Annual report pursuant to Section 13 and 15(d)

Debt (Tables)

v3.23.1
Debt (Tables)
 12 Months Ended
Jan. 02, 2023
Debt Disclosure [Abstract]  
Schedule of Debt
(in thousands) January 2,
2023		 December 31,
2021
Term loan $ 54,507  $ 57,761 
Related party note payable 10,000  10,000 
Revolving line of credit 4,000  2,500 
Other notes payable 780  874 
Finance lease liability
 933  — 
Total Debt $ 70,220  $ 71,135 
Less: Unamortized debt discount to related party note (765) (1,276)
Less: Unamortized debt issuance costs (1,441) (1,007)
Total Debt, net 68,014  68,852 
Less: Short-term borrowings, including finance leases (4,985) (3,331)
Total Long-term borrowings, including finance leases and related party note $ 63,029  $ 65,521 
The loan and revolving line of credit are secured by substantially all of the Company’s assets and incur 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 Principal Payments under Term Loan
The terms of the amended 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 $ 3,254 
2024 3,254
2025 47,999
Total 54,507