10.Notes Payable

 

On October 15, 2013, the Sweetwater County Commissioners approved the issuance of a $34.0 million Sweetwater County, State of Wyoming, Taxable Industrial Development Revenue Bond (Lost Creek Project), Series 2013 (the “Sweetwater IDR Bond”) to the State of Wyoming, acting by and through the Wyoming State Treasurer, as purchaser. On October 23, 2013, the Sweetwater IDR Bond was issued and the proceeds were in turn loaned by Sweetwater County to Lost Creek ISR, LLC pursuant to a financing agreement dated October 23, 2013 (the “State Bond Loan”). The State Bond Loan calls for payments of interest at a fixed rate of 5.75% per annum on a quarterly basis commencing January 1, 2014. The principal was originally payable in 28 quarterly installments commencing January 1, 2015 and continuing through October 1, 2021.  

 

On October 1, 2019, the Sweetwater County Commissioners and the State of Wyoming approved a six-quarter deferral of principal payments beginning October 1, 2019. The next principal payment is therefore due April 1, 2021 and the last payment will be due in April 2023.  The deferral was accounted for as a modification as it was insignificant in terms of changing the present value of the cash flows

 

Deferred loan fees include legal fees, commissions, commitment fees and other costs associated with obtaining the various financings.

 

The following table lists the current and long-term portion of the Company’s debt instrument at December 31, 2019 and December 31, 2018:

 

 

Schedule of payments on outstanding debt as of December 31, 2019: