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Notes Payable | 12 Months Ended
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Dec. 31, 2020
Notes Payable |
Note - 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. On October 1, 2019, the Sweetwater County Commissioners and the State of Wyoming approved a six-quarter 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 six quarters. Quarterly principal payments are scheduled to resume on October 1, 2022 and the last payment will be due on October 1, 2024 (see also note 20). On April 16, 2020, we obtained two SBA 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-19 (Coronavirus) 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 changes 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, may 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. To have the full amount of the loans forgiven, the following requirements must be met within that period, and be sufficiently documented in the application for forgiveness:
| (1) | Spend not less than 60% of loan proceeds on eligible payroll costs.
| (2) | Spend the remaining loan proceeds on:
| a. | additional eligible payroll costs above 60%;
| b. | payments of interest on mortgage obligations incurred before February 15, 2020;
| c. | rent payments on leases dated before February 15, 2020; and/or
| d. | utility payments under service agreements dated before February 15, 2020.
| (3) | Maintain employee compensation levels (subject to specific program requirements).
For any portion of the loans that are not forgiven, the program provides 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). Any remaining amount owing on the loans has a two-year maturity (April 16, 2022), unless renegotiated with the lender for up to a five-year term, with an interest rate of one percent per annum. We anticipate the loans will meet the requirements for forgiveness under this program. In December 2020, we applied for loan forgiveness, but we have not yet received loan forgiveness and therefore continue to treat the PPP loans as debt. The following table summarizes the Company’s current and long-term debts.
Current and Long-term Debt |  | December 31, 2020 |  |  | December 31, 2019 |
Current |  |  |  |  |  |
Small Business Administration PPP Loans |  |  | 502 |  |  |  | - |
State Bond Loan |  |  | - |  |  |  | - |
Deferred financing costs |  |  | (43 | ) |  |  | - |
|  |  | 459 |  |  |  | - |
Long-term |  |  |  |  |  |  |  |
Small Business Administration PPP Loans |  |  | 398 |  |  |  | - |
State Bond Loan |  |  | 12,441 |  |  |  | 12,441 |
Deferred financing costs |  |  | (119 | ) |  |  | (226 | )
|  |  | 12,720 |  |  |  | 12,215 |
The schedule of remaining payments on outstanding debt as of December 31, 2020 is presented below.
Remaining Payments |  | Total |  |  | 2021 |  |  | 2022 |  |  | 2023 |  |  | 2024 |  |  | Final payment |
SBA PPP Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Principal |  |  | 900 |  |  |  | 497 |  |  |  | 403 |  |  |  | - |  |  |  | - |  |  | Apr-2022 |
Interest |  |  | 15 |  |  |  | 9 |  |  |  | 6 |  |  |  | - |  |  |  | - |  |  |  |
State Bond Loan |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Principal |  |  | 12,441 |  |  |  | - |  |  |  | 2,628 |  |  |  | 5,487 |  |  |  | 4,326 |  |  | Oct-2024 |
Interest |  |  | 1,984 |  |  |  | 715 |  |  |  | 697 |  |  |  | 447 |  |  |  | 125 |  |  |  |
Total |  |  | 15,340 |  |  |  | 1,221 |  |  |  | 3,734 |  |  |  | 5,934 |  |  |  | 4,451 |  |  |  |

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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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