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Debt (Tables)

9 Months Ended

Sep. 30, 2023

Debt

Schedule of long-term debt outstanding

						September 30,
						2023
Title		Type		Interest Rate			Fair Value				Carrying Amount
Sub-credit A		Term Loan		4.55%		$	4,589,843			$	5,819,957
Sub-credit B		Term Loan		(a)			4,911,539				5,903,767
Long-term debt principal						$	9,501,382			$	11,723,724
Unamortized debt issuance costs (b)											(404,034	)
Long-term debt										$	11,319,690

(a) A fixed rate is determined for each draw on the loan, calculated as 1.10% per year plus a fixed rate to be published by BNDES every 15 days in accordance with the BNDES Loan Agreement.

(b) Excludes $384,683 in deferred charges related to debt issuance costs that will be recognized pro-ratably when additional funds are drawn.

Schedule of long-term debt principal maturity

			Sub-credit A				Sub-credit B
2023		$	-			$	-
2024			-				-
2025			-				-
2026			538,885				-
2027			646,662				553,478
Thereafter			4,634,411				5,350,289
Total		$	5,819,957			$	5,903,767

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