Quarterly report pursuant to Section 13 or 15(d)

Notes Payable

v3.4.0.3
Notes Payable
3 Months Ended
Mar. 31, 2016
Notes Payable [Abstract]  
Notes Payable

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 is payable in 28 quarterly installments commencing January 1, 2015 and continuing through October 1, 2021.

 

On March 14, 2014, the Company modified a loan facility with RMB to include a $3.5 million line of credit. On October 15, 2015, the loan was amended to extend the maturity date of the $3.5 million line of credit to December 31, 2016 and spread the $3.5 million balance originally due March 31, 2016 over four quarterly payments commencing March 31, 2016 and concluding December 31, 2016, plus interest at a rate of approximately 8.75%.  This was considered a modification for accounting purposes.

 

Deferred loan fees include legal fees, commissions, commitment fees and other costs associated with obtaining the various financings. Those fees amortizable within 12 months of March 31, 2016 are considered current.

 

The following table lists the current (within 12 months) and long term portion of each of the Company’s debt instruments:

 

 

 

 

 

 

 

As at

 

March 31, 2016

 

December 31, 2015

 

$

 

$

Current debt

 

 

 

Sweetwater County Loan

4,430

 

4,367

RMB First Loan Facility

3,234

 

4,312

 

7,664

 

8,679

 

 

 

 

Less deferred financing costs

(144)

 

(152)

 

7,520

 

8,527

 

 

 

 

Long term debt

 

 

 

Sweetwater County Loan

23,383

 

24,514

RMB First Loan Facility

 -

 

 -

 

23,383

 

24,514

 

 

 

 

Less deferred financing costs

(547)

 

(577)

 

22,836

 

23,937

 

Schedule of payments on outstanding debt as of March 31, 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt

Total

 

2016

 

2017

 

2018

 

2019

 

2020

 

Subsequent

 

Maturity

 

$

 

$

 

$

 

$

 

$

 

$

 

$

 

 

Sweetwater County Loan

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

27,766

 

3,252

 

4,623

 

4,895

 

5,183

 

5,487

 

4,326

 

October 1, 2021

Interest

4,873

 

1,199

 

1,311

 

1,039

 

752

 

447

 

125

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RMB First Loan Facility

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

3,234

 

3,234

 

 -

 

 -

 

 -

 

 -

 

 -

 

December 31, 2016

Interest

150

 

150

 

 -

 

 -

 

 -

 

 -

 

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

36,023

 

7,835

 

5,934

 

5,934

 

5,935

 

5,934

 

4,451