2.	Notes Payable

Notes payable consists of the following (in thousands, except percentages) as of:

							September 30 ,			December 31,
	Current			Long-term			2018			2017
New Credit Facility with CoBank, ACB; variable interest rate of 6.74% at September 30, 2018, interest is quarterly, paid in arrears on the last business day of each quarter. The New Credit Facility is secured by the total assets of the subsidiary guarantors. The unpaid balance is due November 3, 2022.	$	4,350		$	72,300		$	76,650		$	85,912

Debt issuance cost		(447	)		(1,199	)		(1,646	)		(1,963	)

Notes payable, net of debt issuance cost	$	3,903		$	71,101		$	75,004		$	83,949

The Senior Loan Agreement was fully repaid on

November 2, 2017.

Associated with the Senior Loan Agreement, the Company had

$4.9

million in deferred financing cost. Amortization expense for the deferred financing cost associated with the Senior Loan Agreement was

$808

thousand for the

nine

months ended

September 30, 2017,

which is included in interest expense.

The Subordinated Loan Agreement was fully repaid on

November 2, 2017.

Associated with the Subordinated Loan Agreement, the Company had

$892

thousand in deferred financing cost. Amortization expense for the deferred financing cost associated with the Subordinated Loan Agreement was

$120

thousand for the

nine

months ended

September 30, 2017,

which is included in interest expense.

Associated with the New Credit Facility, the Company has

$2.1

million in deferred financing cost. Amortization expense for the deferred financing cost associated with the New Credit Facility was

$354

thousand for the

nine

months ended

September 30, 2018,

which is included in interest expense.

The Company had a revolving credit facility of

$5.0

million associated with the Senior Loan Agreement. There was

balance outstanding as of

September 30, 2017.

The Senior Loan Agreement was terminated on

November 2, 2017.

The Company paid a monthly fee of

0.75%

per annum on the unused portion of the revolver loan under the Senior Loan Agreement, payable in arrears. The fee expense was

$28

thousand for the

nine

months ended

September 30, 2017.

The revolving credit facility associated with the Company’s New Credit Facility had a maximum borrowing capacity of

$5.0

million on

September 30, 2018.

The revolving credit facility is available until

November 3, 2022.

There was

balance outstanding as of

September 30, 2018.

The Company pays a commitment fee of

0.50%

per annum, payable quarterly in arrears, on the unused portion of the revolver loan under the New Credit Facility. The commitment fee expense was

$19

thousand for the

nine

months ended

September 30, 2018.

Maturities of notes payable for the next

five

years, assuming

future annual excess cash flow payments, are as follows (in thousands):

2018 (remaining)	$	1,088
2019		4,350
2020		4,350
2021		4,350
2022		62,512
Total	$	76,650

A total of

$2.1

million of debt issuance cost is amortized over the life of the loan and is recorded net of the notes payable on the condensed consolidated balance sheets.

The Company made voluntary principal prepayments of

$1.0

million and

$2.0

million under the New Credit Facility on

July 31, 2018,

and

August 31, 2018,

respectively, which are reflected in the remaining balance of the notes payable total listed above.

The Company’s notes payable agreements are subject to certain financial covenants and restrictions on indebtedness, financial guarantees, business combinations and other related items. As of

September 30, 2018,

the Company was in compliance with all such covenants and restrictions.