Quarterly report pursuant to Section 13 or 15(d)

Notes Payable

v3.10.0.1
Notes Payable
9 Months Ended
Sep. 30, 2018
Notes Payable [Abstract]  
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 is payable in 28 quarterly installments commencing January 1, 2015 and continuing through October 1, 2021.

 

Deferred loan fees include legal fees, commissions, commitment fees and other costs associated with obtaining the financing. Those fees amortizable within 12 months of September 30, 2018 are considered current.

 

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

 

 

 

 

 

 

 

As at

 

September 30, 2018

 

December 31, 2017

 

$

 

$

Current debt

 

 

 

Sweetwater County Loan

5,109

 

4,895

Less deferred financing costs

(121)

 

(121)

 

4,988

 

4,774

 

 

 

 

Long term debt

 

 

 

Sweetwater County Loan

11,136

 

14,996

Less deferred financing costs

(243)

 

(334)

 

10,893

 

14,662

 

Schedule of payments on outstanding debt as of September 30, 2018:

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt

Total

 

2018

 

2019

 

2020

 

2021

 

Maturity

 

$

 

$

 

$

 

$

 

$

 

 

Sweetwater County Loan

 

 

 

 

 

 

 

 

 

 

 

Principal

16,246

 

1,250

 

5,183

 

5,487

 

4,326

 

01-Oct-21

Interest

1,558

 

234

 

752

 

447

 

125

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

17,804

 

1,484

 

5,935

 

5,934

 

4,451