Quarterly report pursuant to Section 13 or 15(d)

Notes Payable (Tables)

v3.7.0.1
Notes Payable (Tables)
6 Months Ended
Jun. 30, 2017
Debt Disclosure [Abstract]  
Schedule of long-term debt
The following table presents the balances of notes payable as of the dates indicated:
 
Lending Institution
 
Maturity Date
 
June 30,
2017
 
December 31, 2016
 
Interest Rates
 
 
 
 
 
June 30, 2017
 
December 31, 2016
Working Capital Loan
Branch Banking and Trust Company
 
November 28, 2019
 
$
3,950,000

 
$
3,950,000

 
2.94
%
 
2.44
%
$22.6 Million Equipment Loan
Branch Banking and Trust Company
 
March 9, 2021
 
22,600,000

 

 
2.94
%
 
%
$10.0 Million Equipment Loan
Branch Banking and Trust Company
 
July 28, 2020
 

 
7,579,630

 
%
 
2.81
%
$17.0 Million Equipment Loan
Branch Banking and Trust Company
 
March 6, 2020
 

 
9,601,000

 
%
 
2.50
%
$2.0 Million Equipment Loan
Branch Banking and Trust Company
 
March 6, 2020
 

 
1,256,625

 
%
 
2.50
%
Total notes payable
 
 
 
26,550,000

 
22,387,255

 
 
 
 
Less unamortized debt issuance costs
 
50,481

 
54,027

 
 
 
 
Total notes payable, net
 
26,499,519

 
22,333,228

 
 
 
 
Less current portion of notes payable, net
 
6,096,045

 
6,101,855

 
 
 
 
Notes payable net, less current portion
 
$
20,403,474

 
$
16,231,373