| Long-Term Debt Including Related Party Debt |
The amount of long-term debt shown in the accompanying
consolidated balance sheet of December 31, 2021, is analyzed as follows:
| |
|
|
Year Ended
|
|
|
Loan facilities
|
Borrowers
|
|
December 31,
2020
|
|
|
December 31,
2021
|
|
|
$11.0 Million Term Loan Facility (a)
|
Spetses- Pikachu
|
|
$
|
9,400,000
|
|
|
$
|
7,800,000
|
|
|
$4.5 Million Term Loan Facility (b)
|
Bistro
|
|
|
4,050,000
|
|
|
|
3,450,000
|
|
|
$15.29 Million Term Loan Facility (c)
|
Pocahontas- Jumaru
|
|
|
— |
|
|
|
13,877,000 |
|
|
$18.0 Million Term Loan Facility (d)
|
Rocket- Gamora
|
|
|
— |
|
|
|
16,300,000 |
|
|
$40.75 Million Term Loan Facility (e)
|
Liono-Snoopy-Cinderella-Luffy
|
|
|
— |
|
|
|
39,596,000 |
|
|
$23.15 Million Term Loan Facility (f)
|
Bagheera-Garfield
|
|
|
— |
|
|
|
22,738,500 |
|
|
Total long-term debt
|
|
|
$
|
13,450,000
|
|
|
$
|
103,761,500
|
|
|
Less: Deferred financing costs
|
|
|
|
(264,134
|
)
|
|
|
(1,720,101
|
)
|
|
Total long-term debt, net of
deferred finance costs
|
|
|
$
|
13,185,866
|
|
|
|
102,041,399
|
|
| |
|
|
|
|
|
|
|
|
|
|
Presented:
|
|
|
|
|
|
|
|
|
|
|
Current portion of long-term debt
|
|
|
$
|
2,200,000
|
|
|
$
|
16,688,000
|
|
|
Less: Current portion of
deferred finance costs
|
|
|
|
(97,963
|
)
|
|
|
(596,277
|
)
|
|
Current portion of long-term
debt, net of deferred finance costs
|
|
|
$
|
2,102,037
|
|
|
$
|
16,091,723
|
|
| |
|
|
|
|
|
|
|
|
|
|
Non-Current portion of long-term
debt
|
|
|
|
11,250,000
|
|
|
|
87,073,500
|
|
|
Less: Non-Current portion of
deferred finance costs
|
|
|
|
(166,171
|
)
|
|
|
(1,123,824
|
)
|
|
Non-Current portion of long-term
debt, net of deferred finance costs
|
|
|
$
|
11,083,829
|
|
|
$
|
85,949,676
|
|
| |
|
|
|
|
|
|
|
|
|
|
Debt instruments from related
party
|
|
|
|
|
|
|
|
|
|
|
$5.0 Million Term Loan Facility (Note 3(b))
|
Castor
|
|
|
5,000,000
|
|
|
|
—
|
|
|
Total long-term debt from related
party, current
|
|
|
$
|
5,000,000
|
|
|
$
|
—
|
|
|
| Annual Principal Payments |
The annual principal payments for the Company’s outstanding
debt arrangements as of December 31, 2021, required to be made after the balance sheet date, are as follows:
|
Year ending December 31,
|
|
Amount
|
|
|
2022
|
|
$
|
16,688,000
|
|
|
2023
|
|
|
14,743,400
|
|
|
2024
|
|
|
16,604,400
|
|
|
2025
|
|
|
24,545,400
|
|
|
2026
|
|
|
31,180,300
|
|
|
Total long-term debt
|
|
$
|
103,761,500
|
|
|