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 |
|