Quarterly report pursuant to Section 13 or 15(d)

DEBT (Tables)

v3.23.3
DEBT (Tables)
9 Months Ended
Sep. 30, 2023
Debt  
Schedule of notes payable and long-term debt
The table below summarizes our notes payable and long-term debt at September 30, 2023 and at December 31, 2022:
 
 
 
September 30, 2023
 
 
December 31, 2022
 
 
 
 
 
 
 
 
Senior credit agreement
 
$
578,522,373
 
 
$
436,125,808
 
Fixed payment obligation
 
 
26,400,000
 
 
 
22,785,000
 
Other notes
 
 
3,361,927
 
 
 
2,441,316
 
Subtotal
 
 
608,284,300
 
 
 
461,352,124
 
 
 
 
 
 
 
 
 
 
Less: current portion of long-term debt
 
 
(181,417,368
)
 
 
(11,792,105
)
Less: unamortized debt discount and issuance costs
 
 
(49,565,544)
 
 
 
(36,071,868
)
Subtotal
 
 
377,301,388
 
 
 
413,488,151
 
 
 
 
 
 
 
 
 
 
Convertible note payable to executive officer
 
 
-   
 
 
 
1,000,000
 
 
 
 
 
 
 
 
 
 
Total
 
$
377,301,388
 
 
$
414,488,151
 
 
Schedule of debt discount related to warrants issued
During the nine months ended September 30, 2023, the Company recognized the following debt discount related to warrants issued (See Note G - Stock Options and Warrants).
 
 
Warrants issued
 
Debt discount
Tranche C
 
8,250,000
 
$
6,276,846
Tranche D
 
15,315,884
 
$
15,851,841
Schedule of minimum required payments of notes payable and long-term debt
The following table summarizes the minimum required payments of notes payable and long-term debt as of September 30, 2023:
 
Year
 
Required

Minimum Payments
 
2023
 
$
9,963,772
 
2024
 
 
171,974,125
 
2025
 
 
426,177,976
 
2026
 
 
25,374
 
2027
 
 
8,080
 
Thereafter
 
 
134,973
 
Total
 
$
608,284,300