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Line of Credit and Mortgage Payable | 12 Months Ended
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Dec. 31, 2020
Line of Credit and Mortgage Payable |
Line of Credit and Mortgage Payable | 7. Line of Credit and Mortgage Payable Line of Credit Effective May 11, 2018, the Company obtained a $35 million credit facility (the “Webster Credit Facility”) with Webster Business Credit Corporation, Bankwell Bank and Berkshire Bank. The Webster Credit Facility was secured by a first priority lien on all the Company’s assets, including its mortgage loan portfolio. Interest on the outstanding balance accrued at a rate equal to the 30-day LIBOR rate plus 4.00% per annum. All amounts outstanding under the Webster Credit Facility, including principal, accrued interest and other fees and charges, were to be due and payable May 11, 2022. On June 25, 2019, the entire outstanding balance of the Webster Credit Facility, including principal, accrued and unpaid interest and other fees, in the aggregate amount of $19.8 million was paid in full and the Webster Credit Facility was terminated. In connection with the termination of the Webster Credit Facility, the Company expensed non-recurring charges of $779,641, of which $439,446 constituted the write-off of non-cash deferred financing costs. Amortization of all deferred financing costs for the years ended December 31, 2019 was $722,580 including costs of $439,446 incurred in connection with the termination of the Webster Credit Facility. Wells Fargo Margin Line of Credit During the year ended December 31, 2020, the Company obtained a margin loan account from Wells Fargo, which is secured by the Company's portfolio of short-term securities. The credit line bears interest at a rate equal to 1.75% below the prime rate (1.5% at December 31, 2020). As of the December 31, 2020 the total outstanding balance was $28,055,648. Mortgage Payable At December 31, 2020, the Company had a mortgage loan payable of $767,508. The original amount of the loan was $795,000 and was secured by a first mortgage loan on the Company’s property located at 698 Main Street, Branford, Connecticut. Interest on the mortgage loan accrued at the rate of 5.06% per annum, monthly payments were $4,710 and the maturity date was to be March 31, 2029. On February 19, 2021 this mortgage loan was repaid in full. ​

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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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