Quarterly report pursuant to Section 13 or 15(d)

DEBT

v3.23.1
DEBT
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
DEBT DEBT
The following is a summary of the Company's debt facilities and balances as of March 31, 2023 and December 31, 2022:
Total Commitment
 or Original Principal
Quarterly Principal Payments(2)
March 31, 2023 December 31, 2022
Maturity
Date		 Amount Outstanding Interest
Rate		 Amount Outstanding Interest
Rate
Crimson Credit Facility:
Crimson Revolver $ 50,000,000  $ —  5/3/2024 $ 38,000,000  9.39  % $ 35,000,000  8.41  %
Crimson Term Loan 80,000,000  2,000,000  5/3/2024 64,000,000  9.30  % 66,000,000  8.22  %
Crimson Uncommitted Incremental Credit Facility 25,000,000  —  5/3/2024 —  —  % —  —  %
5.875% Convertible Senior Notes
 120,000,000  —  8/15/2025 118,050,000  5.875  % 118,050,000  5.875  %
Total Debt $ 220,050,000  $ 219,050,000 
Less:
Unamortized deferred financing costs on 5.875% Convertible Senior Notes
 $ 197,769  $ 218,587 
Unamortized discount on 5.875% Convertible Senior Notes
 1,364,276  1,507,883 
Unamortized deferred financing costs on Crimson Term Loan(1)
513,123  665,547 
Total Debt, net of deferred financing costs $ 217,974,832  $ 216,657,983 
Debt due within one year $ 11,000,000  $ 10,000,000 
(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.
(2) The required quarterly principal payments will increase from $2.0 million to $3.0 million beginning with the payment due September 30, 2023.
Crimson Credit Facility Contractual Payments
The remaining contractual principal payments as of March 31, 2023 under the Crimson Credit Facility are as follows:
Year Crimson Term Loan Crimson Revolver Total
2023 $ 8,000,000  $ —  $ 8,000,000 
2024 56,000,000  38,000,000  94,000,000 
Total Remaining Contractual Payments $ 64,000,000  $ 38,000,000  $ 102,000,000 
Deferred Financing Costs
Deferred financing cost amortization expense was $254 thousand and $248 thousand during the three months ended March 31, 2023 and 2022, respectively, and is included in interest expense in the Consolidated Statements of Operations.
Convertible Debt Interest Expense
The following is a summary of the impact of the 5.875% Convertible Senior Notes on interest expense for the three months ended March 31, 2023 and 2022:
Convertible Note Interest Expense
For the Three Months Ended
March 31, 2023 March 31, 2022
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 
Including the impact of the convertible debt discount and related deferred debt issuance costs, the effective interest rate on the 5.875% Convertible Senior Notes was approximately 6.4% for both the three months ended March 31, 2023 and 2022.
Note Payable
During the fourth quarter of 2022, the Company entered into a short-term financing agreement in order to fund corporate insurance needs. As of March 31, 2023 and December 31, 2022, the outstanding balance on the note payable was $2.2 million and $3.5 million, respectively. The note bears interest at 5.7% with monthly payments due until September 2023.