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Long-Term Debt
 3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
The following is a summary of the Company's long-term debt at March 31, 2022 and December 31, 2021:
 March 31,
2022		December 31,
2021
Revolving term loan from CoBank, interest at variable rates (2.9% and 2.56% at March 31, 2022 and December 31, 2021, respectively), secured by substantially all property and equipment. Loan matures March 20, 2026.
$16,000,000 $16,902,473 
Less current maturities(4,000,000)(2,902,473)
Less debt issuance costs, net of amortization of $16,678 and $15,458 as of March 31, 2022 and December 31, 2021, respectively
(7,322)(8,542)
Total long-term debt$11,992,678 $13,991,458 
The Company entered into an agreement as of December 14, 2021 with CoBank to amend and restate its Credit Agreement, which includes both the revolving term and seasonal loans. Under the terms and conditions of the Credit Agreement, CoBank agreed to make advances to the Company for up to $18,000,000 on the revolving term loan with a variable effective interest rate of 2.90%. The amount available for borrowing on the revolving term loan will decrease by $2,000,000 every six months starting March 20, 2022 until the loan's maturity date of March 20, 2026. The Company pays a 0.40% annual commitment fee on any funds not borrowed. The debt issuance costs of $24,000 paid by the Company will be amortized over the term of loan. The principal balance outstanding on the revolving term loan was $16,000,000 and $16,902,473 as of March 31, 2022 and December 31, 2021, respectively. There were no remaining commitments available to borrow on the revolving term loan as of March 31, 2022.
Under this agreement, the Company is subject to compliance with standard financial covenants and the maintenance of certain financial ratios. The Company was in compliance with all covenants and conditions with CoBank as of March 31, 2022.
The following are minimum principal payments on long-term debt obligations for the twelve-month periods ended March 31:
2023$4,000,000 
20244,000,000 
20254,000,000 
20264,000,000 
  
Total$16,000,000