Debt (Tables)

6 Months Ended

Jun. 30, 2019



	June 30, 2019			December 31, 2018
Norwegian Bond Debt	$	192,000,000		$	196,000,000
Debt discount and debt issuance costs - Norwegian Bond Debt	(4,848,099		)	(5,530,845		)
Less: Current Portion - Norwegian Bond Debt	(8,000,000		)	(8,000,000		)
Norwegian Bond Debt, net of debt discount and debt issuance costs	179,151,901			182,469,155
New Ultraco Debt Facility	148,391,329			—
Debt issuance costs - New Ultraco Debt Facility	(3,121,908		)	—
Less: Current Portion - New Ultraco Debt Facility	(21,679,587		)	—
New Ultraco Debt Facility, net of debt discount and debt issuance costs	123,589,834			—
New First Lien Facility	—			60,000,000
Debt discount and debt issuance costs - New First Lien Facility	—			(1,060,693		)
Less: Current Portion - New First Lien Facility	—			(10,750,000		)
New First Lien Facility, net of debt discount and debt issuance costs	—			48,189,307
Original Ultraco Debt Facility	—			82,600,000
Debt discount and debt issuance costs - Original Ultraco Debt Facility	—			(1,248,885		)
Less: Current portion - Original Ultraco Debt Facility	—			(10,426,230		)
Original Ultraco Debt Facility, net of debt discount and debt issuance costs	—			70,924,885
Total long-term debt	$	302,741,735		$	301,583,347

Schedule of Debt Instrument Redemption

The Issuer may redeem some or all of the outstanding Bonds at any time on or after the Interest Payment Date in May 2020 (the “First Call Date”), at the following redemption prices (expressed as a percentage of the nominal amount), plus accrued interest on the redeemed amount, on any business day from and including:



Period	Redemption Price
First Call Date to, but not including, the Interest Payment Date in November 2020	104.125	%
Interest Payment Date in November 2020 to but not including, the Interest Payment Date in May 2021	103.3	%
Interest Payment Date in May 2021 to, but not including, the Interest Payment Date in November 2021	102.475	%
Interest Payment Date in November 2021 to, but not including, the Interest Payment Date in May 2022	101.65	%
Interest Payment Date in May 2022 to, but not including, the Maturity Date	100.0	%

Schedule Of Interest Expense

The following table summarizes the Company’s total interest expense for:



	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
New First Lien Facility interest	$	—	$	859,229	$	293,545	$	1,676,193
New Ultraco Debt Facility interest	1,882,295		—		3,340,865		—
Norwegian Bond Debt interest	4,013,167		4,079,166		8,055,667		8,204,167
Original Ultraco Debt Facility interest	—		938,026		362,257		1,737,701
Amortization of debt discount and debt issuance costs	625,213		480,257		1,128,929		970,352
Commitment fees on revolving credit facilities	212,481		30,333		313,896		59,667
Total Interest Expense	$	6,733,156	$	6,387,011	$	13,495,159	$	12,648,080

Schedule of Debt Maturities

The following table presents the scheduled maturities of principal amounts of our debt obligations, excluding the impact of any future vessel sales, for the next five years.



	Norwegian Bond Debt		New Ultraco Debt Facility		Total
Six months ending December 31, 2019	$	4,000,000	$	10,097,342	$	14,097,342
2020	8,000,000		24,649,394		32,649,394
2021	8,000,000		26,134,297		34,134,297
2022	172,000,000		26,134,297		198,134,297
2023	—		26,134,297		26,134,297
Thereafter	—		35,241,702		35,241,702
	$	192,000,000	$	148,391,329	$	340,391,329