bkcc-10q_20220630.htm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended June 30, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the transition period from                  to                 

Commission file number 814-00712

BLACKROCK CAPITAL INVESTMENT CORPORATION

(Exact Name of Registrant as Specified in Its Charter)

 

 

 

 

Delaware

20-2725151

(State or Other Jurisdiction of

Incorporation or Organization)

(I.R.S. Employer

Identification No.)

 

 

40 East 52nd Street, New York, NY

10022

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: 212-810-5800

 

      

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer     Accelerated filer     Non-Accelerated filer     

Smaller reporting company     Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Common Stock, $0.001 par value

BKCC

NASDAQ Global Select Market

The number of shares of the Registrant’s common stock, $.001 par value per share, outstanding at August 2, 2022 was 73,196,436.

 

 

 


 

 

BLACKROCK CAPITAL INVESTMENT CORPORATION

FORM 10-Q

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2022

Table of Contents

 

 

INDEX

PAGE NO.

 

 

 

PART I.

FINANCIAL INFORMATION

 

 

 

 

Item 1.

CONSOLIDATED FINANCIAL STATEMENTS

3

 

 

 

 

Consolidated Statements of Assets and Liabilities as of June 30, 2022 (unaudited) and December 31, 2021  

3

 

 

 

 

Consolidated Statements of Operations for the three and six months ended June 30, 2022 (unaudited) and June 30, 2021 (unaudited)

4

 

 

 

 

Consolidated Statements of Changes in Net Assets for the three and six months ended June 30, 2022 (unaudited) and June 30, 2021 (unaudited)

5

 

 

 

 

Consolidated Statements of Cash Flows for the six months ended June 30, 2022 (unaudited) and June 30, 2021 (unaudited)

6

 

 

 

 

Consolidated Schedules of Investments as of June 30, 2022 (unaudited) and December 31, 2021

7

 

 

 

 

Notes to Consolidated Financial Statements (unaudited)

23

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

43

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

53

 

 

 

Item 4.

Controls and Procedures

54

 

 

 

PART II.

OTHER INFORMATION

 

 

 

 

Item 1.

Legal Proceedings

55

 

 

 

Item 1A.

Risk Factors

55

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

57

 

 

 

Item 3.

Defaults Upon Senior Securities

57

 

 

 

Item 4.

Mine Safety Disclosures

57

 

 

 

Item 5.

Other Information

57

 

 

 

Item 6.

Exhibits

59

 

 

SIGNATURES

60

 

 

 

2


 

 

PART I. FINANCIAL INFORMATION

In this Quarterly Report, “Company”, “we”, “us” and “our” refer to BlackRock Capital Investment Corporation unless the context states otherwise.

Item 1. Consolidated Financial Statements

BlackRock Capital Investment Corporation

Consolidated Statements of Assets and Liabilities  

 

 

 

June 30,

2022

 

 

December 31,

2021

 

 

 

(Unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Investments at fair value:

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments (cost of $540,873,730 and $520,501,274)

 

$

534,465,028

 

 

$

526,504,945

 

Non-controlled, affiliated investments (cost of $4,921,145 and $5,027,616)

 

 

4,255,178

 

 

 

4,131,978

 

Controlled investments (cost of $84,922,381 and $89,097,765)

 

 

18,674,073

 

 

 

21,927,071

 

Total investments at fair value (cost of $630,717,256 and $614,626,655)

 

 

557,394,279

 

 

 

552,563,994

 

Cash and cash equivalents

 

 

22,357,869

 

 

 

12,750,121

 

Interest, dividends and fees receivable

 

 

2,750,717

 

 

 

3,671,722

 

Deferred debt issuance costs

 

 

1,285,143

 

 

 

1,511,418

 

Due from broker

 

 

1,097,291

 

 

 

 

Receivable for investments sold

 

 

81,034

 

 

 

690,550

 

Prepaid expenses and other assets

 

 

378,496

 

 

 

788,469

 

Total assets

 

$

585,344,829

 

 

$

571,976,274

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Debt (net of deferred issuance costs of $1,030,354 and $425,272)

 

$

236,969,646

 

 

$

196,875,330

 

Distributions payable

 

 

7,363,184

 

 

 

7,392,972

 

Management fees payable

 

