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DEBT
6 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]  
DEBT

NOTE 8. DEBT

On August 2, 2019, CHFA entered into an agreement to assign the note to Iliad Research and Trading, L.P., a Utah limited liability partnership ("IRT"). This agreement closed on September 11, 2019, and IRT paid a total of $5,885,148 to CHFA to assume the note. The payment amount consisted of $5,405,666 of principal and $479,482 of interest and fees. Interest will accrue on the note at the default interest rate of 10.5%.

The outstanding principal balance of the note was $6,400,406 and $6,075,306 as of June 30, 2020 and December 31, 2019, respectively.

As of June 30, 2020, the Company had not made any payments to IRT and the accrued interest on the note was $515,528. Since the loan is in default, the entire outstanding balance is classified as a current liability on the Company's June 30, 2020 Balance Sheet. Subsequent to the date of this report, this debt was settled in full. See Sale and Leaseback of Facility section of Note 16. Subsequent Events, for further discussion.