LONG-TERM DEBT (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Long-term Debt

Long-term debt consisted of the following as of March 31, 2022 and December 31, 2021:

	March 31, 2022			Dec 31, 2021
$66,076 loan, with interest at 5.55%, due July 2021.	$	—		$	3,054
$75,000 loan, with interest at 12.67%, due April 2021.	—			7,312
$499,520 loan, with interest at 2.49% due December 2023.	201,688			232,337
$499,895 loan, with interest at 2.95% due July 2023.	218,240			246,720
$212,675 loan, with interest at 6.75% due October 2022.	42,594			103,857
$517,465 loan, with interest at 4.78% due October 2024.	464,008			490,600
$431,825 loan, with interest at 7.60% due April 2024.	184,578			204,833
$6,900,000 financing agreement for insurance with interest at 3.45% due July 2022	2,467,572			4,299,721
$40,000,000 loan, with interest at 10.00% due June 2023.	25,925,153		[A]	30,734,045
$25,000,000 loan, with interest at 10.00% due March 2024.	25,000,000		[B]	—
$10,641,362 loan, with interest at 10.00% due June 2023.	6,896,973		[C]	8,176,302
$14,077,800 loan, with interest at 10.00% due June 2023.	9,124,228		[D]	10,816,694
$5,808,816 loan, with interest at 10.00% due April 2023.	5,075,444		[E]	—
$6,814,000 loan, with interest at 10.00% due October 2023.	6,214,997		[F]	—
$17,984,000 maximum advance loan, with interest at 9.99% due December 2023. Balance is what has been advanced as of March 31, 2022	14,387,200		[G]	10,790,400
$17,984,000 maximum advance loan, with interest at 9.99% due December 2023. Balance is what has been advanced as of March 31, 2022	10,790,400		[H]	7,769,088
$17,984,000 maximum advance loan, with interest at 9.99% due December 2023. Balance is what has been advanced as of March 31, 2022	10,790,400		[I]	—
	117,783,475			73,874,963
Less current portions, deferred costs, & discounts
Outstanding loan	78,693,973			50,099,372
Deferred debt issuance costs	3,757,312			2,854,787
Discounts from issuance of stock	868,680			1,042,416
Discounts from issuance of warrants	2,399,622			1,499,547
	$	32,063,889		$	18,378,841

[A] The WhiteHawk Promissory Note has a term of 24 months. Refer to Note 14 – Stock Issued Under Financing Agreements and Warrants for further discussions. On December 31, 2021, the Company amended the WhiteHawk Financing Agreement (as defined below) (the “WhiteHawk Amendment”) to extend the final MinerVa delivery date from December 31, 2021 to April 30, 2022. Pursuant to the WhiteHawk Amendment, Equipment paid an amendment fee in the

amount of $250,000 to WhiteHawk Finance LLC ("WhiteHawk"). These fees are included in deferred debt issuance costs.

[B] WhiteHawk Promissory Note agreement with a term of 24 months. Refer to Note 14 – Stock Issued Under Financing Agreements and Warrants for further discussions. Pursuant to the WhiteHawk Second Amendment, Equipment paid an amendment fee in the amount of $275,414 and a closing fee of $500,000 to WhiteHawk. These fees are included in deferred debt issuance costs.

[C] Arctos/NYDIG Financing Agreement (as defined below) [loan #1] with a term of 24 months. Refer to Note 14 – Stock Issued Under Financing Agreements and Warrants for further discussions.

[D] Arctos/NYDIG Financing Agreement [loan #2] with a term of 24 months. Refer to Note 14 – Stock Issued Under Financing Agreements and Warrants for further discussions.

[E] Arctos/NYDIG Financing Agreement [loan #3] with a term of 15 months. Deferred debt issuance costs of $232,353 are amortized over the term of the loan using the straight-line method.

[F] Arctos/NYDIG Financing Agreement [loan #4] with a term of 21 months. Deferred debt issuance costs of $272,560 are amortized over the term of the loan using the straight-line method.

[G] Second NYDIG Financing Agreement with a term of 24 months. Deferred debt issuance costs of $449,600 are amortized over the term of the loan using the straight-line method.

[H] Second NYDIG Financing Agreement with a term of 24 months. Deferred debt issuance costs of $449,600 are amortized over the term of the loan using the straight-line method.

[I] Second NYDIG Financing Agreement with a term of 24 months. Deferred debt issuance costs of $449,600 are amortized over the term of the loan using the straight-line method.

Future Scheduled Maturities on the Outstanding Borrowings

Future scheduled maturities on the outstanding borrowings for each of the next three years as of March 31, 2022 are as follows:

Years ending December 31:
2022	$	70,224,149
2023	43,969,328
2024	3,589,999
	$	117,783,475