 

1,947,167

 

 

 

2,122,519

 

Income incentive fees payable (see Note 3)

 

 

69,343

 

 

 

170,002

 

Accrued capital gains incentive fees (see Note 3)

 

 

 

 

 

1,544,569

 

Interest and debt related payables

 

 

739,153

 

 

 

601,379

 

Payable for investments purchased

 

 

597,517

 

 

 

11,679,798

 

Accrued administrative expenses

 

 

299,262

 

 

 

384,225

 

Interest Rate Swap at fair value

 

 

198,694

 

 

 

 

Accrued expenses and other liabilities

 

 

1,716,216

 

 

 

1,553,507

 

Total liabilities

 

 

249,900,182

 

 

 

222,324,301

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies (see Note 9)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets

 

 

 

 

 

 

 

 

Common stock, par value $.001 per share, 200,000,000 common shares authorized, 84,481,797 and 84,478,251 issued and 73,354,142 and 73,876,987 outstanding

 

 

84,482

 

 

 

84,478

 

Paid-in capital in excess of par

 

 

848,052,543

 

 

 

852,360,178

 

Distributable earnings (losses)

 

 

(442,176,304

)

 

 

(434,303,297

)

Treasury stock at cost, 11,127,655 and 10,601,264 shares held

 

 

(70,516,074

)

 

 

(68,489,386

)

Total net assets

 

 

335,444,647

 

 

 

349,651,973

 

Total liabilities and net assets

 

$

585,344,829

 

 

$

571,976,274

 

 

 

 

 

 

 

 

 

 

Net assets per share

 

$

4.57

 

 

$

4.73

 

 

The accompanying notes are an integral part of these consolidated financial statements.

3


 

 

BlackRock Capital Investment Corporation

Consolidated Statements of Operations

(Unaudited)

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30, 2022

 

 

June 30, 2021

 

 

June 30, 2022

 

 

June 30, 2021

 

Investment income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income (excluding PIK):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

$

11,646,011

 

 

$

9,210,827

 

 

$

23,252,914

 

 

$

17,260,077

 

Non-controlled, affiliated investments

 

 

 

 

 

 

 

 

 

 

 

11,867

 

Controlled investments

 

 

 

 

 

135,371

 

 

 

 

 

 

718,571

 

PIK interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

126,140

 

 

 

815,710

 

 

 

249,158

 

 

 

1,596,389

 

Non-controlled, affiliated investments

 

 

116,572

 

 

 

117,985

 

 

 

232,468

 

 

 

237,014

 

Dividend income (excluding PIK):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, affiliated investments

 

 

 

 

 

 

 

 

 

 

 

71,500

 

Controlled investments

 

 

 

 

 

536,908

 

 

 

 

 

 

1,047,975

 

PIK dividend income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

78,729

 

 

 

 

 

 

154,611

 

 

 

 

Other income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

301,503

 

 

 

40,958

 

 

 

562,091

 

 

 

186,990

 

Total investment income

 

 

12,268,955

 

 

 

10,857,759

 

 

 

24,451,242

 

 

 

21,130,383

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other debt expenses

 

 

2,860,691

 

 

 

2,969,177

 

 

 

5,589,642

 

 

 

5,722,273

 

Management fees

 

 

1,947,167

 

 

 

1,775,684

 

 

 

4,007,031

 

 

 

3,575,450

 

Incentive fees on income

 

 

69,343

 

 

 

 

 

 

88,356

 

 

 

 

Incentive fees on capital gains(1)

 

 

(1,073,068

)

 

 

 

 

 

(1,544,569

)

 

 

 

Administrative expenses

 

 

299,262

 

 

 

314,886

 

 

 

664,769

 

 

 

637,001

 

Professional fees

 

 

207,489

 

 

 

254,834

 

 

 

510,346

 

 

 

666,993

 

Insurance expense

 

 

196,114

 

 

 

201,597

 

 

 

395,872

 

 

 

400,961

 

Director fees

 

 

153,125

 

 

 

153,125

 

 

 

306,250

 

 

 

306,250

 

Investment advisor expenses

 

 

25,819

 

 

 

87,500

 

 

 

51,638

 

 

 

175,000

 

Other operating expenses

 

 

462,797

 

 

