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Long-Term Debt (Details) - USD ($) | 12 Months Ended |
--- | --- | ---
Dec. 31, 2020 | Dec. 31, 2019
Note payable, related party | $ 1,668,200 | [1] | $ 0
Note payable | 4,619,579 |  | 0
Subtotal | 15,413,925 |  | 0
Current portion | 2,120,457 |  | 1,084,072
Noncurrent portion | 13,293,468 |  | 8,554,980
Texas Bank and Trust |  |  |
Note payable, related party | 2,951,379 | [2] | 0
Subtotal | $ 2,951,379 |  |
Interest rate | 3.25% |  |
Maturity | Nov. 04, 2025 |  |
DGSE |  |  |
Note payable, related party | $ 4,298,219 |  | 2,949,545
DGSE | Related Party |  |  |
Note payable, related party | $ 2,863,715 | [3] | 2,949,545
Interest rate | 6.00% |  |
DGSE | Truist Bank |  |  |
Note payable, related party | $ 942,652 | [4] | 0
Subtotal | $ 942,652 |  |
Interest rate | 3.65% |  |
Maturity | Jul. 09, 2030 |  |
DGSE | Texas Bank and Trust |  |  |
Note payable, related party | $ 491,852 | [5] | 0
Subtotal | $ 491,852 |  |
Interest rate | 3.75% |  |
Maturity | Sep. 14, 2025 |  |
ECHG |  |  |
Note payable, related party | $ 6,496,127 | [3] | $ 6,689,507
Subtotal | $ 6,496,127 |  |
Interest rate | 6.00% |  |
Maturity | May 16, 2024 |  |
[1] | The Company applied for and received, on April 20, 2020, approximately $1.67 million, 1% interest, federally backed loan intended to pay employees and cover certain rent and utility-related costs during the COVID-19 pandemic (the Federal Loan), with Truist Bank (BB&T Bank) as lender. The Federal Loan is forgivable to the extent that certain criteria are met. We have applied for the forgiveness of the Federal Loan during the fourth quarter ending December 31, 2020; therefore, we are classifying the loan as short-term.
[2] | On November 4, 2020, 1901 Gateway Holdings, LLC, a wholly owned subsidiary of Envela Corporation, closed on the purchase of a new office building located at 1901 Gateway Drive, Irving, Texas for $3.521 million. The building was partially financed through a $2.96 million, 5 year loan, bearing an interest rate of 3.25%, amortized over 20 years, payable to Texas Bank & Trust. The note has monthly interest and principal payments of $16,792.
[3] | On May 20, 2019, in connection with the Echo Transaction, the Company entered into two loan agreements with John R. Loftus, the Companys CEO, President and Chairman of the Board. ECHG, 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 executed a 5-year, $3,074,021 note to pay off the accounts payable related party balance to a former Related Party as of May 20, 2019. That promissory note is also amortized over 20 years at a 6% annual interest rate. On January 1, 2020, revisions were made on the original documents for both DGSE and ECHG notes. Originally, the DGSE note stated that the monthly interest and principal payment due was $41,866 and the ECHG note stated that the monthly interest and principal payment due was $94,327. The revised interest and principal payment due monthly on the note for DGSE is $22,203. The revised interest and principal payment due monthly on the note for ECHG is $49,646. The allocation between short-term and long-term notes payable, related party was revised accordingly starting with the three months ending March 31, 2020.
[4] | On July 9, 2020, DGSE closed the purchase of a new retail building located at 610 E. Round Grove Road in Lewisville, Texas for $1.195 million. The purchase was partly financed through a $956,000, 10 year loan, bearing an annual interest rate of 3.65%, amortized over 20 years, payable to Truist Bank (f/k/a BB&T Bank). The note has monthly interest and principal payments of $5,645.
[5] | On September 14, 2020, 1106 NWH Holdings, LLC, a wholly owned subsidiary of DGSE, closed on the purchase of a new retail building located at 1106 W. Northwest Highway in Grapevine, Texas for $620,000. The purchase was partly financed through a $496,000, 5 year loan, bearing an annual interest rate of 3.75%, amortized over 20 years, payable to Texas Bank & Trust. The note has monthly interest and principal payments of $2,941.

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