Quarterly report pursuant to Section 13 or 15(d)

LONG-TERM DEBT (Tables)

v3.19.1
LONG-TERM DEBT (Tables)
3 Months Ended
Mar. 31, 2019
Debt Disclosure [Abstract]  
Schedule of Long-term Debt

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

 

 

 

2019

 

 

2018

 

Nevada State Bank Term Loan and Revolving Loan

 

$

9,723,200

 

 

$

10,042,400

 

Vehicle notes payable

 

 

75,049

 

 

 

85,043

 

Insurance notes payable

 

 

46,365

 

 

 

73,794

 

Notes payable, gross

 

 

9,844,614

 

 

 

10,201,237

 

Less:

 

 

 

 

 

 

 

 

Unamortized debt issuance costs

 

 

(87,456

)

 

 

(94,562

)

Notes payable, net

 

 

9,757,158

 

 

 

10,106,675

 

Less: Current portion

 

 

(1,446,794

)

 

 

(1,456,847

)

Long-term debt, net

 

$

8,310,364

 

 

$

8,649,828

 

Schedule of Future Maturities

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

 

Twelve Months ending March 31,

 

Total

 

2019

 

$

1,446,794

 

2020

 

 

1,480,138

 

2021

 

 

1,574,482

 

2022

 

 

1,664,400

 

Thereafter

 

 

3,678,800

 

Total notes payable

 

 

9,844,614

 

Less:

 

 

 

 

Unamortized debt issuance costs

 

 

(87,456

)

Notes payable, net

 

$

9,757,158