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Subsequent Events
12 Months Ended
Dec. 31, 2020
Subsequent Events [Abstract]  
Subsequent Events

Note Q - Subsequent Events

 

On January 19, 2021, the Company received funding for a term loan from PNC Equipment Finance, LLC in the amount of $20.5 million to fund the purchase of a corporate aircraft.  The principal of $20.5 million includes an amount that transacted as a deposit in September of 2020 and then, subsequently, refunded in January of 2021.  The aircraft replaces the Company’s former aircraft, which was sold in December 2020.  The proceeds of the sale were used to pay off the debt associated with the former aircraft.

The term of the loan is 120 months at a fixed interest rate of 2.744%.  The loan is payable in 119 equal monthly installments, commencing on March 1, 2021 with a final payment of any outstanding principal and accrued interest due and payable on the final monthly payment date.  The loan is secured by the aircraft.