Quarterly report pursuant to Section 13 or 15(d)

Long-Term Debt (Tables)

v3.22.2.2
Long-Term Debt (Tables)
6 Months Ended
Jun. 30, 2022
Debt Instrument [Line Items]  
Schedule of future minimum payments related to long-term debt

As of June 30, 2022, future minimum payments related to long-term debt is as follows for the years ended December 31:

2022

    

$

675,000

2023

 

 

550,000

2024

 

 

1,100,000

2025

 

 

1,100,473

2026

 

 

1,100,473

Thereafter

 

17,749,054

Total

 

22,275,000

Less current portion

 

(550,000)

Less deferred financing costs

 

(2,038,438)

Long-term debt, net

$

19,686,562

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 Six Months 

Ended

 

Ended

June 30, 

 

June 30, 

    

2022

    

2021

    

2022

    

2021

Interest expense – East West Bank

$

10,213

$

9,216

$

19,818

$

18,403

Amortization of deferred financing costs

 

33,434

 

12,944

 

67,331

 

25,888

Total interest expense and amortization of deferred financing costs

$

43,647

$

22,160

$

87,149

$

44,291

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 Six Months

 Ended 

 

 Ended 

June 30,

June 30,

    

2022

    

2021

2022

    

2021

Interest expense – SilverPeak

$

$

517,453

$

$

1,025,956

Interest expense - Lafayette Square

 

489,330

 

 

976,830

 

Amortization of deferred financing costs -SilverPeak

 

 

71,685

 

 

143,370

Amortization of deferred financing costs – Lafayette Square

 

115,383

 

 

233,774

 

Total interest expense and amortization of deferred financing costs

$

604,713

$

589,138

$

1,210,604

$

1,169,326