XML 61 R41.htm IDEA: XBRL DOCUMENT v3.20.1
Long Term Debt (Details Textual)
1 Months Ended 3 Months Ended
Sep. 26, 2017
USD ($)
Mar. 31, 2020
USD ($)
Installments
Mar. 31, 2019
USD ($)
Dec. 31, 2019
USD ($)
Industrial Development Bond Financing [Member]        
Long Term Debt (Textual)        
Lender's purchase of industrial development bond $ 4,500,000      
Repurchase price of facilities if bond has been redeemed or fully paid   $ 1,000    
Bond redemptions, description   The Bond bears interest at the rate of 3.07% per annum, calculated on the basis of a 360-day year and the actual number of days elapsed (subject to increase to 6.07% per annum upon the occurrence of an event of default), and is payable in 118 monthly installments of $31,324 beginning on November 1, 2017 and ending on August 1, 2027, with a final principal and interest payment to be made on September 1, 2027 in the amount of $1,799,201.    
Number of installments | Installments   118    
Proceeds of the bond sale $ 4,500,000      
Payments for debt issuance costs   $ 196,095    
Financial covenants under credit agreement, description   The Company is subject to certain covenants, including financial covenants requiring that the Company maintain (i) a minimum fixed charge ratio (generally, the ratio of (A) EBITDA minus the sum of Company's distributions to its shareholders, taxes paid and unfunded capital expenditures to (B) current maturities of Company long-term debt plus interest expense) of 1.2 to 1, tested quarterly, and (ii) a ratio of funded debt (as defined in the guaranty agreement) divided by the sum of net worth and funded debt of 0.75 to 1, tested quarterly. For purposes of computing the fixed charge coverage ratio, "EBITDA" generally is defined as net income before taxes and depreciation expense plus amortization expense, plus interest expense, plus non-recurring and/or non-cash losses and expenses, minus non-recurring and/or non-cash gains and income; "unfunded capital expenditures" generally is defined as capital expenditures made from Company funds other than funds borrowed through term debt incurred to finance such capital expenditures.    
Payments of lease agreement   $ 5,925 $ 5,205  
Principal under lease agreement   5,752 5,000  
Interest under lease agreement   173 $ 205  
Restricted Cash   1,892,000    
Other Long Term Obligations [Member]        
Long Term Debt (Textual)        
Aggregate equipment lease   $ 20,000   $ 26,000
Maturity period for capital lease   Maturities through 2024    
Promissory note, description   The Company provided to Snappy Marine a promissory note in the amount of $1,000,000, including interest (of the $1,000,000 amount of the promissory note, $930,528 was recorded as principal, and the remaining $69,472, representing an imputed interest rate of 2.87% per annum, is being recorded as interest expense over the term of the note).    
Notes payable equal installment   $ 16,667    
Debt payment, terms   Over a 60-month period that commenced on August 1, 2018, with a final payment due and payable on July 1, 2023.    
Other Long Term Obligations [Member] | Minimum [Member]        
Long Term Debt (Textual)        
Percentage of interest rates   2.00%    
Other Long Term Obligations [Member] | Maximum [Member]        
Long Term Debt (Textual)        
Percentage of interest rates   4.00%    
Other Long Term Obligations [Member] | Check Corporation [Member]        
Long Term Debt (Textual)        
Notes payable, description   The Company's agreement to purchase assets of Check Corporation, the Company agreed to pay Check Corporation (dba Damp CheckTM) $100,000 in equal installments of approximately $4,348 over a 23-month period that commenced on January 15, 2020 with a final payment due and payable on November 15, 2021. The Company recorded $97,012 as principal, and the remaining $2,988, representing an imputed interest rate of 3.15% per annum, will be recorded as interest expense over the 23 months).