Quarterly report pursuant to Section 13 or 15(d)

LONG-TERM DEBT (Tables)

v3.19.3
LONG-TERM DEBT (Tables)
9 Months Ended
Sep. 30, 2019
Debt Disclosure [Abstract]  
Schedule of Long-term Debt

Long-term debt consisted of the following at:

 

 

 

September 30,

 

 

December 31,

 

 

 

2019

 

 

2018

 

Nevada State Bank credit agreement

 

$

9,041,000

 

 

$

10,042,400

 

Triangulum Promissory Note

 

 

39,096,401

 

 

 

 

Vehicle notes payable

 

 

54,776

 

 

 

85,043

 

Insurance notes payable

 

 

 

 

 

73,794

 

Long-term debt, gross

 

 

48,192,177

 

 

 

10,201,237

 

Less: Unamortized debt issuance costs

 

 

(73,525

)

 

 

(94,562

)

Long-term debt, net

 

 

48,118,652

 

 

 

10,106,675

 

Less: Current portion

 

 

(1,437,950

)

 

 

(1,456,847

)

Long-term debt, long-term portion

 

$

46,680,702

 

 

$

8,649,828

 

Schedule of Future Maturities

 

As of September 30, 2019, future maturities of our long-term debt obligations are as follows:    

 

Twelve Months Ending September 30,

 

Total

 

2020

 

$

1,437,950

 

2021

 

 

1,530,149

 

2022

 

 

1,616,655

 

2023

 

 

4,511,022

 

2024

 

 

 

Thereafter

 

 

39,096,401

 

Long-term debt, gross

 

 

48,192,177

 

Less:

 

 

 

 

Unamortized debt issuance costs

 

 

(73,525

)

  Long-term debt, net

 

$

48,118,652