LONG-TERM DEBT (Tables)

3 Months Ended

Mar. 31, 2017

LONG-TERM DEBT

Schedule of components of long-term debt

	March 31, 2017					December 31, 2016
			Due Within					Due Within
	Total		One Year			Total		One Year
Credit Facility	$	24,500,000	$	—		$	34,300,000	$	—
Mortgage Note Payable (originated with UBS)		7,300,000		7,300,000	(1)		7,300,000		—
Mortgage Note Payable (originated with Wells Fargo)		30,000,000		—			30,000,000		—
Mortgage Note Payable (originated with Wells Fargo)		25,000,000		—			25,000,000		—
4.50% Convertible Senior Notes due 2020, net of discount		71,172,151		—			70,880,581		—
Loan Costs, net of accumulated amortization		(1,158,841)		—			(1,235,380)		—
Total Long-Term Debt	$	156,813,310	$	7,300,000		$	166,245,201	$	—

The maturity schedule below reflects $31.8 million due in 2018 while the amount due within one year above totals $7.3 million. The difference of $24.5 million is for the Credit Facility which matures on August 1, 2018, which is more than one year from the balance sheet date of March 31, 2017.

Schedule of payments applicable to reduction of principal amounts

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Payments applicable to reduction of principal amounts as of March 31, 2017 will be required as follows:

Year Ending December 31,	Amount
2018		31,800,000
2019		—
2020		75,000,000
2021		25,000,000
2022		—
Thereafter		30,000,000
Total Long-Term Debt - Face Value	$	161,800,000

Schedule of carrying value of long-term debt

The carrying value of long-term debt as of March 31, 2017 consisted of the following:

	Total
Current Face Amount	$	161,800,000
Unamortized Discount on Convertible Debt		(3,827,849)
Loan Costs, net of accumulated amortization		(1,158,841)
Total Long-Term Debt	$	156,813,310