Annual report pursuant to Section 13 and 15(d)

LONG-TERM DEBT (Tables)

v3.20.1
LONG-TERM DEBT (Tables)
12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
Schedule of Long-term Debt

Long-term debt consisted of the following at December 31, 2019 and 2018:

 

 

 

2019

 

 

2018

 

Nevada State Bank credit agreement

 

$

8,699,900

 

 

$

10,042,400

 

Triangulum Promissory Note

 

 

39,096,401

 

 

 

 

Vehicle notes payable

 

 

44,490

 

 

 

85,043

 

Insurance notes payable

 

 

177,894

 

 

 

73,794

 

Long-term debt, gross

 

 

48,018,685

 

 

 

10,201,237

 

Less: Unamortized debt issuance costs

 

 

(93,144

)

 

 

(94,562

)

Long-term debt, net

 

 

47,925,541

 

 

 

10,106,675

 

Less: Current portion

 

 

(1,634,527

)

 

 

(1,456,847

)

Long-term debt, net

 

$

46,291,014

 

 

$

8,649,828

 

 

Schedule of Future Maturities of Long-term Debt Obligations

As of December 31, 2019, future maturities of our long-term debt obligations are as follows:

 

December 31,

 

Total

 

2020

 

$

1,634,527

 

2021

 

 

1,555,157

 

2022

 

 

1,637,700

 

2023

 

 

4,094,900

 

2024

 

 

 

Thereafter

 

 

39,096,401

 

Total long-term debt, gross

 

 

48,018,685

 

Less: Unamortized debt issuance costs

 

 

(93,144

)

Long-term debt, net

 

$

47,925,541