Quarterly report pursuant to Section 13 or 15(d)

Debt (Tables)

v3.23.1
Debt (Tables)
 3 Months Ended
Apr. 03, 2023
Debt Disclosure [Abstract]  
Schedule of Debt
(in thousands) April 3, 2023 January 2, 2023
Term loan $ 53,694  $ 54,507 
Related party note payable 15,100  10,000 
Revolving line of credit —  4,000 
Other notes payable 759  780 
Finance lease liability 894  933 
Total Debt $ 70,447  $ 70,220 
Less: Unamortized debt discount to related party note (726) (765)
Less: Unamortized debt issuance costs (1,334) (1,441)
Total Debt, net 68,387  68,014 
Less: Short-term borrowings, including finance leases (3,490) (4,985)
Total Long-term borrowings, including finance leases and related party note payable $ 64,897  $ 63,029 
The term 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 Maturities of Long-term Debt
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 $ 47,186 
Total $ 53,694 
Schedule ofInterest Income and Interest Expense Disclosure
For the quarters ended April 3, 2023 and March 31, 2022, interest expense consisted of:

(in thousands) Quarter Ended
 April 3, 2023		 Quarter Ended
 March 31, 2022
Interest on credit agreement $ 1,051  $ 806 
Amortization of debt issuance costs 106  181 
Amortization of related party note discount 39  128 
Non-cash interest on redeemable preferred stock 1,022  945 
Other interest expense (income) (140) 11 
$ 2,078  $ 2,071