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LONG-TERM DEBT

12 Months Ended

Dec. 31, 2019

11.

LONG-TERM DEBT

As described above, in connection with the Fifth Amendment, the Company and BankUnited agreed to extend the maturity dates of the Revolving Loan and Term Loan to June 30, 2021. Such maturity dates were further extended to May 2, 2022 in connection with the Sixth Amendment. The terms of the Sixth Amendment are discussed below in Note 17, “Subsequent Events”.

The Company paid to BankUnited, N.A. commitment and agent fees in the amount of $25,000 in 2019, together with out of pocket costs, expenses, and reasonable attorney’s fees incurred by BankUnited, N.A. in connection with the Fifth Amendment.

The Company has cumulatively paid approximately $488,000 of total debt issuance costs in connection with the BankUnited Facility of which approximately $71,000 is included in other assets and $15,000 is a reduction of long-term debt at December 31, 2019.

The Term Loan had an initial amount of $10 million, payable in monthly installments, as defined in the Credit Agreement. As of December 31, 2019, pursuant to the Fifth Amendment, the Term Loan had a maturity date of June 31, 2021. The maturities of the long-term debt (excluding unamortized debt issuance costs) as of December 31, 2019, are as follows:

Year ending December 31,
2020	$	2,484,619
2021		1,452,149
2022		187,853
2023		109,485
2024		15,127
Total	$	4,249,233

Also included in long-term debt are financing leases and notes payable of $546,100 and $592,712 at December 31, 2019 and 2018, respectively, including a current portion of $384,619 and $334,981, respectively.

The right-of-use assets under financing leases was $3,024,852 and $2,625,052 at December 31, 2019 and 2018, respectively. Accumulated depreciation of assets under financing leases was approximately $1,868,377 and $1,517,164 at December 31, 2019 and 2018, respectively.