Quarterly report pursuant to Section 13 or 15(d)

Debt (Tables)

v3.23.3
Debt (Tables)
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt

As of September 30, 2023 and December 31, 2022, long-term debt consisted of the following:

 

 

September 30, 2023

 

 

December 31, 2022

 

Revenue Loan and Security Agreement, net of debt issuance costs

 

$

3,812,725

 

 

$

3,889,442

 

Broken Stone Agreement

 

 

24,775

 

 

 

51,918

 

Less: current portion

 

 

(317,567

)

 

 

(244,782

)

Total long-term debt, net of current portion

 

$

3,519,933

 

 

$

3,696,578

 
Schedule of Short-term Borrowings and Current Portion of Long-term Debt

As of September 30, 2023 and December 31, 2022, short-term borrowings and current portion of long-term debt consisted of the following:

 

 

September 30, 2023

 

 

December 31, 2022

 

Invoice Purchase and Security Agreement, net of debt issuance costs

 

$

2,754,443

 

 

$

1,046,101

 

Promissory Notes, net of debt discount and debt issuance costs

 

 

3,531,639

 

 

 

—

 

Commercial Premium Finance Agreement

 

 

482,029

 

 

 

724,639

 

Current portion of long-term obligations

 

 

317,567

 

 

 

244,782

 

Total short-term borrowings and current portion of long-term debt

 

$

7,085,677

 

 

$

2,015,522

 
Future Minimum Principal Payments on Debt Future minimum principal payments on debt as of September 30, 2023 are as follows:

 

2023 (for the remainder of)

 

$

5,212,855

 

2024

 

 

2,641,910

 

2025

 

 

589,109

 

2026

 

 

1,155,911

 

2027

 

 

1,758,821

 

Thereafter

 

 

—

 

 

 

$

11,358,606