Quarterly report pursuant to Section 13 or 15(d)

Notes Payable and Other Long Term Debt (Tables)

v3.20.1
Notes Payable and Other Long Term Debt (Tables)
3 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]  
Schedule of long-term debt

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Rates

 

Truist Bank

 

Maturity Date

 

March 31,

2020

 

 

December 31,

2019

 

 

March 31,

2020

 

 

December 31,

2019

 

Working Capital Loan

 

November 28, 2021

 

$

10,000,000

 

 

 

 

 

 

2.75

%

 

 

%

$38.2 Million Equipment Loan

 

March 9, 2024

 

 

30,294,000

 

 

 

32,244,000

 

 

 

2.75

%

 

 

3.52

%

$ 4.5 Million Equipment Loan

 

March 7, 2024

 

 

4,500,000

 

 

 

 

 

 

2.75

%

 

 

%

Total notes payable

 

 

 

 

44,794,000

 

 

 

32,244,000

 

 

 

 

 

 

 

 

 

Less unamortized debt issuance costs

 

 

 

 

63,672

 

 

 

71,577

 

 

 

 

 

 

 

 

 

Total notes payable, net

 

 

 

 

44,730,328

 

 

 

32,172,423

 

 

 

 

 

 

 

 

 

Less current portion of notes payable, net

 

 

 

 

8,895,427

 

 

 

7,769,497

 

 

 

 

 

 

 

 

 

Notes payable net, less current portion

 

 

 

$

35,834,901

 

 

$

24,402,926