| Schedule of Debt |
The following is a summary of the Company's debt facilities and balances as of September 30, 2021 and December 31, 2020:
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Total Commitment
or Original Principal |
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Quarterly Principal Payments |
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September 30, 2021 |
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December 31, 2020 |
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Maturity
Date |
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Amount Outstanding |
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Interest
Rate |
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Amount Outstanding |
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Interest
Rate |
| Crimson Secured Credit Facility: |
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| Crimson Revolver |
$ |
50,000,000 |
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$ |
— |
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2/4/2024 |
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$ |
28,000,000 |
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4.08 |
% |
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$ |
— |
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— |
% |
| Crimson Term Loan |
80,000,000 |
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2,000,000 |
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2/4/2024 |
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76,000,000 |
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4.08 |
% |
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— |
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— |
% |
| Crimson Uncommitted Incremental Credit Facility |
25,000,000 |
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— |
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2/4/2024 |
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— |
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— |
% |
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— |
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— |
% |
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CorEnergy Secured Credit Facility (1):
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| CorEnergy Revolver |
160,000,000 |
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— |
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7/28/2022 |
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— |
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— |
% |
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— |
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2.89 |
% |
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| MoGas Revolver |
1,000,000 |
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— |
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7/28/2022 |
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— |
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— |
% |
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— |
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2.89 |
% |
Omega Line of Credit (2)
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1,500,000 |
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— |
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4/30/2021 |
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— |
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— |
% |
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— |
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4.14 |
% |
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5.875% Unsecured Convertible Senior Notes |
120,000,000 |
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— |
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8/15/2025 |
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118,050,000 |
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5.875 |
% |
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118,050,000 |
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5.875 |
% |
| Total Debt |
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$ |
222,050,000 |
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$ |
118,050,000 |
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| Less: |
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Unamortized deferred financing costs on 5.875% Convertible Senior Notes |
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$ |
322,678 |
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$ |
385,131 |
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Unamortized discount on 5.875% Convertible Senior Notes |
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2,225,918 |
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2,656,739 |
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Unamortized deferred financing costs on Crimson Secured Credit Facility (3)
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1,427,667 |
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— |
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| Total Debt, net of deferred financing costs |
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$ |
218,073,737 |
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$ |
115,008,130 |
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| Debt due within one year |
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$ |
8,000,000 |
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$ |
— |
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(1) The CorEnergy Secured Credit Facility was terminated on February 4, 2021 in connection with the Crimson Transaction described in Note 3 ("Acquisitions"). |
(2) The Omega Line of Credit was terminated on February 4, 2021 in connection with the Crimson Transaction described in Note 3 ("Acquisitions"). |
| (3) Unamortized deferred financing costs related to the Company's revolving credit facilities are included in Deferred Costs in the Assets section of the Consolidated Balance Sheets. Refer to the "Deferred Financing Costs" paragraph below. |
A summary of deferred financing cost amortization expenses for the three and nine months ended September 30, 2021 and 2020 is as follows:
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For the Three Months Ended |
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For the Nine Months Ended |
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September 30, 2021 |
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September 30, 2020 |
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September 30, 2021 |
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September 30, 2020 |
| Crimson Credit Facility |
$ |
247,635 |
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$ |
— |
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$ |
651,669 |
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$ |
— |
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| CorEnergy Credit Facility |
— |
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143,636 |
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$ |
47,879 |
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$ |
430,906 |
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| Amended Pinedale Term Credit Facility |
— |
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— |
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— |
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26,410 |
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Total Deferred Debt Cost Amortization Expense (1)(2)
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$ |
247,635 |
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$ |
143,636 |
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$ |
699,548 |
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$ |
457,316 |
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| (1) Amortization of deferred debt issuance costs is included in interest expense in the Consolidated Statements of Operations. |
| (2) For the amount of deferred debt cost amortization relating to the convertible notes included in the Consolidated Statements of Operations, refer to the Convertible Note Interest Expense table below. |
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| Contractual Payments |
The remaining contractual principal payments as of September 30, 2021 under the Crimson Credit Facility are as follows:
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| Year |
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Crimson Term Loan |
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Crimson Revolver |
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Total |
| 2021 |
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$ |
2,000,000 |
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$ |
— |
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$ |
2,000,000 |
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| 2022 |
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8,000,000 |
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— |
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8,000,000 |
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| 2023 |
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8,000,000 |
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— |
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8,000,000 |
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| 2024 |
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58,000,000 |
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28,000,000 |
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86,000,000 |
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| 2025 |
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— |
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— |
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— |
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| Thereafter |
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— |
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— |
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— |
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| Total Remaining Contractual Payments |
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$ |
76,000,000 |
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$ |
28,000,000 |
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$ |
104,000,000 |
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| Convertible Note Interest Expense |
The following is a summary of the impact of convertible notes on interest expense for the three and nine months ended September 30, 2021 and 2020:
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| Convertible Note Interest Expense |
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For the Three Months Ended |
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For the Nine Months Ended |
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September 30, 2021 |
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September 30, 2020 |
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September 30, 2021 |
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September 30, 2020 |
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7.00% Convertible Notes:
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| Interest Expense |
$ |
— |
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$ |
— |
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$ |
— |
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$ |
55,331 |
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| Discount Amortization |
— |
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— |
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— |
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6,681 |
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| Deferred Debt Issuance Amortization |
— |
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— |
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— |
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1,141 |
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Total 7.00% Convertible Notes |
$ |
— |
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$ |
— |
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$ |
— |
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$ |
63,153 |
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5.875% Convertible Notes: |
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| Interest Expense |
$ |
1,733,859 |
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$ |
1,733,859 |
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$ |
5,201,577 |
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$ |
5,239,129 |
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| Discount Amortization |
143,607 |
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143,607 |
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430,821 |
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433,932 |
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| Deferred Debt Issuance Amortization |
20,818 |
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20,818 |
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62,454 |
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62,905 |
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Total 5.875% Convertible Notes |
$ |
1,898,284 |
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$ |
1,898,284 |
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$ |
5,694,852 |
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$ |
5,735,966 |
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| Total Convertible Note Interest Expense |
$ |
1,898,284 |
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$ |
1,898,284 |
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$ |
5,694,852 |
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$ |
5,799,119 |
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