Debt (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt consists of the following:

	December 31, 2019		December 31, 2018
Convertible Bond Debt	$	114,120,000	$	—
Debt discount and debt issuance costs - Convertible Bond Debt	(21,316,856)		—
Convertible Bond Debt, net of debt discount and debt issuance costs	92,803,144		—
Norwegian Bond Debt	188,000,000		196,000,000
Debt discount and debt issuance costs - Norwegian Bond Debt	(4,132,690)		(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	175,867,310		182,469,155
New Ultraco Debt Facility	172,613,988		—
Debt discount and Debt issuance costs - New Ultraco Debt Facility	(3,507,824)		—
Less: Current Portion - New Ultraco Debt Facility	(27,709,394)		—
New Ultraco Debt Facility, net of debt discount and debt issuance costs	141,396,770		—
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	$	410,067,224	$	301,583,347

Schedule Of Interest Expense

Interest Expense consisted of:

	For the Years Ended
	December 31, 2019		December 31, 2018		December 31, 2017
First Lien Facility interest	$	—	$	—	$	10,305,275
Amortization of debt discount and debt issuance costs	3,783,939		1,913,651		5,927,984
Payment in kind interest on Second Lien Facility	—		—		10,098,401
Convertible Bond Debt interest	2,377,550		—		—
Original Ultraco Debt Facility interest	362,257		3,774,309		1,269,581
Norwegian Bond Debt interest	15,930,750		16,424,449		1,558,333
New Ultraco Debt Facility interest	7,172,442		—		—
New First Lien Facility interest	293,545		3,509,790		209,420
Commitment fees on revolver facilities	657,006		121,332		8,000
Total Interest Expense	$	30,577,489	$	25,743,531	$	29,376,994

Schedule of Maturities of Long-term Debt

The following table presents the scheduled maturities of principal amounts of our debt obligations for the next five years.

	Norwegian Bond Debt		New Ultraco Debt Facility		Convertible Bond Debt (1)		Total
2020	$	8,000,000	$	27,709,394	$	—	$	35,709,394
2021	8,000,000		29,194,297		—		37,194,297
2022	172,000,000		29,194,297		—		201,194,297
2023	—		29,194,297		—		29,194,297
2024	—		57,321,703		114,120,000		171,441,703
	$	188,000,000	$	172,613,988	$	114,120,000	$	474,733,988

(1) This amount represents the total amount of the Convertible Bond Debt that would be paid in cash at the election of the Company upon maturity