Quarterly report pursuant to Section 13 or 15(d)

Notes Payable

v3.23.2
Notes Payable
6 Months Ended
Jun. 30, 2023
Notes Payable  
Notes Payable

9. 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 scheduled to be paid in 28 quarterly installments commencing January 1, 2015.

 

On October 1, 2019, the Sweetwater County Commissioners and the State of Wyoming approved an eighteen-month deferral of principal payments beginning October 1, 2019. On October 6, 2020, the State Bond Loan was again modified to defer principal payments for an additional eighteen months. Quarterly principal payments resumed on October 1, 2022, and the last payment is due on October 1, 2024.

The following table summarizes the Company’s current and long-term debt.

 

Current and Long-term Debt

 

June 30, 2023

 

 

December 31, 2022

 

 

 

 

 

 

 

 

Current

 

 

 

 

 

 

State Bond Loan

 

 

5,566

 

 

 

5,409

 

Deferred financing costs

 

 

(43 )

 

 

(43 )

 

 

 

5,523

 

 

 

5,366

 

 

 

 

 

 

 

 

 

 

Long-term

 

 

 

 

 

 

 

 

State Bond Loan

 

 

2,904

 

 

 

5,727

 

Deferred financing costs

 

 

(11 )

 

 

(33 )

 

 

 

2,893

 

 

 

5,694

 

 

The schedule of remaining payments on outstanding debt as of June 30, 2023, is presented below.

 

Remaining Payments

 

 Total

 

 

 2023

 

 

 2024

 

 

 Final Payment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State Bond Loan

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

8,470

 

 

 

2,743

 

 

 

5,727

 

 

Oct-2024

 

Interest

 

 

431

 

 

 

224

 

 

 

207

 

 

 

 

 

 

 

8,901

 

 

 

2,967

 

 

 

5,934