Annual report pursuant to Section 13 and 15(d)

DEBT (Tables)

v3.23.1
DEBT (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Debt
The following is a summary of debt facilities and balances as of December 31, 2022 and 2021:
Total Commitment
 or Original Principal
Quarterly Principal Payments(2)
December 31, 2022 December 31, 2021
Maturity
Date		 Amount Outstanding Interest
Rate		 Amount Outstanding Interest
Rate
Crimson Secured Credit Facility:
Crimson Revolver $ 50,000,000  5/3/2024 $ 35,000,000  8.41  % $ 27,000,000  4.11  %
Crimson Term Loan 80,000,000  2,000,000  5/3/2024 66,000,000  8.22  % 74,000,000  4.10  %
Crimson Uncommitted Incremental Credit Facility 25,000,000  5/3/2024 —  —  % —  —  %
5.875% Unsecured Convertible Senior Notes
 120,000,000  —  8/15/2025 118,050,000  5.875  % 118,050,000  5.875  %
Total Debt $ 219,050,000  $ 219,050,000 
Less:
Unamortized deferred financing costs on 5.875% Convertible Senior Notes
 $ 218,587  $ 301,859 
Unamortized discount on 5.875% Convertible Senior Notes
 1,507,883  2,082,311 
Unamortized deferred financing costs on Crimson Term Loan(1)
665,547  1,275,244 
Long-term debt, net of deferred financing costs $ 216,657,983  $ 215,390,586 
Debt due within one year $ 10,000,000  $ 8,000,000 
(1) Unamortized deferred financing costs related to the Company's revolving credit facility are included in Deferred Costs in the Assets section of the Consolidated Balance Sheets. Refer to the "Deferred Financing Costs" paragraph below.
(2) The required quarterly principal payments will increase from $2.0 million to $3.0 million beginning with the payment due September 30, 2023.
A summary of deferred financing cost amortization expenses for the years ended December 31, 2022, 2021 and 2020 is as follows:
Deferred Financing Cost Amortization Expense (1)(2)
For the Years Ended December 31,
2022 2021 2020
Crimson Credit Facility $ 990,540  $ 899,304  $ — 
CorEnergy Credit Facility —  47,879  574,541 
Amended Pinedale Term Credit Facility —  —  26,410 
Total Deferred Debt Cost Amortization $ 990,540  $ 947,183  $ 600,951 
(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 5.875% 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, 2022 are as follows:
Year Crimson Term Loan Crimson Revolver 5.875% Convertible Notes Total
2023 10,000,000  —  —  10,000,000 
2024 56,000,000  35,000,000  —  91,000,000 
2025 —  —  118,050,000  118,050,000 
Total Remaining Contractual Payments $ 66,000,000  $ 35,000,000  $ 118,050,000  $ 219,050,000 
Summary of Convertible Note Interest Expense
The following is a summary of the impact of the Company's convertible notes on interest expense for the years ended December 31, 2022, 2021 and 2020:
Convertible Note Interest Expense
For the Years Ended December 31,
2022 2021 2020
5.875% Convertible Notes:
Interest Expense $ 6,935,438  $ 6,935,438  $ 6,972,988 
Discount Amortization 574,428  574,428  577,539 
Deferred Debt Issuance Amortization 83,272  83,272  83,723 
Total 5.875% Convertible Notes $ 7,593,138  $ 7,593,138  $ 7,634,250 
7.00% Convertible Notes:
Interest Expense $ —  $ —  $ 55,331 
Discount Amortization —  —  6,682 
Deferred Debt Issuance Cost Amortization —  —  1,140 
Total 7.00% Convertible Notes
 $ —  $ —  $ 63,153 
Total Convertible Notes $ 7,593,138  $ 7,593,138  $ 7,697,403