Long-Term Debt (Tables)
|
9 Months Ended |
Sep. 30, 2022 |
|---|
| Debt Instrument [Line Items] |
|
| Schedule of future minimum payments related to long-term debt |
As of September 30, 2022, future minimum payments related to long-term debt are as follows for the years ended December 31:
|
|
|
|
2022 |
|
$ |
163,750 |
2023 |
|
|
655,000 |
2024 |
|
|
1,310,000 |
2025 |
|
|
1,310,473 |
2026 |
|
|
1,310,473 |
Thereafter |
|
|
21,247,804 |
Total |
|
|
25,997,500 |
Less current portion |
|
|
(655,000) |
Less deferred financing costs |
|
|
(2,250,171) |
Long-term debt, net |
|
$ |
23,092,329 |
|
| East West Bank |
|
| Debt Instrument [Line Items] |
|
| Schedule of components of interest expense and related fees for the lines of credit |
The components of interest expense and related fees for the lines of credit are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months |
|
For the Nine Months |
|
|
|
Ended |
|
Ended |
|
|
|
September 30, |
|
September 30, |
|
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
Interest expense – East West Bank |
|
$ |
3,573 |
|
$ |
9,965 |
|
$ |
23,391 |
|
$ |
28,368 |
|
Amortization of deferred financing costs |
|
|
33,434 |
|
|
12,944 |
|
|
100,765 |
|
|
38,832 |
|
Total interest expense and amortization of deferred financing costs |
|
$ |
37,007 |
|
$ |
22,909 |
|
$ |
124,156 |
|
$ |
67,200 |
|
|
| SilverPeak and Lafayette Square |
|
| Debt Instrument [Line Items] |
|
| Schedule of components of interest expense and related fees for the lines of credit |
The components of interest expense and related fees for the 2020 Term Loan Facility and 2021 Credit Facility are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months |
|
For the Nine Months |
|
|
|
Ended |
|
Ended |
|
|
|
September 30, |
|
September 30, |
|
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
Interest expense – SilverPeak |
|
$ |
— |
|
$ |
483,796 |
|
$ |
— |
|
$ |
1,509,752 |
|
Interest expense – Layfaette Square |
|
|
696,818 |
|
|
— |
|
|
1,673,648 |
|
|
— |
|
Amortization of deferred financing costs – Silverpeak |
|
|
— |
|
|
71,685 |
|
|
— |
|
|
215,055 |
|
Amortization of deferred financing costs – Lafayette Square |
|
|
128,064 |
|
|
— |
|
|
362,243 |
|
|
— |
|
Total interest expense and amortization of deferred financing costs |
|
$ |
824,882 |
|
$ |
555,481 |
|
$ |
2,035,891 |
|
$ |
1,724,807 |
|
|