Annual report pursuant to Section 13 and 15(d)

Notes payable

v3.21.1
Notes payable
12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Notes Payable

11.

Notes Payable

Notes Payable (in thousands)

 

 

 

Successor

 

 

 

Predecessor

 

 

 

December 31,

2020

 

 

 

December 31,

2019

 

On May 11, 2020 the Company received loan proceeds in the amount of

   $2,237 under the Paycheck Protection Program (“PPP”). The loans and

   accrued interest are forgivable after eight weeks, as long as, the

   Company uses the loan proceeds for eligible purposes, including

   payroll, benefits, rent and utilities, and maintain its payroll levels. The

   amount of loan forgiveness will be reduced if the Company terminates

   employees or reduces salaries during the eight-week period. The

   unforgiven portion of the PPP loans are payable over two years at an

   interest rate of 1%, with a deferral of payments for the first seven months.

 

$

2,237

 

 

 

$

 

Installment note payable to an individual, issued in connection with the

   Company’s April 2020 acquisition, monthly payments of $9, over a

   seven-year amortization including 7% interest, with a maturity date

   of June 1, 2024.

 

$

555

 

 

 

$

 

Installment note payable to bank, monthly payments of $9, including

   interest at 7.75%, principal and interest due at the earlier of, September

   23, 2024 or the date of the Company’s termination of the APM

   (see Note 1).This note is secured by equipment, and is guaranteed

   by the franchisee under the APM, its members and their affiliates.

   As of December 31, 2019, this note was in default and classified as

   current. The Company elected not to continue payment while

   negotiating with the banks to release the lien on the restaurant

   assets which the Company was managing under the APM. No

   recourse to the general credit of the Company.

 

$

 

 

 

$

468

 

Installment note payable to bank, monthly payments of $4, including

   interest at 5.3%, principal and interest due at the earlier of May 17, 2027 or

   the date of the Company’s termination of the APM (see Note 1). This note

   was secured by equipment, guaranteed by the franchisee under the APM,

   its members and their affiliates. As of December 31, 2019, this note is in

   default and classified as current. The Company elected not to

   continue payment while negotiating with the banks to release

   the lien on the restaurant assets which the Company was

   managing under the APM. No recourse to the general

   credit of the Company.

 

 

 

 

 

 

258

 

Installment note payable to bank, monthly payments of $3, including

   interest at 5.0%, principal and interest due the earlier of August 4, 2026 or

   the date of the Company’s termination of the APM (see Note 1). This note

   is secured by equipment, guaranteed by the franchisee under the APM,

   its members and their affiliates. As of December 31, 2019, this note was in

   default and classified as current. No recourse to the general

   credit of the Company.

 

 

 

 

 

 

409

 

Other notes payable No recourse to the general credit of the Company.

 

 

168

 

 

 

 

72

 

Total notes payable

 

$

2,960

 

 

 

$

1,207

 

Less: current portion

 

 

(1,438

)

 

 

 

(1,207

)

Total notes payable - long-term portion

 

$

1,522

 

 

 

$