Quarterly report pursuant to Section 13 or 15(d)

LONG-TERM LIABILITIES (Details Narrative)

v3.20.2
LONG-TERM LIABILITIES (Details Narrative) - USD ($)
9 Months Ended
May 05, 2020
Mar. 12, 2020
May 06, 2019
Sep. 30, 2020
Nov. 16, 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]            
Principal amount outstanding       $ 8,629,800    
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, 2020, December 31, 2020 and March 31, 2021 and $3.0 million thereafter. The Company was in compliance with the Minimum EBITDA covenant as of September 30, 2020. On October 26, 2020, the Company and NSB entered into the Sixth Amendment to Credit Agreement dated August 14, 2018 (the “Sixth Amendment”) in connection with the Company’s borrowing under the Main Street Loan Program (see Note 16 Subsequent Events). The Sixth Amendment added a Minimum Liquidity covenant requiring that the Company have cash and cash equivalents of no less than $1.5 million at quarter ends through and including June 30, 2021, and $2.5 million thereafter. The Company was in compliance with the Minimum Liquidity covenant as of September 30, 2020.    
Minimum required EBITDA covenant for current quarter       $ 2,400,000    
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 liquidity covenant required of cash and cash equivalents for next quarter       1,500,000    
Minimum liquidity covenant required of cash and cash equivalents for next second quarter       1,500,000    
Minimum liquidity covenant required of cash and cash equivalents for next third quarter       1,500,000    
Minimum liquidity covenant required of cash and cash equivalents for next fourth quarter       $ 2,500,000    
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%    
NSB and Credit Agreement | Subsequent Event            
Debt Instrument [Line Items]            
Minimum required EBITDA covenant for next third quarter         $ 2,400,000  
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       $ 7,629,800    
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