Quarterly report pursuant to Section 13 or 15(d)

Long-Term Debt

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Long-Term Debt
 6 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
The Company’s credit facilities and related balances were as follows:
June 30, December 31,
2022 2021
Mortgages $ 7,242  $ 7,380 
Equipment financing loan 7,379  5,067 
Retail facility 1,982  1,904 
Credit facility —  8,000 
Promissory note —  10,000 
Notes payable 4,106  2,779 
Total principal 20,709  35,130
Less debt issuance costs (178) (439)
Long-term debt, net $ 20,531  $ 34,691 
Current maturities:
Current maturities of principal $ 3,353  $ 12,273 
Less current portion of debt issuance costs (71) (294)
Current maturities of long-term debt, net $ 3,282  $ 11,979 
Long-term debt:
Non-current principal $ 17,356  $ 22,857 
Non-current portion of debt issuance costs (107) (145)
Long-term debt, net $ 17,249  $ 22,712 

Future contractual maturities of credit facilities as of June 30, 2022 are as follows:

Remainder of 2022 $ 1,001 
2023 3,365 
2024 3,052 
2025 7,122 
2026 3,371 
Thereafter 2,798 
$ 20,709 
Debt Issuance Costs

The Company capitalizes fees associated with the origination of its credit facilities which are presented in the consolidated balance sheets as a direct deduction from the carrying amount of the related loans. The debt issuance costs are amortized using the effective interest method. Amortization of debt issuance costs was $18 and $261 for the three and six months ended June 30, 2022, respectively, and $212 and $254 for the three and six months ended June 30, 2021, respectively. These costs are included in interest expense in the unaudited consolidated statements of operations.

Credit Lines

The equipment financing loan is secured by the equipment financed and is at an interest rate of the BSBY plus 3.50%. As of June 30, 2022, the Company has available credit under the equipment financing loan and the retail facility of $5,871 and $4,018, respectively.

Upon the closing of the Business Combination, Authentic Brands' credit facility borrowings of $8,000 were paid off and there are no borrowings outstanding as of June 30, 2022. The amount of borrowings available was $14,394 as of June 30, 2022.

Promissory Note

In January 2022, Authentic Brands borrowed an additional $5,000 under the promissory note. In February 2022, Authentic Brands repaid $15,000 outstanding on the promissory note and the promissory note was terminated.

Notes Payable

In January 2022, Authentic Brands entered into a note payable agreement for $1,599 at an interest rate of 1.30% per annum to repurchase incentive units from a former employee. The note matures on January 14, 2026. The loan is payable in four annual installments of principal commencing on January 14, 2023.

In May 2022, Authentic Brands fully repaid a note payable agreement for $272.

Guaranty

In March 2022, BRC Inc. entered into a Guaranty Agreement to guaranty payment of all the Authentic Brands' outstanding mortgage loans, equipment financing loan, the retail facility, and the credit facility.