LINE OF CREDIT AND LONG-TERM DEBT

On April 24, 2020, (a) Encina Business Credit, LLC (“EBC”) and the lenders under our Revolving Credit Agreement with EBC (the “EBC Lenders”), and Vertex Operating, entered into a Fourth Amendment and Limited Waiver to Credit Agreement, effective on April 24, 2020, pursuant to which the EBC Lenders agreed to amend the EBC Credit Agreement; and (b) the EBC Lenders and Vertex Operating entered into a Fourth Amendment and Limited Waiver to ABL Credit Agreement, effective on April 24, 2020, pursuant to which the EBC Lenders agreed to amend the Revolving Credit Agreement (collectively, the “Waivers”). The Waivers amended the credit agreements to extend the due date of amounts owed thereunder from February 1, 2021 to February 1, 2022. This is consider a debt extinguishment per ASC 470-50; however, this results in no gain or loss recognition in earnings on the consolidated statements of operations at March 31, 2020.

Insurance Premiums

The Company financed insurance premiums through various financial institutions bearing interest rates from 4.00% to 4.90% per annum. All such premium finance agreements have maturities of less than one year and have a balance of $291,293 at March 31, 2020 and $1,165,172 at December 31, 2019.

The Company's outstanding debt facilities as of March 31, 2020 and December 31, 2019 are summarized as follows:



Creditor	Loan Type	Origination Date	Maturity Date	Loan Amount		Balance on March 31, 2020		Balance on December 31, 2019
Encina Business Credit, LLC	Term Loan	February 1, 2017	February 1, 2021	$	20,000,000	$	6,108,000	$	13,333,000
Encina Business Credit SPV, LLC	Revolving Note	February 1, 2017	February 1, 2021	$	10,000,000	—		3,276,230
Wells Fargo Equipment Lease-Ohio	Finance Lease	April-May, 2019	April-May, 2024	$	621,000	523,098		551,260
Tetra Capital Lease	Finance Lease	May, 2018	May, 2022	$	419,690	241,645		264,014
Well Fargo Equipment Lease-VRM LA	Finance Lease	March, 2018	March, 2021	$	30,408	9,753		12,341
Various institutions	Insurance premiums financed	Various	< 1 year	$	2,902,428	291,293		1,165,172
Total						7,173,789		18,602,017
Deferred finance costs, net						—		(47,826		)
Total, net of deferred finance costs						$	7,173,789	$	18,554,191

Future contractual maturities of notes payable as of March 31, 2020 are summarized as follows:



Creditor	Year 1		Year 2		Year 3		Year 4		Year 5		Thereafter
Encina Business Credit, LLC	$	900,000	$	5,208,000	$	—	$	—	$	—	$	—
Encina Business Credit SPV, LLC	—		—		—		—		—		—
Well Fargo Equipment Lease- Ohio	116,031		122,458		128,908		135,698		20,003
Tetra Capital Lease	93,336		99,832		48,477		—		—		—
Well Fargo Equipment Lease- VRM LA	9,753		—		—		—		—		—
Various institutions	291,293		—		—		—		—		—
Totals	1,410,413		5,430,290		177,385		135,698		20,003		—
Deferred finance costs, net	—		—		—		—		—		—
Totals, net of deferred finance costs	$	1,410,413	$	5,430,290	$	177,385	$	135,698	$	20,003	$	—