| 10. Notes Payable |
10. |
Notes Payable |
|
|
|
On October 15, 2013, the Sweetwater County Commissioners approved the issuance of a $34.0 million Sweetwater County, State of Wyoming, Taxable Industrial Development Revenue Bond (Lost Creek Project), Series 2013 (the “Sweetwater IDR Bond”) to the State of Wyoming, acting by and through the Wyoming State Treasurer, as purchaser. On October 23, 2013, the Sweetwater IDR Bond was issued, and the proceeds were in turn loaned by Sweetwater County to Lost Creek ISR, LLC pursuant to a financing agreement dated October 23, 2013 (the “State Bond Loan”). The State Bond Loan calls for payments of interest at a fixed rate of 5.75% per annum on a quarterly basis commencing January 1, 2014. The principal was to be paid in 28 quarterly installments commencing January 1, 2015. |
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On October 1, 2019, the Sweetwater County Commissioners and the State of Wyoming approved an eighteen-month deferral of principal payments beginning October 1, 2019. On October 6, 2020, the State Bond Loan was again modified to defer principal payments for an additional eighteen months. Quarterly principal payments are scheduled to resume on October 1, 2022, and the last payment will be due on October 1, 2024.
On April 16, 2020, we obtained two Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) loans (one for each of our subsidiaries with U.S. payroll obligations) through the Bank of Oklahoma Financial (“BOKF”). The program was a part of the CARES Act enacted by Congress March 27, 2020, in response to the COVID pandemic. The combined loan amount was $0.9 million.
On June 5, 2020, the Paycheck Protection Program Flexibility Act of 2020 (the “Flexibility Act”) became law. The Flexibility Act changed key provisions of the PPP, including maturity of the loans, deferral of loan payments, and the forgiveness of the PPP loans, with revisions being retroactive to the date of the CARES Act.
Under the program, as modified by the Flexibility Act and SBA and Treasury rulemakings, the repayment of our loans, including interest, were eligible to be forgiven based on eligible payroll, payroll-related, and other allowable costs incurred in a twenty-four-week period following the funding of the loans. For any portion of the loans not forgiven, the program provided for an initial deferral of payments based upon the timing of a borrower’s application for forgiveness and SBA’s action on the application up to a maximum of ten months after the use and forgiveness covered period ends (July 30, 2021).
In December 2020, we applied for loan forgiveness. The Company received notifications in 2021 Q2 that the principal amount of $893 thousand and accrued interest of approximately $10 thousand were forgiven under the terms of the PPP. This was treated as a forgiveness of debt on the Consolidated Statements of Operations for the year ended December 31, 2021, and a $903 thousand gain on debt forgiveness was recognized in other income.
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The following table summarizes the Company’s current and long-term debts. |
Current and Long-term Debt |
|
December 31,
2021
|
|
|
December 31,
2020
|
|
|
|
|
|
|
|
|
| Current |
|
|
|
|
|
|
Small Business Administration PPP Loans |
|
|
- |
|
|
|
502 |
|
State Bond Loan |
|
|
1,305 |
|
|
|
- |
|
Deferred financing costs |
|
|
(43 |
) |
|
|
(43 |
) |
|
|
|
1,262 |
|
|
|
459 |
|
|
|
|
|
|
|
|
|
|
Long-term |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Small Business Administration PPP Loans |
|
|
- |
|
|
|
398 |
|
State Bond Loan |
|
|
11,136 |
|
|
|
12,441 |
|
Deferred financing costs |
|
|
(76 |
) |
|
|
(119 |
) |
|
|
|
11,060 |
|
|
|
12,720 |
|
|
The schedule of remaining payments on outstanding debt as of December 31, 2021 is presented below. |
Remaining Payments |
|
Total |
|
|
2022 |
|
|
2023 |
|
|
2024 |
|
|
Final payment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| State Bond Loan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal |
|
|
12,441 |
|
|
|
1,305 |
|
|
|
5,409 |
|
|
|
5,727 |
|
|
Oct-2024 |
|
Interest |
|
|
1,269 |
|
|
|
537 |
|
|
|
525 |
|
|
|
207 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
|
13,710 |
|
|
|
1,842 |
|
|
|
5,934 |
|
|
|
5,934 |
|
|
|
|
|