| | |
Per Note
|
| |
Total(1)(2)
|
| ||||||
Public offering price
|
| | | $ | 25.00 | | | | | $ | 45,000,000 | | |
Underwriting discount
|
| | | $ | 0.8125 | | | | | $ | 1,462,500 | | |
Proceeds, before expenses, to us
|
| | | $ | 24.1875 | | | | | $ | 43,537,500 | | |
| | |
Page
|
| |||
| | | | S-1 | | | |
| | | | S-3 | | | |
| | | | S-18 | | | |
| | | | S-24 | | | |
| | | | S-29 | | | |
| | | | S-30 | | | |
| | | | S-31 | | | |
| | | | S-32 | | | |
| | | | S-42 | | | |
| | | | S-46 | | | |
| | | | S-50 | | | |
| | | | S-50 | | | |
| | | | S-50 | | |
| | |
Page
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| |||
| | | | ii | | | |
| | | | 1 | | | |
| | | | 12 | | | |
| | | | 13 | | | |
| | | | 14 | | | |
| | | | 15 | | | |
| | | | 16 | | | |
| | | | 18 | | | |
| | | | 19 | | | |
| | | | 22 | | | |
| | | | 24 | | | |
| | | | 27 | | | |
| | | | 28 | | | |
| | | | 29 | | | |
| | | | 32 | | | |
| | | | 36 | | | |
| | | | 64 | | | |
| | | | 66 | | | |
| | | | 66 | | | |
| | | | 67 | | |
Payment Date
|
| |
Amount
Per Share |
| |||
2021 | | | | | | | |
October 29
|
| | | $ | 0.12 | | |
July 30
|
| | | $ | 0.12 | | |
April 16
|
| | | $ | 0.12 | | |
January 8¥ | | | | $ | 0.12 | | |
2020 | | | | | | | |
November 4
|
| | | $ | 0.12 | | |
August 7
|
| | | $ | 0.12 | | |
January 27*
|
| | | $ | 0.12 | | |
2019 | | | | | | | |
October 22
|
| | | $ | 0.12 | | |
July 29
|
| | | $ | 0.12 | | |
April 18
|
| | | $ | 0.12 | | |
January 10**
|
| | | $ | 0.17 | | |
2018 | | | | | | | |
November 6
|
| | | $ | 0.12 | | |
July 27
|
| | | $ | 0.11 | | |
April 27***
|
| | | $ | 0.105 | | |
February 27****
|
| | | $ | 0.105 | | |
2017 | | | | | | | |
November 17
|
| | | $ | 0.105 | | |
July 27
|
| | | $ | 0.105 | | |
April 27
|
| | | $ | 0.05 | | |
| | |
September 30, 2021
(Unaudited) |
| |||||||||||||||
|
Actual
|
| |
Pro Forma
|
| |
Pro Forma
As adjusted |
| |||||||||||
Assets | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 19,242,316 | | | | | $ | 60,667,267 | | | | | $ | 103,964,767 | | |
Investments
|
| | | | 56,080,725 | | | | | | 56,080,725 | | | | | | 56,080,725 | | |
Total
|
| | | $ | 75,323,041 | | | | | $ | 116,747,992 | | | | | $ | 160,045,492 | | |
Indebtedness: | | | | | | | | | | | | | | | | | | | |
Line of credit
|
| | | $ | 30,056,159 | | | | | $ | 33,131,095 | | | | | $ | 33,131,095 | | |
Notes payable
|
| | | | 37,498 | | | | | | 37,498 | | | | | | 37,498 | | |
June 2024 Notes, December 2024 Notes and 2025 Notes (net of deferred financing costs of $4,132,355)
|
| | | | 110,394,395 | | | | | | 110,394,395 | | | | | | 110,394,395 | | |
6.00% 2026 Notes (net of deferred financing costs
of $1,702,500) |
| | | | — | | | | | | — | | | | | | 43,297,500 | | |
Other indebtedness
|
| | | | — | | | | | | 19,087,189 | | | | | | 19,087,189 | | |
Total indebtedness
|
| | | $ | 140,488,052 | | | | | $ | 162,650,177 | | | | | $ | 205,947,677 | | |
Equity: | | | | | | | | | | | | | | | | | | | |
Preferred shares – $.001 par value; 5,000,000 shares
authorized; 1,903,000 shares of Series A Preferred Stock issued and outstanding |
| | | $ | 1,903 | | | | | $ | 1,903 | | | | | $ | 1,903 | | |
Common shares – $.001 par value; 100,000,000 shares
authorized; 28,315,930 shares issued and outstanding, actual and 31,695,981 shares issued and outstanding pro forma and pro forma, as adjusted |
| | | | 28,316 | | | | | | 31,696 | | | | | | 31,696 | | |
Paid-in capital
|
| | | | 160,279,468 | | | | | | 179,538,914 | | | | | | 179,538,914 | | |
Accumulated other comprehensive loss
|
| | | | (637,990) | | | | | | (637,990) | | | | | | (637,990) | | |
Accumulated deficit
|
| | | | (913,615) | | | | | | (913,615) | | | | | | (913,615) | | |
Total shareholders’ equity
|
| | | $ | 158,758,082 | | | | | $ | 178,020,908 | | | | | $ | 178,020,908 | | |
Total capitalization
|
| | | $ | 299,246,134 | | | | | $ | 340,671,085 | | | | | $ | 383,968,585 | | |
Underwriter
|
| |
Principal
amount of notes |
| |||
Ladenburg Thalmann & Co. Inc.
