Long-Term Debt (Tables)
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9 Months Ended |
12 Months Ended |
Sep. 30, 2021 |
Dec. 31, 2020 |
| Long-Term Debt |
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| Schedule of rollforward the long-term debt balances |
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LTD-A |
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LTD-B |
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LTD-C |
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LTD-D |
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LTD-E |
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Totals |
Balance at December 31, 2019 |
|
$ |
1,516,598 |
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$ |
— |
|
$ |
15,000,000 |
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$ |
— |
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$ |
— |
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$ |
16,516,598 |
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Issued in 2020 |
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— |
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— |
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— |
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40,000,000 |
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|
180,000 |
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|
40,180,000 |
Principal Payments in 2020 |
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|
(1,516,598) |
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|
— |
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— |
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— |
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(43,911) |
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(1,560,509) |
Balance at December 31 , 2020 |
|
$ |
— |
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$ |
— |
|
$ |
15,000,000 |
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$ |
40,000,000 |
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$ |
136,089 |
|
$ |
55,136,089 |
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Issued in 2021 |
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— |
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— |
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— |
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12,750,000 |
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— |
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12,750,000 |
Principal Payments in 2021 |
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— |
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— |
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— |
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— |
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(67,216) |
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(67,216) |
Balance at September 30, 2021 |
|
$ |
— |
|
$ |
— |
|
$ |
15,000,000 |
|
$ |
52,750,000 |
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$ |
68,873 |
|
$ |
67,818,873 |
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LTD-A |
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LTD-B |
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LTD-C |
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LTD-D |
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LTD-E |
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Totals |
Balance at December 31, 2018 |
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$ |
— |
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$ |
3,764,270 |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
3,764,245 |
Issued in 2019 |
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|
16,164,914 |
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— |
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— |
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— |
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— |
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|
16,164,914 |
Principal Payments in 2019 |
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|
(14,648,316) |
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— |
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— |
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— |
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— |
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(14,648,316) |
Conversion from (to) Class A Equity Units |
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— |
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(3,764,270) |
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15,000,000 |
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— |
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— |
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11,235,755 |
Balance at December 31, 2019 |
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|
1,516,598 |
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— |
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|
15,000,000 |
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— |
|
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— |
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16,516,598 |
Issued in 2020 |
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— |
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— |
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— |
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40,000,000 |
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|
180,000 |
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|
40,180,000 |
Principal Payments in 2020 |
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(1,516,598) |
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— |
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— |
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— |
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|
(43,911) |
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|
(1,560,509) |
Balance at December 31 , 2020 |
|
$ |
— |
|
$ |
— |
|
$ |
15,000,000 |
|
$ |
40,000,000 |
|
$ |
136,089 |
|
$ |
55,136,089 |
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| Schedule of long tern debt fiscal maturity disclosures |
Beginning on September 30, 2021 and for the full years presented below thereafter, the Company’s annual, minimum payments due under debt obligations were as follows:
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Interest |
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Total Remaining |
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Principal |
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PIK |
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Total Payments* |
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Cash Payments |
2021 |
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$ |
30,508 |
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$ |
1,056,761 |
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$ |
3,241,713 |
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$ |
2,215,459 |
2022 |
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38,365 |
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4,414,502 |
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8,878,819 |
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4,502,683 |
2023 |
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15,000,000 |
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4,734,115 |
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14,669,197 |
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29,991,066 |
2024 |
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— |
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2,448,480 |
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7,230,729 |
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4,782,249 |
2025 |
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52,750,000 |
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2,336,432 |
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14,093,910 |
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69,180,343 |
Total |
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$ |
67,818,873 |
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$ |
14,990,290 |
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$ |
48,114,368 |
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$ |
110,671,800 |
*Total Interest Payments Remaining Cash and Non-Cash (PIK)
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As of December 31, for the years presented below, the Company’s annual, minimum payments due under debt obligations were as follows:
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Total Principal |
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Principal |
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PIK |
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Total Payments* |
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and Interest |
2021 |
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$ |
67,764 |
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$ |
1,937,084 |
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$ |
2,004,848 |
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$ |
3,323,948 |
2022 |
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|
46,101 |
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1,767,400 |
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1,813,501 |
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3,458,485 |
2023 |
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|
15,000,000 |
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1,800,474 |
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16,800,474 |
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13,973,270 |
2024 |
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— |
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1,880,100 |
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1,880,100 |
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3,760,200 |
2025 |
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40,000,000 |
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1,952,548 |
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41,952,548 |
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|
3,905,096 |
TOTAL |
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$ |
55,113,865 |
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$ |
9,337,606 |
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$ |
64,451,471 |
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$ |
28,420,999 |
* |
Total Payments Cash and Non-Cash (PIK) |
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| Schedule of total payments cash and non-Cash of interest |
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Unaudited |
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September 30, 2021 |
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December 31, 2020 |
Total Principal |
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$ |
67,818,873 |
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$ |
55,136,089 |
Less: Current Portion of Long-Term Debt |
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(68,873) |
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|
(89,988) |
Less: Loan Origination Fees |
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(3,757,969) |
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(3,566,718) |
Add: Accum. Amortizaton of Loan Origination Fees |
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|
606,020 |
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|
80,237 |
Less: Discount for Issuance of Class D Warrants |
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(6,316,605) |
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(6,316,605) |
Add: Accum. Amortization of Class D Warrants |
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|
1,076,929 |
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|
144,972 |
Long Term Debt |
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$ |
59,358,375 |
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$ |
45,387,986 |
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Total Principal |
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$ |
55,136,089 |
Less: Current Portion of Long-Term Debt |
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|
(89,988) |
Less: Loan Origination Fees |
|
|
(3,566,718) |
Add: Accum. Amortizaton of Loan Origination Fees |
|
|
80,237 |
Less: Discount for Issuance of Class D Warrants |
|
|
(6,316,605) |
Add: Accum. Amortization of Class D Warrants |
|
|
144,971 |
March 31, 2021 Long Term Debt |
|
$ |
45,387,986 |
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