Notes Payable

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Notes Payable

6.     NOTES PAYABLE

At March 31, 2020 and December 31, 2019, notes payable consisted of the following: 

	March 31, 2020			December 31, 2019
In connection with an acquisition completed in 2017, the Company is required to make quarterly charitable contributions of $50,000 through October 2024. The net present value of these required payments has been recorded as a liability with an interest rate of 2.17%	$	911,723		$	970,957
Private placement debt dated May 22, 2019, in the original amount of $105,466,429, which matures on May 22, 2022. The debt was issued at a discount, the carrying value of which is $13,505,195 at March 31, 2020 and $15,090,517 at December 31, 2019, and bears interest of 12.00% per annum.		91,1961,234			90,375,912
Total notes payable		92,872,957			91,346,869
Less: current portion of notes payable		(182,926	)		(206,675	)
Notes payable, net of current portion	$	92,690,031		$	91,140,194

For the three months ended March 31, 2020, the Company recognized $3,146,703 in interest expense associated with the private placement debt (before capitalized interest) and $1,585,322 in accretion expense. For the three months ended March 31, 2019, an immaterial amount of interest expense was recognized in association with the Company’s charitable contribution obligation. No accretion expense was recorded for the three months ended March 31, 2019.