|6 Months Ended|
Jun. 30, 2019
|Note 9 - Subsequent Events||
On July 30, 2019, the Company through Mid-Con Petroleum, LLC and Mid-Con Drilling, LLC (collectively the Subsidiaries), both wholly owned subsidiaries, borrowed in the aggregate $3,351,099.00 from Cornerstone Bank of Overland Park, Kansas (the Cornerstone Loans), on the following terms: 6% interest; July 24, 2025 maturity date; interest only payments for 12 months beginning August 24, 2019; and blended payments of principal and interest commencing August 24, 2020. These loans are secured by a first mortgage against the Subsidiaries Kansas assets, and the Company guaranteed repayment of the Cornerstone Loans. The net proceeds were applied to reduce the amount owing under the Companys reserve-based revolving loan facility with CrossFirst Bank to $6,650,000, and CrossFirst Bank released its security interests in the Subsidiaries Kansas assets.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef