LONG-TERM LIABILITIES (Details Narrative) - USD ($) |
6 Months Ended | ||||
|---|---|---|---|---|---|
May 05, 2020 |
Mar. 12, 2020 |
May 06, 2019 |
Jun. 30, 2020 |
Apr. 17, 2020 |
|
| Debt Instrument [Line Items] | |||||
| Drew on revolving loan amount | $ 1,000,000 | $ 1,000,000 | |||
| NSB and Credit Agreement | |||||
| Debt Instrument [Line Items] | |||||
| Debt instrument, interest rate terms | Outstanding balances accrue interest based on one-month US dollar London interbank offered rate (“LIBOR”) plus an Applicable Margin of 3.50% or 4.00%, depending on our Total Leverage Ratio (as defined in the amended Credit Agreement). | ||||
| Step down leverage ratio | 0.25% | ||||
| Step down leverage ratio description | semi-annual step- downs of 0.25x every six months, commencing June 30, 2020 through December 31, 2022. | ||||
| Current total leverage ratio | 7.00% | ||||
| Maximum senior leverage ratio | 2.00% | ||||
| Debt instrument, covenant compliance | Furthermore, because the impact of the COVID-19 crisis on our trailing-four-quarters Adjusted EBITDA into 2021, we think it is likely that we will not be in compliance with one or more of the Fixed Charge Coverage Ratio, Total Leverage Ratio and Senior Leverage Ratio through the first quarter of 2021. In view of that, the Company and NSB entered into a Forbearance and Fifth Amendment to Credit Agreement dated August 14, 2020 (the “Fifth Amendment”). In the Fifth Amendment, NSB agreed to forbear from exercising any of its rights or remedies that result from the aforementioned covenant breaches during the aforementioned period. The Fifth Amendment also imposes a new Minimum EBITDA covenant pursuant to which the Company must demonstrate trailing-four-quarter EBITDA of $2.4 million for the each of the quarters ended September 30 and December 31, 2020, and $3.0 million for the quarter ended March 31, 2021, and thereafter. | ||||
| Minimum required EBITDA covenant for next quarter | $ 2,400,000 | ||||
| Minimum required EBITDA covenant for next Second quarter | 2,400,000 | ||||
| Minimum required EBITDA covenant for next third quarter | 3,000,000 | ||||
| Minimum required EBITDA covenant for next fourth quarter | 3,000,000 | ||||
| Principal amount outstanding | $ 8,994,300 | ||||
| NSB and Credit Agreement | Minimum | |||||
| Debt Instrument [Line Items] | |||||
| Fixed charge coverage ratio | 1.25% | ||||
| NSB and Credit Agreement | Maximum | |||||
| Debt Instrument [Line Items] | |||||
| Leverage ratio | 7.25% | ||||
| Revolving Credit Facility | NSB and Credit Agreement | |||||
| Debt Instrument [Line Items] | |||||
| Drew on revolving loan amount | $ 1,000,000 | ||||
| Term Loan | NSB and Credit Agreement | |||||
| Debt Instrument [Line Items] | |||||
| Principal amount outstanding | $ 7,994,300 | ||||
| Leverage Ratio Less Than 2.0 | NSB and Credit Agreement | LIBOR | |||||
| Debt Instrument [Line Items] | |||||
| Debt instrument, applicable margin rate | 3.50% | ||||
| Leverage Ratio 2.0 or Greater | NSB and Credit Agreement | LIBOR | |||||
| Debt Instrument [Line Items] | |||||
| Debt instrument, applicable margin rate | 4.00% | ||||
| Paycheck Protection Program (PPP Loan) | Nevada State Bank | |||||
| Debt Instrument [Line Items] | |||||
| Unsecured Debt | $ 835,300 | ||||
| Share Redemption Consideration Obligation | |||||
| Debt Instrument [Line Items] | |||||
| Debt instrument, face amount | $ 39,096,401 | ||||
| Debt instrument, redemption period, start date | May 06, 2019 | ||||
| Debt instrument, redemption period, end date | May 06, 2029 | ||||
| Interest rate | 2.00% | ||||
| Debt instrument, first annual payment | $ 781,928 | ||||
| NSB and Credit Agreement | Revolving Credit Facility | |||||
| Debt Instrument [Line Items] | |||||
| Borrowing capacity | $ 1,000,000 | ||||
| NSB and Credit Agreement | Term Loan | |||||
| Debt Instrument [Line Items] | |||||
| Borrowing capacity | $ 11,000,000 |