XML 43 R27.htm IDEA: XBRL DOCUMENT v3.20.4
NOTES PAYABLE (Tables)
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Schedule of Debt
The following table summarizes our outstanding debt as of December 31, 2020 and 2019:1

MaturityStated Interest Rate20202019
Subordinated Notes Payable- acquisitions1/1/2021 - 7/1/2022
2.00% - 3.00%
$6,182 $7,185 
PPP Loan - Pinnacle Bank4/15/20221.00%8,856 — 
Term Loan - Wells Fargo term loan12/31/20245.25%9,875 20,000 
Total Notes Payable$24,913 $27,185 
Short-term notes payable$12,388 $2,696 
Long-term notes payable$12,525 $24,489 
—
(1)
Information presented in this table, the table that immediately follows and the last table in this footnote includes principal and interest due under the terms of a promissory note with Pinnacle Bank. This loan was issued to us in connection with the Paycheck Protection Program pursuant to Title I of the Coronavirus Aid, Relief and Economic Security Act. Under the terms of the Paycheck Protection Program, the principal balance and interest due under the promissory note will be forgiven if we meet certain conditions related to the use of the loan proceeds. Under the terms of our promissory note with Pinnacle Bank, we would have been required to make payments on this promissory note in November 2020; however, the Small Business Administration issued guidance, prior to that date, that deferred all payments that would be owed on this loan until after the Small Business Administration makes a decision on our loan forgiveness application. While we expect that the entire loan will be forgiven, we cannot be certain that the Small Business Administration will grant forgiveness of our entire loan. If we do not receive forgiveness of our entire loan, we will be obligated to start making payments on the portion of the principal and interest that is not forgiven so that it will be fully repaid no later than April 15, 2022, unless we are able to negotiate new payment terms with Pinnacle Bank. We filed our initial application for forgiveness in December 2020, and completed our application in early February 2021.
Schedule of Debt And Debt Issuance Costs
The following table summarizes the debt issuance costs as of December 31, 2020 and 2019:
December 31, 2020
Gross Notes PayableDebt Issuance CostsNet Notes Payable
Notes payable, current portion1
$12,388 $(78)$12,310 
Notes payable, net of current portion2
12,525 (300)12,225 
Total Notes Payable$24,913 $(378)$24,535 

(1)
Net Notes Payable includes $6,866 of Gross Notes Payables and $0 Debt Issuance Cost and Debt Discount related to our PPP loan with Pinnacle Bank, all or a portion of which we expect will be forgiven and for which we are not obligated to make any payments until the Small Business Administration has made a decision regarding our application for loan forgiveness.
(2)
Net Notes Payable, includes $1,989 of Gross Notes Payables and $0 Debt Issuance Cost and Debt Discount related to our PPP loan with Pinnacle Bank, all or a portion of which we expect will be forgiven and for which we are not obligated to make payments until the Small Business Administration has made a decision regarding our application for loan forgiveness.
December 31, 2019
Gross Notes PayableDebt Issuance CostsNet Notes Payable
Notes payable, current portion$2,696 $(125)$2,571 
Notes payable, net of current portion24,489 (347)24,142 
Total Notes Payable$27,185 $(472)$26,713 
Schedule of Maturities of Long-term Debt
The following table summarizes the future gross principal payments related to our outstanding debt as of December 31, 2020:
Year Ending
2021$12,388 
20223,400 
2023500 
20248,625 
2025— 
Gross Notes Payable$24,913 
Schedule of Long-term Debt Instruments
The Third Amended Restated Credit Agreement (the "Third Restated Credit Agreement"), which we entered on December 31, 2019, amends the applicable margin rates for determining the interest rate payable on the loans as follows:
 
Leverage RatioApplicable Margin Relative
to Base Rate Loans		Applicable Margin Relative to
LIBOR Rate Loans
< 2.00:1.00
2.25% percentage points
3.25% percentage points
≤ 3.00:1.00, and ≥ 2.00:1.00
2.75% percentage points
3.75% percentage points
≥ 3.00:1.00
3.25% percentage points
4.25% percentage points