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Notes Payable | 12 Months Ended
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Dec. 31, 2018
Debt Disclosure [Abstract] |
Notes Payable | (9) Notes Payable Short-term Notes Payable The Company finances its annual commercial insurance premiums. The unpaid principal balance on the premium finance notes as of December 31, 2018 and 2017 were approximately $121,000 and $257,000, respectively. The Company makes equal monthly payments of principal and interest over the term of the notes which is generally 11 months. The annual interest rate for the policy renewal period in 2018 was approximately 5.4%. Notes Payable to Related Party Notes payable to related party consisted of the following at December 31, 2018 and 2017 (in thousands):
|  | 2018 |  |  | 2017 |
Note payable to JCH Crenshaw Holdings, LLC (related party see Note 10), dated December 31, 2017, in the amount of $9.3 million with payment of principal and interest at 8% due March 2021 |  | $ | — |  |  | $ | 9,303 |
Note payable to Casey and Stacey Crenshaw (related party see Note 10), dated December 31, 2017, in the amount of $5.8 million with payment of principal and interest at 8% due March 2021 |  |  | — |  |  |  | 5,814 |
Note payable to Crenshaw Family Holdings, LP (related party see Note 10), dated December 31, 2017, in the amount of $12.0 million with payment of principal and interest at 8% due March 2021 |  |  | — |  |  |  | 11,983 |
Note payable to The Modern Group, Ltd (related party see Note 10), dated December 31, 2017, in the amount of $14.4 million with payment of principal and interest at 8% due March 2021 |  |  | — |  |  |  | 14,419 |
|  | $ | — |  |  | $ | 41,519 |
Effective November 30, 2018, the holders of the Company’s related party notes payable converted the outstanding principal balance, plus accrued and unpaid interest, totaling $48.7 million into members’ equity (see Note 11 Members Equity for further discussion). Notes Payable Notes payable consisted of the following at December 31, 2018 and 2017 (in thousands):
|  | 2018 |  |  | 2017 |
Notes payable to finance company, dated September 30, 2013, in the amount of $19.0 million, with payments of principal and accrued interest due in incremental amounts annually. Interest is adjusted monthly and is calculated at LIBOR plus 3% at the end of each month. Note is secured by $20 million equity interest and first lien on plant assets and matures August 2024. |  | $ | 9,077 |  |  | $ | 11,497 |
Less current maturities |  |  | (2,500 | ) |  |  | (2,500 | )
|  | $ | 6,577 |  |  | $ | 8,997 |
The following schedule presents the future maturities of notes payable for each of the next five years as of December 31, 2018 (in thousands):
December 31, |  |  |
2019 |  | $ | 2,500 |
2020 |  |  | 1,500 |
2021 |  |  | 1,500 |
2022 |  |  | 1,500 |
2023 |  |  | 1,500 |
Thereafter |  |  | 577 |
|  | $ | 9,077 |

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- Definition The entire disclosure for debt and capital lease obligations can be reported. 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. Also includes descriptions and amounts of capital leasing arrangements that consist of direct financing, sales type and leveraged leases. Disclosure may include the effect on the balance sheet and the income statement resulting from a change in lease classification for leases that at inception would have been classified differently had guidance been in effect at the inception of the original lease. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 Reference 2: 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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