June 16, 2023 through December 31, 2023 |
6.75% |
| From January 1, 2024 through June 15, 2024 |
7.25% |
| From June 16, 2024 through maturity |
7.75% |
|
| Schedule of Maturities of Long-term Debt |
The terms of the Credit Agreement require the Company to repay the principal of the term loan in quarterly installments with the balance due at the maturity date, as follows:
|
|
|
|
|
|
|
|
|
| in thousands |
|
|
| 2023 |
|
$ |
814 |
|
| 2024 |
|
3,254 |
|
| 2025 |
|
47,999 |
|
| Total |
|
$ |
52,067
|
|
|
| Schedule of Interest Income and Interest Expense Disclosure |
For the quarter and nine months ended October 2, 2023 and October 3, 2022, interest expense consisted of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
Nine Months Ended |
| (in thousands) |
October 2, 2023 |
|
October 3, 2022 |
|
October 2, 2023 |
|
October 3, 2022 |
| Interest on credit agreement |
$ |
1,069 |
|
|
$ |
1,024 |
|
|
$ |
3,199 |
|
|
$ |
2,855 |
|
| Amortization of debt issuance costs |
38 |
|
|
110 |
|
|
115 |
|
|
402 |
|
| Amortization of related party note discount |
128 |
|
|
128 |
|
|
364 |
|
|
383 |
|
| Non-cash interest on redeemable preferred stock |
1,063 |
|
|
963 |
|
|
3,127 |
|
|
2,871 |
|
| Other interest (income) expense, net |
(79) |
|
|
20 |
|
|
(297) |
|
|
51 |
|
|
$ |
2,219
|
|
|
$ |
2,245
|
|
|
$ |
6,508
|
|
|
$ |
6,562
|
|
|