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Long-Term Debt | 12 Months Ended
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Dec. 31, 2019
Debt Disclosure [Abstract] |
Long-Term Debt | NOTE 9 — LONG-TERM DEBT Long-term debt consists of the following:
|  | Outstanding Balance |  |  |  |  |  |  |
|  | December 31, |  |  | December 31, |  |  | Current |  |  |  |
|  | 2019 |  |  | 2018 |  |  | Interest Rate |  |  | Maturity |
DGSE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Note payable, related party (1) |  | $ | 2,949,545 |  |  | $ | - |  |  |  | 6.00 | % |  |  | May 16, 2024 |
Echo Entities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Note payable, related party (1) |  |  | 6,689,507 |  |  |  | - |  |  |  | 6.00 | % |  |  | May 16, 2024 |
Sub-Total |  |  | 9,639,052 |  |  |  | - |  |  |  |  |  |  |  |  |
Current portion |  |  | 1,084,072 |  |  |  | - |  |  |  |  |  |  |  |  |
|  | $ | 8,554,980 |  |  | $ | - |  |  |  |  |  |  |  |  |
(1) On May 20, 2019, the Company entered into two loan agreements with John R. Loftus, the Company’s CEO, President and Chairman of the Board. The first note of $6,925,979, pursuant to the Echo Entities purchase agreement, is a 5-year promissory note amortized over 20 years at 6% annual interest rate. The second note of $3,074,021 paid off the accounts payable – related party balance to Elemetal, LLC as of May 20, 2019. The promissory note is a 5-year note amortized over 20 years at 6% annual interest rate. Future scheduled principal payments of our note payables, related party, as of December 31, 2019 are as follows:
Note payable, related party - DGSE |  |  |
Year Ending December 31, |  | Amount |
2020 |  |  | 516,516 |
2021 |  |  | 548,366 |
2022 |  |  | 582,188 |
2023 |  |  | 618,096 |
2024 |  |  | 684,379 |
Subtotal |  |  | 2,949,545 |
Note payable, related party - Echo Entities |  |  |
Year Ending December 31, |  | Amount |
2020 |  |  | 749,990 |
2021 |  |  | 797,393 |
2022 |  |  | 846,574 |
2023 |  |  | 898,789 |
2024 |  |  | 3,396,761 |
Subtotal |  |  | 6,689,507 |
Total |  |  | 9,639,052 |

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- Definition The entire disclosure for long-term debt. + 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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