Annual report pursuant to Section 13 and 15(d)

Notes Payable (Tables)

v3.19.1
Notes Payable (Tables)
12 Months Ended
Dec. 31, 2018
Debt Disclosure [Abstract]  
Schedule of long-term debt
The following table presents the balances of our notes payables as of December 31 as indicated:
Branch Banking and Trust Company
 
Maturity Date
 
2018
 
2017
 
Interest Rates
 
 
 
 
2018
 
2017
Working Capital Loan
 
November 28, 2020
 
$
5,000,000

 
$

 
4.31
%
 
%
$27.49 Million Equipment Loan (previously $22.6 Million Equipment Loan)
 
May 1, 2022
 
23,920,000

 
19,540,000

 
4.31
%
 
3.25
%
Previous Working Capital Loan
 

 

 
2,750,000

 
%
 
3.38
%
Total notes payable
 
 
 
28,920,000

 
22,290,000

 
 
 
 
Less unamortized debt issuance costs
 
27,086

 
38,646

 
 
 
 
Total notes payable, net
 
28,892,914

 
22,251,354

 
 
 
 
Less current portion of notes payable, net
 
7,161,890

 
6,099,787

 
 
 
 
Notes payable net, less current portion
 
$
21,731,024

 
$
16,151,567

 
 
 
 
Schedule of debt maturity payments
The schedule of payments of the notes payable as of December 31, 2018 is as follows:
2019
$
7,176,000

2020
12,176,000

2021
7,176,000

2022
2,392,000

Total payments of notes payable
$
28,920,000

The schedule of payments of the other long term debt as of December 31, 2018 is as follows:
2019
$
113,855

2020
120,697

2021
63,047

2022

Total payments of other long term debt
$
297,599