Quarterly report pursuant to Section 13 or 15(d)

Debt (Tables)

v3.21.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Debt
The following is a summary of the Company's debt facilities and balances as of March 31, 2021 and December 31, 2020:
Total Commitment
 or Original Principal		 Quarterly Principal Payments March 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 $ 25,000,000  4.61  % $ —  —  %
Crimson Term Loan 80,000,000  2,000,000  2/4/2024 80,000,000  4.61  % —  —  %
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 $ 223,050,000  $ 118,050,000 
Less:
Unamortized deferred financing costs on 5.875% Convertible Senior Notes
 $ 364,313  $ 385,131 
Unamortized discount on 5.875% Convertible Senior Notes
 2,513,132  2,656,739 
Unamortized deferred financing costs on Crimson Secured Credit Facility (3)
1,732,515  — 
Total Debt, net of deferred financing costs $ 218,440,040  $ 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 3 ("Acquisition").
(2) The Omega Line of Credit was terminated on February 4, 2021 in connection with the Crimson Transaction described in Note 3 ("Acquisition").
(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.
A summary of deferred financing cost amortization expenses for the three months ended March 31, 2021 and 2020 is as follows:
For the Three Months Ended
March 31, 2021 March 31, 2020
Crimson Credit Facility $ 156,399  $ — 
CorEnergy Credit Facility 47,879  143,635 
Amended Pinedale Term Credit Facility —  13,205 
Total Deferred Debt Cost Amortization Expense (1)(2)
$ 204,278  $ 156,840 
(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, 2021 under the Crimson Credit Facility are as follows:
Year Crimson Term Loan Crimson Revolver Total
2021 $ 6,000,000  $ —  $ 6,000,000 
2022 8,000,000  —  8,000,000 
2023 8,000,000  —  8,000,000 
2024 58,000,000  25,000,000  83,000,000 
2025 —  —  — 
Thereafter —  —  — 
Total Remaining Contractual Payments $ 80,000,000  $ 25,000,000  $ 105,000,000 
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, 2021 and 2020:
Convertible Note Interest Expense
For the Three Months Ended
March 31, 2021 March 31, 2020
7.00% Convertible Notes:
Interest Expense $ —  $ 31,215 
Discount Amortization —  3,645 
Deferred Debt Issuance Amortization —  622 
Total 7.00% Convertible Notes
$ —  $ 35,482 
5.875% Convertible Notes:
Interest Expense $ 1,733,859  $ 1,762,500 
Discount Amortization 143,607  145,980 
Deferred Debt Issuance Amortization 20,818  21,162 
Total 5.875% Convertible Notes
 $ 1,898,284  $ 1,929,642 
Total Convertible Note Interest Expense $ 1,898,284  $ 1,965,124