Debt (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of Debt

For the three and nine months ended September 30, 2022 and 2021, the components of interest expense were as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Stated interest expense	$	671,563		$	671,564		$	2,014,687		$	1,716,216
Amortization of issue discount	53,016			43,772			155,787			135,750
Amortization of financing costs	43,921			18,275			129,064			88,524
Total interest expense	$	768,500		$	733,611		$	2,299,538		$	1,940,490
Weighted average debt outstanding	$	38,375,000		$	38,375,000		$	38,375,000		$	32,539,835
Cash paid for interest expense	$	671,563		$	671,564		$	2,014,687		$	1,716,216
Stated interest rate	7.00		%	7.00		%	7.00		%	7.00		%
Effective interest rate (1)	7.63		%	7.63		%	7.63		%	7.63		%

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(1)The effective interest rate of the debt component is equal to the stated interest rate plus the amortization of issue discount.

For the three and nine months ended September 30, 2022 and 2021, the components of interest expense were as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Stated interest expense	$	359,376		$	23,438		$	909,454		$	23,438
Amortization of issue discount	41,925			14,205			117,506			14,205
Amortization of financing costs	18,215			18,995			53,910			35,926
Unused fee	—			44,792			20,927			87,500
Total interest expense	$	419,516		$	101,430		$	1,101,797		$	161,069
Weighted average debt outstanding	$	25,000,000		$	1,684,783		$	21,390,110		$	567,766
Cash paid for interest expense	$	359,376		$	68,230		$	930,381		$	110,938
Stated interest rate	5.625		%	5.625		%	5.625		%	5.625		%
Effective interest rate (1)	6.25		%	6.25		%	6.25		%	6.25		%

_______________

(1)The effective interest rate of the debt component is equal to the stated interest rate plus the amortization of issue discount.