Annual report pursuant to Section 13 and 15(d)

LONG-TERM LIABILITIES (Tables)

v3.21.1
LONG-TERM LIABILITIES (Tables)
12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Schedule of Long-term Liabilities

Long-term liabilities consisted of the following at December 31, 2020 and 2019:

 

 

 

2020

 

 

2019

 

Nevada State Bank credit agreement

 

$

8,413,184

 

 

$

8,699,900

 

Main Street Priority Loan

 

 

4,000,000

 

 

 

 

Redemption Consideration Obligation

 

 

39,096,401

 

 

 

39,096,401

 

Vehicle notes payable

 

 

22,614

 

 

 

44,490

 

Insurance notes payable

 

 

519,194

 

 

 

177,894

 

Long-term debt, gross

 

 

52,051,393

 

 

 

48,018,685

 

Less: Unamortized debt issuance costs

 

 

(137,817

)

 

 

(93,144

)

Long-term liabilities, net of debt issuance costs

 

 

51,913,576

 

 

 

47,925,541

 

Less: Current portion

 

 

(2,222,392

)

 

 

(1,634,527

)

Long-term debt, net

 

$

49,691,184

 

 

$

46,291,014

 

 

Schedule of Future Maturities of Long-term Obligations

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

 

December 31,

 

Total

 

2021

 

$

2,222,392

 

2022

 

 

2,637,700

 

2023

 

 

4,694,900

 

2024

 

 

600,000

 

2025

 

 

2,800,000

 

Thereafter

 

 

39,096,401

 

Total long-term debt, gross

 

$

52,051,393