 

258,232

 

 

 

766,596

 

 

 

613,514

 

Total expenses, before incentive fee waiver

 

 

5,148,739

 

 

 

6,015,035

 

 

 

10,835,931

 

 

 

12,097,442

 

Incentive fee waiver (see Note 3)

 

 

 

 

 

 

 

 

 

 

 

 

Total expenses, net of incentive fee waiver

 

 

5,148,739

 

 

 

6,015,035

 

 

 

10,835,931

 

 

 

12,097,442

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income(1)

 

 

7,120,216

 

 

 

4,842,724

 

 

 

13,615,311

 

 

 

9,032,941

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized and unrealized gain (loss) on investments, Interest Rate Swap and foreign currency

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

 

 

 

6,773

 

 

 

825,913

 

 

 

(639,501

)

Non-controlled, affiliated investments

 

 

 

 

 

 

 

 

 

 

 

(7,989,591

)

Controlled investments

 

 

 

 

 

(8,749,931

)

 

 

 

 

 

(11,040,074

)

Net realized gain (loss)

 

 

 

 

 

(8,743,158

)

 

 

825,913

 

 

 

(19,669,166

)

Net change in unrealized appreciation (depreciation):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

(9,875,353

)

 

 

27,464,721

 

 

 

(12,412,374

)

 

 

37,333,277

 

Non-controlled, affiliated investments

 

 

(352,787

)

 

 

153,217

 

 

 

229,671

 

 

 

6,988,190

 

Controlled investments

 

 

766,458

 

 

 

8,689,595

 

 

 

922,387

 

 

 

14,826,843

 

Interest Rate Swap

 

 

(198,694

)

 

 

 

 

 

(198,694

)

 

 

 

Foreign currency translation

 

 

 

 

 

(381,379

)

 

 

 

 

 

(285,360

)

Net change in unrealized appreciation (depreciation)

 

 

(9,660,376

)

 

 

35,926,154

 

 

 

(11,459,010

)

 

 

58,862,950

 

Net realized and unrealized gain (loss)

 

 

(9,660,376

)

 

 

27,182,996

 

 

 

(10,633,097

)

 

 

39,193,784

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from operations

 

$

(2,540,160

)

 

$

32,025,720

 

 

$

2,982,214

 

 

$

48,226,725

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income per share—basic(1)

 

$

0.10

 

 

$

0.07

 

 

$

0.18

 

 

$

0.12

 

Earnings (loss) per share—basic(1)

 

$

(0.03

)

 

$

0.43

 

 

$

0.04

 

 

$

0.65

 

Weighted average shares outstanding—basic

 

 

73,667,822

 

 

 

74,150,425

 

 

 

73,744,580

 

 

 

74,292,637

 

Net investment income per share—diluted(1) (2)

 

$

0.10

 

 

$

0.07

 

 

$

0.18

 

 

$

0.12

 

Earnings (loss) per share—diluted(1) (2)

 

$

(0.03

)

 

$

0.38

 

 

$

0.04

 

 

$

0.58

 

Weighted average shares outstanding—diluted

 

 

87,860,082

 

 

 

91,144,162

 

 

 

89,329,839

 

 

 

91,286,374

 

 

(1)

Net investment income and per share amounts displayed above are net of the reversal for incentive fees on capital gains which is reflected on a hypothetical liquidation basis in accordance with GAAP for the three and six month periods ended June 30, 2022 (see Note 3).

 

(2)

For the three and six month periods ended June 30, 2022, the impact of the hypothetical conversion of the 2022 Convertible Notes was antidilutive (see Note 8).

The accompanying notes are an integral part of these consolidated financial statements.

