| Schedule of Long-term Liabilities |
Long-term liabilities consisted of the following at:
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
|
December 31, |
|
|
|
2022 |
|
|
2021 |
|
Fortress credit agreement |
|
$ |
59,550,000 |
|
|
$ |
60,000,000 |
|
Insurance notes payable |
|
|
— |
|
|
|
500,369 |
|
Long-term debt and liabilities, gross |
|
|
59,550,000 |
|
|
|
60,500,369 |
|
Less: Unamortized debt issuance costs |
|
|
(6,155,140 |
) |
|
|
(7,256,190 |
) |
Long-term debt and liabilities, net of debt issuance costs |
|
|
53,394,860 |
|
|
|
53,244,179 |
|
Less: Current portion of long-term debt |
|
|
(600,000 |
) |
|
|
(1,100,369 |
) |
Long-term debt and liabilities, net |
|
$ |
52,794,860 |
|
|
$ |
52,143,810 |
|
|
| Schedule of Minimum Future Maturities of Long-term Liabilities |
As of September 30, 2022, minimum future maturities of our long-term liabilities are as follows (the excess cash flow sweep mechanism in the Fortress Credit Agreement may increase repayments in 2023 through 2026):
|
|
|
|
|
|
|
Total |
|
For the remaining three months ending December 31, 2022 |
|
$ |
150,000 |
|
Years ending December 31, |
|
|
|
2023 |
|
|
600,000 |
|
2024 |
|
|
600,000 |
|
2025 |
|
|
600,000 |
|
2026 |
|
|
57,600,000 |
|
Long-term liabilities, gross |
|
$ |
59,550,000 |
|
|