Annual report pursuant to Section 13 and 15(d)

Debt (Tables)

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Debt (Tables)
 12 Months Ended
Jan. 01, 2024
Debt Disclosure [Abstract]  
Schedule of Debt
(in thousands) January 1,
2024		 January 2,
2023
Term loan $ 53,253  $ 54,507 
Related party note payable 15,100  10,000 
Revolving line of credit —  4,000 
Other notes payable 701  780 
Finance lease liability 1,576  933 
Total Debt $ 70,630  $ 70,220 
Less: Unamortized debt discount related party note (612) (765)
Less: Unamortized debt issuance costs (978) (1,441)
Total Debt, net $ 69,040  $ 68,014 
Less: Short-term borrowing, including finance leases (52,834) (4,985)
Total Long-term borrowings, including finance leases and related party note $ 16,206  $ 63,029 
The loan and revolving line of credit under the Credit Agreement 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
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 Credit Agreement as amended require the Company to repay the principal of the term loan in quarterly installments; however due to event of default we classified all of the principal as payable within the next 12 months as follows:


(in thousands)
2024 $ 53,253 
2025 — 
2026 — 
2027 15,100
Total $ 68,353 
Schedule of Interest Income and Interest Expense Disclosure
Interest expense consists of the following for the periods shown:

(in thousands) Year Ended January 1, 2024 Year Ended
January 2, 2023
  Interest on credit agreement $ 3,751  $ 3,814 
  Interest on related party note 502  — 
  Amortization of debt issuance costs 520  514 
  Amortization of related party note discount 153 510 
  Non-cash interest on redeemable preferred stock 4,211 3,892 
  Other interest expense (income) (309) (71)
Total $ 8,828  $ 8,659