| Notes Payable |
Notes Payable (in thousands)
|
|
|
Successor
|
|
|
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Predecessor
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|
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|
December 31,
2020
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|
|
|
December 31,
2019
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|
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
|
|
|
|
$
|
—
|
|
|