DEBT (Tables)
|
12 Months Ended |
Dec. 31, 2021 |
|---|
| Debt Disclosure [Abstract] |
|
| Schedule of Debt |
The following is a summary of debt facilities and balances as of December 31, 2021 and 2020:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Commitment
or Original Principal |
|
Quarterly Principal Payments |
|
|
|
December 31, 2021 |
|
December 31, 2020 |
|
|
|
Maturity
Date |
|
Amount Outstanding |
|
Interest
Rate |
|
Amount Outstanding |
|
Interest
Rate |
| Crimson Secured Credit Facility: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Crimson Revolver |
$ |
50,000,000 |
|
|
|
|
2/4/2024 |
|
$ |
27,000,000 |
|
|
4.11 |
% |
|
$ |
— |
|
|
— |
% |
| Crimson Term Loan |
80,000,000 |
|
|
2,000,000 |
|
|
2/4/2024 |
|
74,000,000 |
|
|
4.10 |
% |
|
— |
|
|
— |
% |
| Crimson Uncommitted Incremental Credit Facility |
25,000,000 |
|
|
|
|
2/4/2024 |
|
— |
|
|
— |
% |
|
— |
|
|
— |
% |
CorEnergy Secured Credit Facility(1):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CorEnergy Revolver |
160,000,000 |
|
|
— |
|
|
7/28/2022 |
|
|
|
— |
% |
|
— |
|
|
2.89 |
% |
| MoGas Revolver |
1,000,000 |
|
|
— |
|
|
7/28/2022 |
|
— |
|
|
— |
% |
|
— |
|
|
2.89 |
% |
Omega Line of Credit(2)
|
1,500,000 |
|
|
— |
|
|
4/30/2021 |
|
— |
|
|
— |
% |
|
— |
|
|
4.14 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.875% Unsecured Convertible Senior Notes |
120,000,000 |
|
|
— |
|
|
8/15/2025 |
|
118,050,000 |
|
|
5.875 |
% |
|
118,050,000 |
|
|
5.875 |
% |
| Total Debt |
|
$ |
219,050,000 |
|
|
|
|
$ |
118,050,000 |
|
|
|
| Less: |
|
|
|
|
|
|
|
|
Unamortized deferred financing costs on 5.875% Convertible Senior Notes |
|
$ |
301,859 |
|
|
|
|
$ |
385,131 |
|
|
|
|
|
|
|
|
|
|
|
|
Unamortized discount on 5.875% Convertible Senior Notes |
|
2,082,311 |
|
|
|
|
2,656,739 |
|
|
|
Unamortized deferred financing costs on Crimson Secured Credit Facility(3)
|
|
1,275,244 |
|
|
|
|
— |
|
|
|
| Long-term debt, net of deferred financing costs |
|
$ |
215,390,586 |
|
|
|
|
$ |
115,008,130 |
|
|
|
| Debt due within one year |
|
$ |
8,000,000 |
|
|
|
|
$ |
— |
|
|
|
(1) The CorEnergy Secured Credit Facility was terminated on February 4, 2021 in connection with the Crimson Transaction described in Note 21 ("Subsequent Events"). Refer to "CorEnergy Credit Facilities" section below. |
(2) The Omega Line of Credit was terminated on February 4, 2021 in connection with the Crimson Transaction described in Note 21 ("Subsequent Events"). Refer to "Mowood/Omega Revolver" section below. |
|
| (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. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred Financing Cost Amortization Expense (1)(2)
|
|
For the Years Ended December 31, |
|
2021 |
|
2020 |
|
2019 |
| Crimson Credit Facility |
$ |
899,304 |
|
|
$ |
— |
|
|
$ |
— |
|
| CorEnergy Credit Facility |
47,879 |
|
|
574,541 |
|
|
574,542 |
|
| Amended Pinedale Term Credit Facility |
— |
|
|
26,410 |
|
|
52,821 |
|
| Total Deferred Debt Cost Amortization |
$ |
947,183 |
|
|
$ |
600,951 |
|
|
$ |
627,363 |
|
| (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 costs amortization relating to the Convertible Notes included in the Consolidated Statements of Operations, refer to the Convertible Note Interest Expense table below. |
|
| Schedule of Maturities of Long-term Debt |
The remaining contractual principal payments as of December 31, 2021 under the Crimson Credit Facility are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year |
|
Crimson Term Loan |
|
Crimson Revolver |
|
Total |
|
|
|
|
|
|
|
| 2022 |
|
8,000,000 |
|
|
— |
|
|
8,000,000 |
|
| 2023 |
|
8,000,000 |
|
|
— |
|
|
8,000,000 |
|
| 2024 |
|
58,000,000 |
|
|
27,000,000 |
|
|
85,000,000 |
|
| 2025 |
|
— |
|
|
— |
|
|
— |
|
| Thereafter |
|
— |
|
|
— |
|
|
— |
|
| Total Remaining Contractual Payments |
|
$ |
74,000,000 |
|
|
$ |
27,000,000 |
|
|
$ |
101,000,000 |
|
|
| Summary of Convertible Note Interest Expense |
The following is a summary of the impact of Convertible Notes on interest expense for the years ended December 31, 2021, 2020 and 2019:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Convertible Note Interest Expense |
|
For the Years Ended December 31, |
|
2021 |
|
2020 |
|
2019 |
7.00% Convertible Notes: |
|
|
|
|
|
| Interest Expense |
$ |
— |
|
|
$ |
55,331 |
|
|
$ |
3,354,178 |
|
| Discount Amortization |
— |
|
|
6,682 |
|
|
320,821 |
|
| Deferred Debt Issuance Cost Amortization |
— |
|
|
1,140 |
|
|
21,004 |
|
Total 7.00% Convertible Notes |
$ |
— |
|
|
$ |
63,153 |
|
|
$ |
3,696,003 |
|
|
|
|
|
|
|
5.875% Convertible Notes: |
|
|
|
|
|
| Interest Expense |
$ |
6,935,438 |
|
|
$ |
6,972,988 |
|
|
$ |
2,722,083 |
|
| Discount Amortization |
574,428 |
|
|
577,539 |
|
|
225,458 |
|
| Deferred Debt Issuance Amortization |
83,272 |
|
|
83,723 |
|
|
31,493 |
|
Total 5.875% Convertible Notes |
$ |
7,593,138 |
|
|
$ |
7,634,250 |
|
|
$ |
2,979,034 |
|
| Total Convertible Note Interest |
$ |
7,593,138 |
|
|
$ |
7,697,403 |
|
|
$ |
6,675,037 |
|
|