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Long-Term Debt | 12 Months Ended
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Dec. 31, 2020
Long-Term Debt [Abstract] |
Long-Term Debt | 5. Long-Term Debt ﻿ At December 31, 2020, the Company had a revolving credit facility with Prosperity Bank. Upon closing the M erger Transaction with Riley on February 26, 2021, the credit facility with Prosperity Bank was terminated. Other than cash flow from operations, this credit facility has historically been the Company’s primary source to fund working capital and future capital spending. Under the credit facility, loans and letters of credit were available to the Company on a revolving basis in an amount outstanding not to exceed the lesser of $50 million or the Company’s borrowing base in effect from time to time. As of December 31, 2020, the Company’s borrowing base was $3.1 million, subject to a credit limit based on current covenants of approximately $1.442 million. The credit facility was secured by substantially all of the Company’s producing and non-producing oil and gas properties. The credit facility include d certain covenants with which the Company wa s required to comply. At December 31, 2020, these covenants include d the following: (a) Current Ratio > 1:1; (b) Funded Debt to EBITDA < 3.5 x; and (c) Interest Coverage > 3.0 x. At December 31, 2020, the interest rate on this credit facility was 3.75%. The Company was in compliance with all covenants as of December 31, 2020 and 2019. ﻿ The Company had zero borrowings under its revolving credit facility with Prosperity Bank on December 31, 2020 and December 31, 2019. As the credit facility was terminated on February 26, 2 0 21, no further borrowing base reviews will take place. ﻿ During the second quarter of 2020, t he Company was approved by the Small Business Administration to receive a Paycheck Protection Program (“PPP”) loan in the amount of approximately $166,000. This loan was funded by Prosperity Bank in May 2020. The PPP loan is not part of the credit facility with Prosperity Bank as described above and therefore is not subject to the same terms as Company’s credit facility. The PPP loan has an interest rate of 1% with a maturity date of May 2022. There are no payments due during the first six months of the loan. After the six-month period has expired, all outstanding accrued interest is due. At that time, the remaining unforgiven portion of the loan will be due in 18 equal monthly installments of principal and interest. The Company applied for forgiveness of the amount due on the PPP loan based on spending the loan proceeds on eligible expenses as defined by statute. On November 5, 2020, Prosperity Bank notified the Company that the PPP loan had been forgiven and the loan was closed. During the fourth quarter of 2020, the Company recorded other income of $166,000 as a result of the PPP loan forgiveness. ﻿ ﻿

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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