Quarterly report pursuant to Section 13 or 15(d)

DEBT (Tables)

v3.22.1
DEBT (Tables)
 3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Debt
The following is a summary of the Company's debt facilities and balances as of March 31, 2022 and December 31, 2021:
Total Commitment
 or Original Principal		 Quarterly Principal Payments March 31, 2022 December 31, 2021
Maturity
Date		 Amount Outstanding Interest
Rate		 Amount Outstanding Interest
Rate
Crimson Secured Credit Facility:
Crimson Revolver $ 50,000,000  $ —  2/4/2024 $ 26,000,000  4.22  % $ 27,000,000  4.11  %
Crimson Term Loan 80,000,000  2,000,000  2/4/2024 72,000,000  4.21  % 74,000,000  4.10  %
Crimson Uncommitted Incremental Credit Facility 25,000,000  —  2/4/2024 —  —  % —  —  %
5.875% Unsecured Convertible Senior Notes
 120,000,000  —  8/15/2025 118,050,000  5.875  % 118,050,000  5.875  %
Total Debt $ 216,050,000  $ 219,050,000 
Less:
Unamortized deferred financing costs on 5.875% Convertible Senior Notes
 $ 281,041  $ 301,859 
Unamortized discount on 5.875% Convertible Senior Notes
 1,938,704  2,082,311 
Unamortized deferred financing costs on Crimson Secured Credit Facility (1)
1,122,819  1,275,244 
Total Debt, net of deferred financing costs $ 212,707,436  $ 215,390,586 
Debt due within one year $ 8,000,000  $ 8,000,000 
(1) 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 months ended March 31, 2022 and 2021 is as follows:
For the Three Months Ended
March 31, 2022 March 31, 2021
Crimson Credit Facility $ 247,635  $ 156,399 
CorEnergy Credit Facility —  47,879 
Total Deferred Debt Cost Amortization Expense (1)(2)
$ 247,635  $ 204,278 
(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.
Contractual Payments
The remaining contractual principal payments as of March 31, 2022 under the Crimson Credit Facility are as follows:
Year Crimson Term Loan Crimson Revolver Total
2022 $ 6,000,000  $ —  $ 6,000,000 
2023 8,000,000  —  8,000,000 
2024 58,000,000  26,000,000  84,000,000 
Total Remaining Contractual Payments $ 72,000,000  $ 26,000,000  $ 98,000,000 
Convertible Note Interest Expense
The following is a summary of the impact of convertible notes on interest expense for the three months ended March 31, 2022 and 2021:
Convertible Note Interest Expense
For the Three Months Ended
March 31, 2022 March 31, 2021
5.875% Convertible Notes:
Interest Expense $ 1,733,859  $ 1,733,859 
Discount Amortization 143,607  143,607 
Deferred Debt Issuance Amortization 20,818  20,818 
Total 5.875% Convertible Note Interest Expense
 $ 1,898,284  $ 1,898,284