4


 

 

BlackRock Capital Investment Corporation

Consolidated Statements of Changes in Net Assets

(Unaudited)

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares Outstanding

 

 

Par Amount, Shares Issued

 

 

Paid in Capital

in Excess of Par

 

 

Distributable

earnings (loss)

 

 

Treasury Stock at Cost

 

 

Total Net

Assets

 

Balance at December 31, 2021

 

 

73,876,987

 

 

$

84,478

 

 

$

852,360,178

 

 

$

(434,303,297

)

 

$

(68,489,386

)

 

$

349,651,973

 

Cumulative effect of adjustment for the adoption of ASU 2020-06(1)

 

 

 

 

 

 

(4,337,631

)

 

 

3,888,233

 

 

 

 

 

(449,398

)

Repurchase of common stock

 

 

(106,308

)

 

 

 

 

 

 

 

 

(440,237

)

 

 

(440,237

)

Net investment income

 

 

 

 

 

 

 

 

6,495,095

 

 

 

 

 

6,495,095

 

Net realized and unrealized gain (loss)

 

 

 

 

 

 

 

 

(972,721

)

 

 

 

 

(972,721

)

Distributions to common stockholders(2)

 

 

 

 

 

 

 

 

(7,380,270

)

 

 

 

 

(7,380,270

)

Balance at March 31, 2022

 

 

73,770,679

 

 

$

84,478

 

 

$

848,022,547

 

 

$

(432,272,960

)

 

$

(68,929,623

)

 

$

346,904,442

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repurchase of common stock

 

 

(420,083

)

 

 

 

 

 

 

 

 

(1,586,451

)

 

 

(1,586,451

)

Issuance of common stock from the conversion of the 2022 Convertible Notes

 

 

3,546

 

 

 

4

 

 

 

29,996

 

 

 

 

 

 

 

 

30,000

 

Net investment income

 

 

 

 

 

 

 

 

7,120,216

 

 

 

 

 

7,120,216

 

Net realized and unrealized gain (loss)

 

 

 

 

 

 

 

 

(9,660,376

)

 

 

 

 

(9,660,376

)

Distributions to common stockholders(2)

 

 

 

 

 

 

 

 

(7,363,184

)

 

 

 

 

(7,363,184

)

Balance at June 30, 2022

 

 

73,354,142

 

 

$

84,482

 

 

$

848,052,543

 

 

$

(442,176,304

)

 

$

(70,516,074

)

 

$

335,444,647

 

 

 

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares Outstanding

 

 

Par Amount, Shares Issued

 

 

Paid in Capital

in Excess of Par

 

 

Distributable

earnings (loss)

 

 

Treasury Stock at Cost

 

 

Total Net

Assets

 

Balance at December 31, 2020

 

 

74,466,665

 

 

$

84,478

 

 

$

858,079,713

 

 

$

(476,857,055

)

 

$

(66,296,859

)

 

$

315,010,277

 

Repurchase of common stock

 

 

(256,062

)

 

 

 

 

 

 

 

 

(869,726

)

 

 

(869,726

)

Net investment income

 

 

 

 

 

 

 

 

4,190,217

 

 

 

 

 

4,190,217

 

Net realized and unrealized gain (loss)

 

 

 

 

 

 

 

 

12,010,788

 

 

 

 

 

12,010,788

 

Distributions to common stockholders(2)

 

 

 

 

 

 

 

 

(7,441,594

)

 

 

 

 

(7,441,594

)

Balance at March 31, 2021

 

 

74,210,603

 

 

$

84,478

 

 

$

858,079,713

 

 

$

(468,097,644

)

 

$

(67,166,585

)

 

$

322,899,962

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repurchase of common stock

 

 

(80,944

)

 

 

 

 

 

 

 

 

(301,703

)

 

 

(301,703

)

Net investment income

 

 

 

 

 

 

 

 

4,842,724

 

 

 

 

 

4,842,724

 

Net realized and unrealized gain (loss)

 

 

 

 

 

 

 

 

27,182,996

 

 

 

 

 

27,182,996

 

Distributions to common stockholders(2)

 

 

 

 

 

 

 

 

(7,413,594

)

 

 

 

 

(7,413,594

)

Balance at June 30, 2021

 

 

74,129,659

 

 

$

84,478

 

 

$

858,079,713

 

 

$

(443,485,518

)

 

$

(67,468,288

)

 

$

347,210,385

 

 

 

(1)

See Notes 2 and 4 for further information related to the adoption of ASU 2020-06.

 

(2)

Sources of distribution to stockholders will be adjusted on an annual basis, if necessary, and calculated in accordance with federal income tax regulations (see Note 2). For the three months ended June 30, 2022, it is estimated that $242,968 out of the total $7,363,184 distribution was from a return of capital based on book income. For the three months ended March 31, 2022, it is estimated that $885,175 out of the total $7,380,270 distribution was from a return of capital based on book income.

