Quarterly report pursuant to Section 13 or 15(d)

Notes Payable and Other Long Term Debt (Tables)

v3.19.3
Notes Payable and Other Long Term Debt (Tables)
9 Months Ended
Sep. 30, 2019
Debt Disclosure [Abstract]  
Schedule of long-term debt

The following table presents the balances of notes payable as of the dates indicated:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Rates

 

Branch Banking and Trust Company

 

Maturity Date

 

September 30,

2019

 

 

December 31,

2018

 

 

September 30,

2019

 

 

December 31,

2018

 

Working Capital Loan

 

November 28, 2020

 

$

 

 

$

5,000,000

 

 

 

%

 

 

4.31

%

$38.2 Million Equipment Loan

 

March 9, 2024

 

 

34,038,000

 

 

 

23,920,000

 

 

 

3.84

%

 

 

4.31

%

$ 4.5 Million Equipment Loan

 

March 7, 2024

 

 

 

 

 

 

 

 

%

 

 

%

Total notes payable

 

 

 

 

34,038,000

 

 

 

28,920,000

 

 

 

 

 

 

 

 

 

Less unamortized debt issuance costs

 

 

 

 

62,469

 

 

 

27,086

 

 

 

 

 

 

 

 

 

Total notes payable, net

 

 

 

 

33,975,531

 

 

 

28,892,914

 

 

 

 

 

 

 

 

 

Less current portion of notes payable, net

 

 

 

 

7,615,041

 

 

 

7,161,890

 

 

 

 

 

 

 

 

 

Notes payable net, less current portion

 

 

 

$

26,360,490

 

 

$

21,731,024