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Debt | 12 Months Ended
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Dec. 31, 2020
Debt |
Debt | 6. Debt Dominion Loan Agreement On September 30, 2019, the Company entered into a Loan and Security Agreement with Dominion Bank. On September 30, 2020, the Company entered into a Loan Modification Agreement to the Loan and Security Agreement (as amended by the Loan Modification Agreement, the “Loan Agreement”) for the purpose of amending and extending the maturity of our line of credit with Dominion Bank by one year. The Loan Agreement provides for a Revolving Credit Facility in an amount up to the lesser of (i) $15,000,000 or (ii) a sum equal to (a) 80% of the Company’s eligible accounts receivable plus 100% of the amount on deposit with Dominion Bank in the Company’s collateral account, consisting of a restricted CDARS account of $5,000,000. As of December 31, 2020, the Company has not borrowed any amounts under the Revolving Credit Facility. Under the Revolving Credit Facility, interest will accrue at an annual rate equal to the lesser of (i) 6.00% and (ii) the greater of (a) the prime rate as published from time to time in The Wall Street Journal or (b) 3.50%. The Company will pay a commitment fee of 0.10% per annum on the difference of (a) $15,000,000 minus the Deposit minus (b) the daily average usage of the Revolving Credit Facility. The Loan Agreement contains customary covenants for credit facilities of this type, including limitations on disposition of assets. The Company is also obligated to meet certain financial covenants under the Loan Agreement, including maintaining a tangible net worth of $75,000,000 and specified ratios with respect to current assets and liabilities and debt to tangible net worth. The Company’s obligations under the Loan Agreement are secured by a security interest in the collateral account (including the Deposit) with Dominion Bank and future accounts receivable and related collateral. The maturity date of the Loan Agreement is September 30, 2021. The Company does not currently have any notes payable under the Revolving Credit Facility. Dominion Letters of Credit As of December 31, 2020, Dominion Bank has issued one letter of credit in the amount of $583,000 to support the Company’s workers compensation insurance. The letter of credit is secured by a certificate of deposit with Dominion Bank. Other Indebtedness As of December 31, 2020, the Company has one note payable to a finance company for various insurance premiums totaling $40,000. In addition, the Company leases certain seismic recording equipment and vehicles under leases classified as finance leases. The Company’s Consolidated Balance Sheets as of December 31, 2020 and 2019 include finance leases of $98,000 and $2,412,000, respectively. Maturities of Debt The Company’s aggregate principal amount (in thousands) of outstanding notes payable and the interest rates and monthly payments as of December 31, 2020 and 2019 are as follows:
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​ |  | December 31, 2020 | ​ | December 31, 2019
Notes payable to finance company for insurance | ​ | ​ | ​ | ​ | ​ | ​
Aggregate principal amount outstanding | ​ | $ | 40 | ​ | $ | 1,746
Interest rate | ​ | ​ | 4.99% | ​ | ​ | 4.05% - 4.99%
​ The Company’s aggregate maturities of finance leases (in thousands) at December 31, 2020 are as follows:
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January 2021 - December 2021 | ​ | $ | 54 | ​ | ​ | ​
January 2022 - December 2022 | ​ | ​ | 36 | ​ | ​ | ​
January 2023 - December 2023 | ​ | ​ | 8 | ​ | ​ | ​
Obligations under finance leases | ​ | $ | 98 | ​ | ​ | ​
​ Interest rates on these leases ranged from 4.83% to 5.37%.

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- Definition The entire disclosure for 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. + 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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