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Debt
 6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
Debt Debt
The Company’s carrying value of debt consisted of the following (in thousands):
June 30,
2021		December 31,
2020
Unsecured promissory note$— $1,080 
Secured term note6,590 — 
Secured term note payable - related party
1,077 1,077 
Secured promissory note - related party
3,859 5,000 
Insurance and other notes payable
335 714 
Less: amounts due within one year
(3,623)(4,463)
Total long-term debt
$8,238 $3,408 
Unsecured Promissory Note
During 2020, the Company received loan proceeds of $1.1 million (the “PPP Loan”) pursuant to the Paycheck Protection Program (the “PPP”) under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). Under the terms of the PPP, all or a portion of the principal may be forgiven if the PPP Loan proceeds are used for qualifying expenses as described in the CARES Act, such as payroll costs, benefits, rent, and utilities. In June 2021, the forgiveness of the PPP Loan was approved by the Small Business Administration in full and the PPP Loan has been settled. The Company recognized a gain on forgiveness of debt in the amount of $1.1 million which is included in other income (expense) in the accompanying condensed consolidated statements of operations.

Secured Term Note
On April 8, 2021, the Company entered into a Loan Agreement (the “Loan Agreement”) with AmeriState Bank (“Lender”), as lender, pursuant to the United States Department of Agriculture, Business & Industry Loan Program, to provide for an advancing loan facility in the aggregate principal amount of up to $10.0 million (the “USDA Loan”), of which $7.0 million was drawn and outstanding as of June 30, 2021. The USDA Loan, which is in the form of a term loan facility, matures on April 8, 2031 and bears interest at 5.75% per annum through April 8, 2026, and the U.S. prime lending rate plus 2.5% per annum thereafter. The USDA Loan provides that proceeds from borrowings may be used for working capital purposes at the Company’s liquefaction plant in George West, Texas and related fees and costs associated with the USDA Loan.
Upon an Event of Default (as defined in the Loan Agreement), the Lender may (i) terminate its commitment, (ii) declare the outstanding principal amount of the Advancing Notes (as defined in the Loan Agreement) due and payable, or (iii) exercise all rights and remedies available to Lender under the Loan Agreement.
On April 8, 2021, Mile High LNG LLC, Stabilis GDS, Inc., Stabilis LNG Eagle Ford LLC and Stabilis Energy Services, LLC, each a wholly owned subsidiary of the Company (collectively, “Debtor”), entered into a Security Agreement and Assignment (the “Security Agreement”) in favor of the Lender. The Security Agreement grants to Lender a first priority security interest in the collateral identified therein, which includes specific equipment collateral owned by the Company.
During the six months ended June 30, 2021 and 2020, the Company recorded interest expense on debt as follows (in thousands):
June 30,
2021		June 30,
2020
Unsecured promissory note$— $— 
Secured term note59 0
Secured term note payable - related party
20 42 
Secured promissory note - related party
291 435 
Insurance and other notes payable
30 27 
Total interest expense on debt$400 $504 
Certain of the agreements governing our outstanding debt have certain covenants with which we must comply. As of June 30, 2021, we were in compliance with all of these covenants.