Notes Payable and Financing Leases (Tables)
|
12 Months Ended |
Dec. 31, 2019 |
|---|
| Debt Disclosure [Abstract] |
|
| Summary of Related Party Notes |
The following is a summary of the balance of
Benchmark Seller Notes as of December 31, 2019 and 2018:
| |
|
December 31 |
|
| |
|
2019 |
|
|
2018 |
|
| |
|
|
|
|
|
|
| Series A Notes |
|
$ |
14,506 |
|
|
$ |
13,603 |
|
| Series B Notes |
|
|
14,390 |
|
|
|
31,564 |
|
| |
|
|
|
|
|
|
|
|
| Total Benchmark Seller Notes |
|
|
28,896 |
|
|
|
45,167 |
|
| Less: discount on Benchmark Seller Notes |
|
|
(3,847 |
) |
|
|
(2,617 |
) |
| Benchmark Seller Notes, net of discount |
|
|
25,049 |
|
|
|
42,550 |
|
| Less: current portion |
|
|
(25,049 |
) |
|
|
(13,397 |
) |
| Total non-current Benchmark Seller Notes |
|
$ |
— |
|
|
$ |
29,153 |
|
|
| Schedule of Promissory Notes Outstanding and Other Notes Payable |
Outstanding promissory and other notes payable
consist of the following:
| |
|
December 31, |
|
| |
|
2019 |
|
|
2018 |
|
| Notes payable bearing interest at stated rates between 4% and 12% per annum. Terms range from 3 to 36 months |
|
$ |
2,941 |
|
|
$ |
3,019 |
|
| Notes payable issued for settlement of convertible notes payable, payable in scheduled weekly and monthly payments including interest at rate between 0% and 23% over terms ranging from 10 – 17 months (See Note 10) |
|
|
3,722 |
|
|
|
— |
|
| Notes payable, former related parties, past due, unsecured, accrue interest at 6% per annum (See Note 14) |
|
|
379 |
|
|
|
379 |
|
| Secured promissory notes payable assumed for the acquisition of assets (see Note 4), notes bear interest between 4% and 12.25%, are secured by certain assets of the Company and are due over terms ranging from 7 to 37 months |
|
|
85,507 |
|
|
|
— |
|
| Obligations under former capital leases, bearing interest rates between 4.1% and 8.2% per annum, secured by equipment having a value that approximates the debt value. |
|
|
— |
|
|
|
320 |
|
| Various equipment notes, bearing interest rates between 2% and 41% per annum, secured by equipment having a value that approximates the debt value. Terms range from 30 to 72 months |
|
|
362 |
|
|
|
1,189 |
|
| Total notes payable |
|
|
92,911 |
|
|
|
4,907 |
|
| Less: Original issue discount and deferred financing costs |
|
|
(110 |
) |
|
|
— |
|
| Notes payable, net of original issue discount and deferred financing costs |
|
|
92,801 |
|
|
|
4,907 |
|
| Less: Current portion |
|
|
(29,839 |
) |
|
|
(3,639 |
) |
| Total notes payable, non-current portion |
|
$ |
62,962 |
|
|
$ |
1,268 |
|
|
| Schedule of Fair Value of Debt |
Fair Value of Debt
| |
|
December 31, 2019 |
|
| |
|
Carrying Amount |
|
|
Fair
Value |
|
| Secured promissory notes |
|
$ |
79,063 |
|
|
$ |
85,507 |
|
|
| Schedule of Principal Payments for Borrowings |
The required principal payments for all borrowings
for each of the five years following the balance sheet date are as follows:
| 2020 |
|
|
29,839 |
|
| 2021 |
|
|
59,361 |
|
| 2022 |
|
|
51 |
|
| 2023 |
|
|
3,550 |
|
| 2024 |
|
|
— |
|
| Thereafter |
|
|
— |
|
| Total |
|
$ |
92,801 |
|
|