Annual report pursuant to Section 13 and 15(d)

DEBT (Tables)

v3.22.0.1
DEBT (Tables)
12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Debt
The following is a summary of debt facilities and balances as of December 31, 2021 and 2020:
Total Commitment
 or Original Principal
Quarterly Principal Payments December 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 $ 27,000,000  4.11  % $ —  —  %
Crimson Term Loan 80,000,000  2,000,000  2/4/2024 74,000,000  4.10  % —  —  %
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 $ 219,050,000  $ 118,050,000 
Less:
Unamortized deferred financing costs on 5.875% Convertible Senior Notes
$ 301,859  $ 385,131 
Unamortized discount on 5.875% Convertible Senior Notes
2,082,311  2,656,739 
Unamortized deferred financing costs on Crimson Secured Credit Facility(3)
1,275,244  — 
Long-term debt, net of deferred financing costs $ 215,390,586  $ 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 21 ("Subsequent Events"). Refer to "CorEnergy Credit Facilities" section below.
(2) The Omega Line of Credit was terminated on February 4, 2021 in connection with the Crimson Transaction described in Note 21 ("Subsequent Events"). Refer to "Mowood/Omega Revolver" section below.
(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 years ended December 31, 2021, 2020 and 2019 is as follows:
Deferred Financing Cost Amortization Expense (1)(2)
For the Years Ended December 31,
2021 2020 2019
Crimson Credit Facility $ 899,304  $ —  $ — 
CorEnergy Credit Facility 47,879  574,541  574,542 
Amended Pinedale Term Credit Facility —  26,410  52,821 
Total Deferred Debt Cost Amortization $ 947,183  $ 600,951  $ 627,363 
(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 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, 2021 under the Crimson Credit Facility are as follows:
Year Crimson Term Loan Crimson Revolver Total
2022 8,000,000  —  8,000,000 
2023 8,000,000  —  8,000,000 
2024 58,000,000  27,000,000  85,000,000 
2025 —  —  — 
Thereafter —  —  — 
Total Remaining Contractual Payments $ 74,000,000  $ 27,000,000  $ 101,000,000 
Summary of Convertible Note Interest Expense
The following is a summary of the impact of Convertible Notes on interest expense for the years ended December 31, 2021, 2020 and 2019:
Convertible Note Interest Expense
For the Years Ended December 31,
2021 2020 2019
7.00% Convertible Notes:
Interest Expense $ —  $ 55,331  $ 3,354,178 
Discount Amortization —  6,682  320,821 
Deferred Debt Issuance Cost Amortization —  1,140  21,004 
Total 7.00% Convertible Notes
$ —  $ 63,153  $ 3,696,003 
5.875% Convertible Notes:
Interest Expense $ 6,935,438  $ 6,972,988  $ 2,722,083 
Discount Amortization 574,428  577,539  225,458 
Deferred Debt Issuance Amortization 83,272  83,723  31,493 
Total 5.875% Convertible Notes
$ 7,593,138  $ 7,634,250  $ 2,979,034 
Total Convertible Note Interest $ 7,593,138  $ 7,697,403  $ 6,675,037