The accompanying notes are an integral part of these consolidated financial statements.

5


 

BlackRock Capital Investment Corporation

Consolidated Statements of Cash Flows

(Unaudited)

 

 

 

Six Months Ended

 

 

 

June 30, 2022

 

 

June 30, 2021

 

Operating activities

 

 

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from operations

 

$

2,982,214

 

 

$

48,226,725

 

Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:

 

 

 

 

 

 

 

 

Net realized (gain) loss

 

 

(825,913

)

 

 

19,669,166

 

Net change in unrealized (appreciation) depreciation of investments

 

 

11,260,316

 

 

 

(59,148,310

)

Net change in unrealized (appreciation) depreciation on Interest Rate Swap

 

 

198,694

 

 

 

 

Net change in unrealized (appreciation) depreciation on foreign currency translation

 

 

 

 

 

285,360

 

Interest and dividend income paid in kind

 

 

(636,237

)

 

 

(1,833,403

)

Net amortization of investment discounts and premiums

 

 

(1,532,581

)

 

 

(688,156

)

Amortization of deferred debt issuance costs

 

 

668,747

 

 

 

863,830

 

Amortization of original issue discount on debt

 

 

 

 

 

464,480

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

Purchase of investments

 

 

(116,857,948

)

 

 

(141,841,057

)

Proceeds from disposition of investments

 

 

103,762,076

 

 

 

113,366,562

 

Decrease (increase) in interest, dividends and fees receivable

 

 

921,005

 

 

 

(411,093

)

Decrease (increase) in due from broker

 

 

(1,097,291

)

 

 

 

Decrease (increase) in receivable for investments sold

 

 

609,516

 

 

 

5,414,351

 

Decrease (increase) in prepaid expenses and other assets

 

 

409,973

 

 

 

(744,102

)

Increase (decrease) in payable for investments purchased

 

 

(11,082,281

)

 

 

7,651,652

 

Increase (decrease) in interest and debt related payables

 

 

137,774

 

 

 

117,811

 

Increase (decrease) in management fees payable

 

 

(175,352

)

 

 

(537,763

)

Increase (decrease) in income incentive fees payable

 

 

(100,659

)

 

 

 

Increase (decrease) in accrued capital gains incentive fees

 

 

(1,544,569

)

 

 

 

Increase (decrease) in accrued administrative expenses

 

 

(84,963

)

 

 

(74,178

)

Increase (decrease) in accrued expenses and other liabilities

 

 

(88,671

)

 

 

(903,641

)

Net cash provided by (used in) operating activities

 

 

(13,076,150

)

 

 

(10,121,766

)

 

 

 

 

 

 

 

 

 

Financing activities

 

 

 

 

 

 

 

 

Repayment of 2022 Convertible Notes

 

 

(143,720,000

)

 

 

 

Proceeds from issuance of 2025 Private Placement Notes

 

 

92,000,000

 

 

 

 

Draws on Credit Facility

 

 

160,000,000

 

 

 

64,000,000

 

Repayments of Credit Facility draws

 

 

(68,000,000

)

 

 

(50,800,000

)

Distributions paid to common stockholders

 

 

(14,773,242

)

 

 

(7,441,594

)

Repurchase of common shares

 

 

(2,026,688

)

 

 

(1,171,429

)

Payments of debt issuance costs

 

 

(796,172

)

 

 

(767,459

)

Net cash provided by (used in) financing activities

 

 

22,683,898

 

 

 

3,819,518

 

 

 

 

 

 

 

 

 

 

Net increase (decrease) in cash and cash equivalents

 

 

9,607,748

 

 

 

(6,302,248

)

Cash and cash equivalents at beginning of period

 

 

12,750,121

 

 

 

23,332,831

 

Cash and cash equivalents at end of period

 

$

22,357,869

 

 

$

17,030,583

 

 

 

 

 

 

 

 

 

 

Supplemental cash flow information

 

 

 

 

 

 

 

 

Interest payments

 

$

4,330,110

 

 

$

3,762,774

 

Tax payments

 

$

60,464

 

 

$

60,050

 

Share issuance — conversion of 2022 Convertible Notes

 

$

30,000

 

 

$