Debt, Net (Tables)

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Components of debt

The following table summarizes the components of Debt, net (dollars in thousands):

	September 30, 2021		December 31, 2020
Debt, net, current:
Sprott Credit Agreement(1)	$	13,185	$	5,274
Note payable(2)	125		—
Less, debt issuance costs	(565)		(154)
Total	$	12,745	$	5,120
Debt, net, non-current:
Subordinated Notes	$	91,316	$	84,797
Sprott Credit Agreement, net of original issue discount ($8.2 million, net)	57,082		61,894
Note payable(2)	364		—
Less, debt issuance costs	(2,573)		(4,026)
Total	$	146,189	$	142,665

(1)As of September 30, 2021 amount included: (i) $2.2 million of Additional Interest, as defined in the Sprott Credit Agreement and (ii) $11.0 million scheduled principal payments under the Sprott Credit Agreement, all due in the next twelve months. As of December 31, 2020, amount included $1.6 million of Additional Interest (as defined in the Sprott Credit Agreement) plus 5.0% of the Company's outstanding debt balance under the Sprott Credit Agreement.

(2)During the first quarter of 2021, the Company financed the $0.4 million purchase of a rental fuel/lube truck with a note payable to the vendor with an interest rate of 0.99%, requiring equal monthly payments for 48 months. During the third quarter of 2021, the Company financed a $0.1 million purchase of three Ford trucks with a note payable to the vendor with an interest rate of 4.54%, requiring equal monthly payments for 60 months.

Schedule of maturities of long-term debt

The following table summarizes the Company's contractual payments of Debt, net, including current maturities, for the five years subsequent to September 30, 2021 (dollars in thousands):

July 1, 2021 through December 31, 2021	$	4,242
2022	16,980
2023	24,298
2024	24,301
2025	103,470
Total	173,291
Less, original issue discount, net of amortization ($5.8 million)	(11,219)
Less, debt issuance costs, net of amortization ($1.8 million)	(3,138)
Total debt, net	$	158,934

Components of recorded interest expense

The following table summarizes the components of recorded Interest expense, net of capitalized interest (dollars in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Sprott Credit Agreement	$	2,820	$	2,526	$	8,227	$	3,322
Subordinated Notes	2,227		2,018		6,520		2,729
Amortization of debt issuance costs	358		336		1,043		1,643
Other interest expense	56		—		40		8
2.0 Lien Notes	—		—		—		12,902
1.5 Lien Notes	—		—		—		8,635
1.25 Lien Notes	—		—		—		6,218
First Lien Agreement	—		—		—		4,575
Promissory Note	—		—		—		141
Capitalized interest	—		(561)		(654)		(895)
Total	$	5,461	$	4,319	$	15,176	$	39,278