DEBT (Tables)
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12 Months Ended |
Dec. 31, 2023 |
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| Debt Disclosure [Abstract] |
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| Schedule of Debt |
The following is a summary of debt facilities and balances as of December 31, 2023 and 2022:
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Total Commitment
or Original Principal |
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Quarterly Principal Payments(2)
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December 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 Secured Credit Facility: |
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| Crimson Revolver |
$ |
50,000,000 |
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5/3/2024 |
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$ |
50,000,000 |
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10.18 |
% |
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$ |
35,000,000 |
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8.41 |
% |
| Crimson Term Loan |
80,000,000 |
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3,000,000 |
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5/3/2024 |
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56,000,000 |
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10.20 |
% |
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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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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 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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$ |
224,050,000 |
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$ |
219,050,000 |
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| Less: |
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Unamortized deferred financing costs on 5.875% Convertible Notes |
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$ |
135,316 |
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$ |
218,587 |
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Unamortized discount on 5.875% Convertible Notes |
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933,455 |
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1,507,883 |
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Unamortized deferred financing costs on Crimson Term Loan(1)
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163,980 |
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665,547 |
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| Long-term debt, net of deferred financing costs |
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$ |
222,817,249 |
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$ |
216,657,983 |
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Debt due within one year(2)
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$ |
224,050,000 |
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$ |
10,000,000 |
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| (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. |
(2) Debt due within one year from December 31, 2023 includes $118.1 million of Convertible Notes due to a default subsequent to year end. |
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| Schedule of Maturities of Long-term Debt |
The remaining contractual principal payments as of December 31, 2023 are as follows:
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| Year |
Crimson Term Loan |
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Crimson Revolver |
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5.875% Convertible Notes(1)
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Total |
| 2024 |
56,000,000 |
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50,000,000 |
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— |
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106,000,000 |
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| 2025 |
— |
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— |
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118,050,000 |
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118,050,000 |
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| Total Remaining Contractual Payments |
$ |
56,000,000 |
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$ |
50,000,000 |
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$ |
118,050,000 |
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$ |
224,050,000 |
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| (1) As of the bankruptcy filing date of February 25, 2024, the Convertible Notes are in default and callable. |
Crimson Credit Facility Interest Expense
A summary of the Crimson Credit Facility interest expense and deferred debt cost amortization expense for the years ended December 31, 2023, 2022 and 2021 is as follows:
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| Crimson Credit Facility Interest Expense |
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For the Years Ended December 31, |
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2023 |
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2022 |
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2021 |
| Interest Expense |
$ |
10,349,210 |
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$ |
5,791,386 |
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$ |
4,468,500 |
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Deferred Debt Cost Amortization Expense(1)(2)
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814,867 |
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990,540 |
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899,304 |
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| Less: Capitalized Interest |
669,994 |
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446,625 |
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344,446 |
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| Total Crimson Credit Facility Interest Expense |
$ |
10,494,083 |
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$ |
6,335,301 |
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$ |
5,023,358 |
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| (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 Notes Interest Expense table below. |
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| Summary of Convertible Note Interest Expense |
A summary of the Convertible Notes interest expense, discount amortization, and deferred debt issuance amortization expense for the years ended December 31, 2023, 2022 and 2021 is as follows:
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| Convertible Note Interest Expense |
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For the Years Ended December 31, |
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2023 |
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2022 |
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2021 |
5.875% Convertible Notes: |
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| Interest Expense |
$ |
6,935,438 |
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$ |
6,935,438 |
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$ |
6,935,438 |
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| Discount Amortization |
574,428 |
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574,428 |
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574,428 |
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| Deferred Debt Issuance Amortization |
83,272 |
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83,272 |
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83,272 |
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Total 5.875% Convertible Notes Interest Expense |
$ |
7,593,138 |
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$ |
7,593,138 |
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$ |
7,593,138 |
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