|
| | | $ | 13,530,000 | | |
Janney Montgomery Scott LLC
|
| | | | 13,287,500 | | |
InspereX LLC
|
| | | | 16,235,000 | | |
William Blair & Company., L.L.C.
|
| | | | 1,660,000 | | |
Colliers Securities LLC
|
| | | | 287,500 | | |
Total
|
| | | $ | 45,000,000 | | |
| | |
Per Note
|
| |
Without
Option |
| |
With
Option |
| |||||||||
Public offering price
|
| | | | 100.0% | | | | | $ | 45,000,000 | | | | | $ | 51,750,000 | | |
Underwriting discount (sales load) paid by us(1)
|
| | | | 3.25% | | | | | $ | 1,462,500 | | | | | $ | 1,681,875 | | |
Estimated proceeds to us, before expenses
|
| | | | 96.75% | | | | | $ | 43,537,500 | | | | | $ | 50,068,125 | | |
|
Document
|
| |
Filed
|
|
| Annual Report on Form 10-K for the year ended December 31, 2020 | | | | |
| Quarterly Report on Form 10-Q for the period ended March 31, 2021 | | | | |
| Quarterly Report on Form 10-Q for the period ended June 30, 2021 | | | | |
| Quarterly Report on Form 10-Q for the period ended September 30, 2021 | | | |
|
Document
|
| |
Filed
|
|
| Current Reports on Form 8-K | | | | |
| Preliminary Proxy Statement on Schedule 14A | | | | |
| Definitive Proxy Statement on Schedule 14A, as amended | | | | |
| Additional Definitive Proxy Soliciting Materials | | | | |
| Description common shares contained in our Registration Statement on Form 8-A | | | | |
| Description of 7.75% September 2025 notes contained in Registration Statement on Form 8-A | | | | |
| Description of 7.125% June 2024 notes contained in Registration Statement on Form 8-A | | | | |
| Description of 6.875% December 2024 notes contained in Registration Statement on Form 8-A | | | | |
| Description of the Series A Preferred Stock contained in Registration Statement on Form 8-A | | | |
| | |
Page
|
| |||
| | | | ii | | | |
| | | | 1 | | | |
| | | | 12 | | | |
| | | | 13 | | | |
| | | | 14 | | | |
| | | | 15 | | | |
| | | | 16 | | | |
| | | | 18 | | | |
| | | | 19 | | | |
| | | | 22 | | | |
| | | | 24 | | | |
| | | | 27 | | | |
| | | | 28 | | | |
| | | | 29 | | | |
| | | | 32 | | | |
| | | | 36 | | | |
| | | | 64 | | | |
| | | | 66 | | | |
| | | | 66 | | | |
| | | | 67 | | |
Payment Date
|
| |
Amount
Per Share |
| |||
2021 | | | | | | | |
April 16
|
| | | $ | 0.12 | | |
January 8¥ | | | | $ | 0.12 | | |
2020 | | | | | | | |
November 4
|
| | | $ | 0.12 | | |
August 7***
|
| | | $ | 0.12 | | |
January 27*
|
| | | $ | 0.12 | | |
2019 | | | | | | | |
October 22
|
| | | $ | 0.12 | | |
July 29
|
| | | $ | 0.12 | | |
April 18
|
| | | $ | 0.12 | | |
January 10**
|
| | | $ | 0.17 | | |
2018 | | | | | | | |
November 6
|
| | | $ | 0.12 | | |
July 27
|
| | | $ | 0.11 | | |
April 27***
|
| | | $ | 0.105 | | |
February 27****
|
| | | $ | 0.105 | | |
2017 | | | | | | | |
November 17
|
| | | $ | 0.105 | | |
July 27
|
| | | $ | 0.105 | | |
April 27
|
| | | $ | 0.05 | | |
Document
|
| |
Filed
|
|
Annual Report on Form 10-K for the year ended December 31, 2020 | | | | |
Quarterly Report on Form 10-Q for the period ended March 31, 2021 | | | | |
Current Reports on Form 8-K | | | | |
Description common shares contained in our Registration Statement on Form 8-A | | | | |
Description of 7.75% September 2025 notes contained in Registration Statement on Form 8-A | | | | |
Description of 7.125% June 2024 notes contained in Registration Statement on Form 8-A | | | | |
Description of 6.875% December 2024 notes contained in Registration Statement on Form 8-A | | | |