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CREDIT FACILITY (Tables) - Senior Secured Revolving Credit Agreement
12 Months Ended
Dec. 31, 2022
CREDIT FACILITY  
Schedule of credit facility net of prepaid loan structure fees

    

December 31, 2022

December 31, 2021

Credit Facility payable

$

199,200,425

$

177,340,000

Prepaid loan structure fees

 

(1,515,144)

 

(1,888,884)

Credit Facility payable, net of prepaid loan structure fees

$

197,685,281

$

175,451,116

Schedule of interest expense and amortized loan fees

For the year ended

December 31, 2022

December 31, 2021

December 31, 2020

Interest expense

$

9,190,425

$

5,231,698

$

6,066,858

Loan fee amortization

567,375

 

519,653

 

647,872

 

Total interest and financing expenses

$

9,757,800

$

5,751,351

$

6,714,730

Weighted average interest rate

 

4.4

%  

 

2.8

%  

 

3.2

%  

Effective interest rate (including fee amortization)

 

4.8

%  

 

3.3

%  

 

3.7

%  

Average debt outstanding

$

204,276,134

$

176,870,712

$

181,943,716

Cash paid for interest and unused fees

$

9,034,765

$

5,271,348

$

6,284,516