AVALON HOLDINGS CORP
For the period ended Dec 31, 2023. Filed Mar 21, 2024.
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FY2023 · Filed Mar 21, 2024
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EX-13.1 · Interest Expense
Interest Expense
Interest expense was approximately $2.1 million in 2023 compared to $1.5 million in 2022. During 2023, the increase in interest expense was due to both the higher average debt outstanding and the increased weighted average interest rate on the associated borrowings. The weighted average debt outstanding during 2023 was approximately $32.9 million compared to $26.7 million in 2022. During the years ended December 31, 2023 and 2022, the weighted average interest rate on outstanding borrowings was 6.17% and 5.50%, respectively.
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