Debt (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Schedule of Debt

	September 30, 2020		December 31, 2019
Convertible Bond Debt	$	114,120,000	$	114,120,000
Debt discount and debt issuance costs - Convertible Bond Debt	(18,459,221)		(21,316,856)
Convertible Bond Debt, net of debt discount and debt issuance costs	95,660,779		92,803,144
Norwegian Bond Debt	184,000,000		188,000,000
Debt discount and debt issuance costs - Norwegian Bond Debt	(3,067,444)		(4,132,690)
Less: Current portion - Norwegian Bond Debt	(8,000,000)		(8,000,000)
Norwegian Bond Debt, net of debt discount and debt issuance costs	172,932,556		175,867,310
New Ultraco Debt Facility	174,240,668		172,613,988
Revolver loan under New Ultraco Debt Facility	35,000,000		—
Debt discount and Debt issuance costs - New Ultraco Debt Facility	(3,450,196)		(3,507,824)
Less: Current portion - New Ultraco Debt Facility	(31,244,297)		(27,709,394)
New Ultraco Debt Facility, net of debt discount and debt issuance costs	174,546,175		141,396,770
Super Senior Facility	15,000,000		—
Debt issuance costs - Super Senior Facility	(117,323)		—
Super Senior Facility, net of debt discount and debt issuance costs	14,882,677		—
Total long-term debt	$	458,022,187	$	410,067,224

Schedule Of Interest Expense

The following table summarizes the Company’s total interest expense for:

	Three Months Ended				Nine Months Ended
	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
New First Lien Facility interest	$	—	$	—	$	—	$	293,544
Convertible Bond Debt interest	1,426,500		951,050		4,279,450		951,050
New Ultraco Debt Facility interest	1,946,446		1,781,577		6,052,556		5,122,441
Norwegian Bond Debt interest	3,879,333		4,077,332		11,575,667		12,133,000
Original Ultraco Debt Facility interest	—		—		—		362,257
Super Senior Facility interest	93,121		—		123,727		—
Amortization of debt discount and debt issuance costs	1,608,800		1,136,445		4,654,871		2,265,374
Commitment fees on revolving credit facilities	—		170,889		196,823		484,785
Total Interest expense	$	8,954,200	$	8,117,293	$	26,883,094	$	21,612,451

Schedule of Debt Maturities

The following table presents the scheduled maturities of principal amounts of our debt obligations:

	Norwegian Bond Debt		Super Senior Facility		New Ultraco Debt Facility		Convertible Bond Debt		Total
Three months ending December 31, 2020	$	4,000,000	$	—	$	7,811,074	$	—	$	11,811,074
2021	8,000,000		—		31,244,297		—		39,244,297
2022	172,000,000		15,000,000		31,244,297		—		218,244,297
2023	—		—		31,244,297		—		31,244,297
2024	—		—		107,696,703		114,120,000		221,816,703
	$	184,000,000	$	15,000,000	$	209,240,668	$	114,120,000	$	522,360,668