| Schedule of Debt |
The following is a summary of the Company's debt facilities and balances as of March 31, 2023 and December 31, 2022:
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Total Commitment
or Original Principal |
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Quarterly Principal Payments(2)
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March 31, 2023 |
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December 31, 2022 |
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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 Credit Facility: |
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| Crimson Revolver |
$ |
50,000,000 |
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$ |
— |
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5/3/2024 |
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$ |
38,000,000 |
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9.39 |
% |
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$ |
35,000,000 |
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8.41 |
% |
| Crimson Term Loan |
80,000,000 |
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2,000,000 |
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5/3/2024 |
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64,000,000 |
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9.30 |
% |
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66,000,000 |
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8.22 |
% |
| Crimson Uncommitted Incremental Credit Facility |
25,000,000 |
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— |
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5/3/2024 |
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— |
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— |
% |
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— |
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— |
% |
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5.875% 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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$ |
220,050,000 |
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$ |
219,050,000 |
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| Less: |
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Unamortized deferred financing costs on 5.875% Convertible Senior Notes |
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$ |
197,769 |
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$ |
218,587 |
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Unamortized discount on 5.875% Convertible Senior Notes |
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1,364,276 |
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1,507,883 |
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Unamortized deferred financing costs on Crimson Term Loan(1)
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513,123 |
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665,547 |
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| Total Debt, net of deferred financing costs |
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$ |
217,974,832 |
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$ |
216,657,983 |
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| Debt due within one year |
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$ |
11,000,000 |
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$ |
10,000,000 |
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| (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 $3.0 million beginning with the payment due September 30, 2023. |
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| Schedule of Contractual Payments |
The remaining contractual principal payments as of March 31, 2023 under the Crimson Credit Facility are as follows:
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| Year |
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Crimson Term Loan |
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Crimson Revolver |
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Total |
| 2023 |
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$ |
8,000,000 |
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$ |
— |
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$ |
8,000,000 |
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| 2024 |
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56,000,000 |
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38,000,000 |
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94,000,000 |
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| Total Remaining Contractual Payments |
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$ |
64,000,000 |
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$ |
38,000,000 |
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$ |
102,000,000 |
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| Schedule of Convertible Note 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:
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| Convertible Note Interest Expense |
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For the Three Months Ended |
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March 31, 2023 |
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March 31, 2022 |
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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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| Discount Amortization |
143,607 |
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143,607 |
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| Deferred Debt Issuance Amortization |
20,818 |
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20,818 |
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Total 5.875% Convertible Note Interest Expense |
$ |
1,898,284 |
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$ |
1,898,284 |
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