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Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Schedule of long-term debt

			Outstanding Balance
			March 31,				December 31,				Current
			2020				2019				Interest Rate				Maturity
DGSE
Note payable, related party (1)		$	2,928,210			$	2,949,545				6.00	%			May 16, 2024
ECHG
Note payable, related party (1)			6,641,438				6,689,507				6.00	%			May 16, 2024
Sub-Total			9,569,648				9,639,052
Current portion			293,779				1,084,072
		$	9,275,869			$	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. ECHG, LLC (f.k.a. Corrent Resources, LLC) executed a 5-year, $6,925,979 note for the Echo Transaction, amortized over 20 years at a 6% annual interest rate. DGSE, LLC (f.k.a. DGSE Companies, LLC) executed a 5-year, $3,074,021 note to pay off the accounts payable – related party balance to Elemetal, LLC as of May 20, 2019. That promissory note is also amortized over 20 years at a 6% annual interest rate. An error was made on the original promissory loan documents for both DGSE and ECHG notes. Originally, the DGSE note stated the total monthly interest and principal payment due was $41,866 and the monthly ECHG interest and principal payment due was $94,327. The correct total of interest and principal payments due monthly on the revised note for DGSE is $22,203. The correct total of interest and principal payments due monthly on the revised note for ECHG is $49,646. The allocation between short-term and long-term Notes payable, related party was adjusted accordingly starting with the three months ending March 31, 2020.

Schedule of long-term debt maturities of principal payments

Note payable, related party - DGSE
Year Ending December 31,				Amount
	2020 (excluding the three months ended March 31, 2020)				67,184
	2021				95,243
	2022				101,117
	2023				107,354
	2024				2,557,312
	Subtotal				2,928,210

Note payable, related party - ECHG
Year Ending December 31,				Amount
	2020 (excluding the three months ended March 31, 2020)				149,580
	2021				212,086
	2022				225,167
	2023				239,055
	2024				5,815,550
	Subtotal				6,641,438
					9,569,648

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Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Tabular disclosure of maturity and sinking fund requirement for long-term debt.

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