| | |
Per Note
|
| |
Total(1)(2)
|
| | | | ||||||
Public offering price
|
| | | $ | 25.00 | | | | | $ | 50,000,000 | | | | ||
Underwriting discount
|
| | | $ | 0.8125 | | | | | $ | 1,625,000 | | | | ||
Proceeds, before expenses, to us
|
| | | $ | 24.175 | | | | | $ | 48,375,000 | | | |
| Ladenburg Thalmann | | |
Janney Montgomery Scott
|
| |
InspereX
|
| |
William Blair
|
|
| | |
Page
|
| |||
| | | | S-1 | | | |
| | | | S-3 | | | |
| | | | S-18 | | | |
| | | | S-23 | | | |
| | | | S-28 | | | |
| | | | S-29 | | | |
| | | | S-30 | | | |
| | | | S-32 | | | |
| | | | S-42 | | | |
| | | | S-46 | | | |
| | | | S-50 | | | |
| | | | S-50 | | | |
| | | | S-51 | | |
| | |
Page
|
| |||
| | | | ii | | | |
| | | | 1 | | | |
| | | | 15 | | | |
| | | | 17 | | | |
| | | | 18 | | | |
| | | | 19 | | | |
| | | | 20 | | | |
| | | | 22 | | | |
| | | | 23 | | | |
| | | | 26 | | | |
| | | | 28 | | | |
| | | | 31 | | | |
| | | | 32 | | | |
| | | | 33 | | | |
| | | | 35 | | | |
| | | | 39 | | | |
| | | | 67 | | | |
| | | | 69 | | | |
| | | | 69 | | | |
| | | | 70 | | |
Payment Date
|
| |
Amount
Per Share |
| |||
2022 | | | | | | | |
January 10Ω | | | | $ | 0.12 | | |
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 | | | | | $ | 112,903,888 | | | | | $ | 161,053,888 | | | | ||
Investments
|
| | | | 56,080,725 | | | | | | 56,080,725 | | | | | | 56,080,725 | | | | ||
Total
|
| | | $ | 75,323,041 | | | | | $ | 168,984,613 | | | | | $ | 217,134,613 | | | | ||
Indebtedness: | | | | | | | | | | | | | | | | | | | | | ||
Line of credit
|
| | | $ | 30,056,159 | | | | | $ | 13,218,181 | | | | | $ | 13,218,181 | | | | ||
Other borrowings
|
| | | | — | | | | | | 19,087,189 | | | | | | 19,087,189 | | | | ||
Notes payable
|
| | | | 37,498 | | | | | | 37,498 | | | | | | 37,498 | | | | ||
Mortgage payable
|
| | | | — | | | | | | 750,000 | | | | | | 750,000 | | | | ||
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 $1,879,463)
|
| | | | — | | | | | | 49,870,537 | | | | | | 49,870,537 | | | | ||
6.00% 2027 Notes (net of deferred financing costs of $1,850,000)
|
| | | | — | | | | | | — | | | | | | 48,150,000 | | | | | |
Total indebtedness
|
| | | $ | 140,488,052 | | | | | $ | 193,357,800 | | | | | $ | 241,507,800 | | | |
| | |
September 30, 2021
(Unaudited) |
| |||||||||||||||
| | |
Actual
|
| |
Pro Forma
|
| |
Pro Forma,
As adjusted |
| |||||||||
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 35,501,888 shares issued and outstanding pro forma and pro forma, as adjusted |
| | | | 28,316 | | | | | | 35,502 | | | | | | 35,502 | | |
Paid-in capital
|
| | | | 160,279,468 | | | | | | 201,064,106 | | | | | | 201,064,106 | | |
Accumulated other comprehensive loss
|
| | | | (637,990) | | | | | | (637,990) | | | | | | (637,990) | | |
Accumulated deficit
|
| | | | (913,615) | | | | | | (913,615) | | | | | | (913,615) | | |
Total shareholders’ equity
|
| | | $ | 158,758,082 | | | | | $ | 199,549,906 | | | | | $ | 199,549,906 | | |
Total capitalization
|
| | | $ | 299,246,164 | | | | | $ | 392,907,706 | | | | | $ | 441,057,706 | | |
|
Underwriter
|
| |
Principal
amount of notes |
| |||
Ladenburg Thalmann & Co. Inc.
|
| | | $ | 14,887,500 | | |
Janney Montgomery Scott LLC
|
| | | | 11,682,500 | | |
InspereX LLC
|
| | | | 14,530,000 | | |
William Blair & Company, L.L.C.
|
| | | | 8,232,500 | | |
Colliers Securities LLC
|
| | | | 667,500 | | |
Total
|
| | | $ | 50,000,000 | | |
| | |
Per Note
|
| |
Without
Option |
| |
With
Option |
| |||||||||
Public offering price
|
| | | | 100.0% | | | | | $ | 50,000,000 | | | | | $ | 57,500,000 | | |
Underwriting discount (sales load) paid by us(1)
|
| | | | 3.25% | | | | | $ | 1,625,000 | | | | | $ | 1,868,750 | | |
Estimated proceeds to us, before expenses
|
| | | | 96.75% | | | | | $ | 48,375,000 | | | | | $ | 55,631,250 | | |
| | |
Page
|
| |||
| | | | ii | | | |
| | | | 1 | | | |
| | | | 15 | | | |
| | | | 17 | | | |
| | | | 18 | | | |
| | | | 19 | | | |
| | | | 20 | | | |
| | | | 22 | | | |
| | | | 23 | | | |
| | | | 26 | | | |
| | | | 28 | | | |
| | | | 31 | | | |
| | | | 32 | | | |
| | | | 33 | | | |
| | | | 35 | | | |
| | | | 39 | | | |
| | | | 67 | | | |
| | | | 69 | | | |
| | | | 69 | | | |
| | | | 70 | | |
Payment Date
|
| |
Amount
Per Share |
| |||
2022 | | | | | | | |
January 10Ω | | | | $ | 0.12 | | |
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 | | |
|
Ladenburg Thalmann
|
| |
Janney Montgomery Scott
|
| |
InspereX
|
| |
William Blair
|
|