XML 69 R53.htm IDEA: XBRL DOCUMENT v3.22.1
Line of Credit (Details)
3 Months Ended 5 Months Ended 12 Months Ended 25 Months Ended
Feb. 10, 2021
USD ($)
covenant
Nov. 29, 2019
USD ($)
Jun. 30, 2022
May 11, 2021
Sep. 30, 2021
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2021
USD ($)
Nov. 29, 2020
USD ($)
Debt Instrument [Line Items]                  
Amortization of debt issuance costs           $ 689,930 $ 417,054    
Notes receivable, net           133,986,583 80,807,300 $ 133,986,583  
Termination fee paid to exit previous loan           1,000,000 0    
Debt issuance costs, net           1,697,705 0    
Banking regulation, maximum leverage payout ratio 8.00                
Number of financial covenants | covenant 3                
Line of Credit                  
Debt Instrument [Line Items]                  
Line of credit facility, maximum amount outstanding during period $ 125,000,000                
Expected                  
Debt Instrument [Line Items]                  
Banking regulation, maximum leverage payout ratio     12.00            
Minimum | Line of Credit                  
Debt Instrument [Line Items]                  
Tangible net worth 15,000,000                
Maximum                  
Debt Instrument [Line Items]                  
Tangible net worth 30,000,000                
Unrestricted Cash $ 7,500,000                
Unrestricted cash as a percentage of funded amount (percent) 7.50%                
Class A senior lender                  
Debt Instrument [Line Items]                  
Capacity committed $ 97,200,000                
Class B mezzanine lenders                  
Debt Instrument [Line Items]                  
Capacity committed 27,800,000                
Line of Credit | Receivables Funding Facility                  
Debt Instrument [Line Items]                  
Interest expense           1,745,528 2,238,740    
Interest expense on the unused capacity           560,687 $ 229,523    
Amortization of debt issuance costs           689,930      
Funding facility $ 250,000,000                
Unused facility fee (percent)       0.50%          
Outstanding line of credit balance           78,800,000   78,800,000  
Borrowings as a percentage of eligible notes receivables pledged (percent) 90.00%                
Unused borrowing capacity           $ 29,771,561   $ 29,771,561  
Term of facility from the agreement date 28 months                
Capacity committed (as a percent) 50.00%                
Capacity committed $ 125,000,000                
Capacity available for expanding funding capacity (percent) 50.00%                
Weighted average interest rate (percent)           5.25%   5.25%  
Prepayment exit fee (percent) 0.75%                
Cumulative cash payments of debt issuance costs           $ 1,697,705   $ 1,697,705  
Line of Credit | Receivables Funding Facility | Notes receivable pledged                  
Debt Instrument [Line Items]                  
Notes receivable, net           $ 149,203,705   $ 149,203,705  
Line of Credit | Receivables Funding Facility | Less Than One-third                  
Debt Instrument [Line Items]                  
Unused facility fee (percent)         0.65%        
Line of Credit | Receivables Funding Facility | Less Than One-third | Maximum                  
Debt Instrument [Line Items]                  
Unused capacity of the Facility (percent)           33.33%   33.33%  
Line of Credit | Receivables Funding Facility | Between One-third and Two-thirds                  
Debt Instrument [Line Items]                  
Unused facility fee (percent)         0.50%        
Line of Credit | Receivables Funding Facility | Between One-third and Two-thirds | Minimum                  
Debt Instrument [Line Items]                  
Unused capacity of the Facility (percent)           33.33%   33.33%  
Line of Credit | Receivables Funding Facility | Between One-third and Two-thirds | Maximum                  
Debt Instrument [Line Items]                  
Unused capacity of the Facility (percent)           66.67%   66.67%  
Line of Credit | Receivables Funding Facility | More Than Two-thirds                  
Debt Instrument [Line Items]                  
Unused facility fee (percent)         0.35%        
Line of Credit | Receivables Funding Facility | More Than Two-thirds | Minimum                  
Debt Instrument [Line Items]                  
Unused capacity of the Facility (percent)           66.67%   66.67%  
Line of Credit | Receivables Funding Facility | FICO Score Less Than 580                  
Debt Instrument [Line Items]                  
Borrowings as a percentage of eligible notes receivables pledged (percent) 85.00%                
Line of Credit | Receivables Funding Facility | LIBOR | Class A Senior Lender                  
Debt Instrument [Line Items]                  
Spread on variable rate (percent) 3.375%                
LIBOR floor rate (percent) 0.25%                
Line of Credit | Receivables Funding Facility | LIBOR | Class B Mezzanine Lender                  
Debt Instrument [Line Items]                  
Spread on variable rate (percent) 10.689%                
LIBOR floor rate (percent) 0.25%                
Line of Credit | Loan And Security Agreement                  
Debt Instrument [Line Items]                  
Funding facility   $ 100,000,000              
LIBOR floor rate (percent)   9.50%              
Line of credit facility, interest rate             9.50%    
Unused facility fee (percent)           0.50%      
Outstanding line of credit balance             $ 40,000,000    
Borrowings as a percentage of eligible notes receivables pledged (percent)   90.00%              
Unused borrowing capacity             23,890,582    
Capacity committed   $ 20,000,000             $ 40,000,000
Debt issuance costs, net               $ 663,649  
Line of Credit | Loan And Security Agreement | Notes receivable pledged                  
Debt Instrument [Line Items]                  
Notes receivable, net             $ 70,989,536    
Line of Credit | Loan And Security Agreement | LIBOR                  
Debt Instrument [Line Items]                  
Spread on variable rate (percent)   7.75%              
Line of Credit | Previous Line of Credit                  
Debt Instrument [Line Items]                  
Termination fee paid to exit previous loan $ 1,000,000