Quarterly report pursuant to Section 13 or 15(d)

LONG-TERM DEBT (Tables)

v3.20.1
LONG-TERM DEBT (Tables)
3 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]  
Schedule of Long-term Debt

Long-term debt consisted of the following at:

 

 

 

March 31,

 

 

December 31,

 

 

 

2020

 

 

2019

 

Nevada State Bank credit agreement

 

$

9,358,799

 

 

$

8,699,900

 

Triangulum promissory note

 

 

39,096,401

 

 

 

39,096,401

 

Vehicle notes payable

 

 

39,021

 

 

 

44,490

 

Insurance notes payable

 

 

118,966

 

 

 

177,894

 

Long-term debt, gross

 

 

48,613,187

 

 

 

48,018,685

 

Less: Unamortized debt issuance costs

 

 

(84,702

)

 

 

(93,144

)

Long-term debt, net

 

 

48,528,485

 

 

 

47,925,541

 

Less: Current portion

 

 

(1,599,103

)

 

 

(1,634,527

)

Long-term debt, long-term portion

 

$

46,929,382

 

 

$

46,291,014

 

Schedule of Future Maturities of Long-term Debt Obligations

As of March 31, 2020, future maturities of our long-term debt obligations are as follows:    

 

Twelve Months Ending March 31,

 

Total

 

2021

 

$

1,599,103

 

2022

 

 

2,574,483

 

2023

 

 

1,664,400

 

2024

 

 

3,678,800

 

2025

 

 

 

Thereafter

 

 

39,096,401

 

Long-term debt, gross

 

 

48,613,187

 

Less:

 

 

 

 

Unamortized debt issuance costs

 

 

(84,702

)

Long-term debt, net

 

$

48,528,485