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LONG-TERM DEBT AND SHORT-TERM FINANCINGS
 6 Months Ended
Jun. 30, 2022
Long-term Debt And Short-term Financings  
LONG-TERM DEBT AND SHORT-TERM FINANCINGS

NOTE 4. LONG-TERM DEBT AND SHORT-TERM FINANCINGS

 

Long-Term Debt

 

The composition of the long-term debt follows:

 

  

June 30,

2022

  

December 31,

2021

 
         
Oak Street Funding LLC Term Loan for the acquisition of EBS and USBA, net of deferred financing costs of $13,497 and $14,606 as of June 30, 2022 and December 31, 2021, respectively  $455,391   $485,317 
Oak Street Funding LLC Senior Secured Amortizing Credit Facility for the acquisition of CCS, net of deferred financing costs of $16,351 and $17,626 as of June 30, 2022 and December 31, 2021, respectively   738,547    785,826 
Oak Street Funding LLC Term Loan for the acquisition of SWMT, net of deferred financing costs of $10,085 and $11,027 as of June 30, 2022 and December 31, 2021, respectively   835,376    884,720 
Oak Street Funding LLC Term Loan for the acquisition of FIS, net of deferred financing costs of $39,752 and $42,660 as of June 30, 2022 and December 31, 2021, respectively   2,103,885    2,226,628 
Oak Street Funding LLC Term Loan for the acquisition of ABC, net of deferred financing costs of $45,369 and $48,609 as of June 30, 2022 and December 31, 2021, respectively   3,427,614    3,616,754 
Oak Street Funding LLC Term Loan for the acquisition of Barra, net of deferred financing costs of $208,901 and $0 as of June 30, 2022 and December 31, 2021, respectively   6,311,099    - 
    13,871,912    7,999,245 
Less: current portion   (936,263)   (913,920)
Long-term debt  $12,935,649   $7,085,325 

 

Oak Street Funding LLC – Term Loans and Credit Facilities

 

Fiscal year ending December 31, 

Maturities of

Long-Term Debt

 
2022 (remainder of year)  $438,616 
2023   1,228,897 
2024   1,542,156 
2025   1,656,383 
2026   1,776,385 
Thereafter   7,563,428 
Total   14,205,865 
Less: debt issuance costs   (333,953)
Total  $13,871,912 

 

 

Short-Term Financings

 

The Company financed certain annual insurance premiums through the use of two short-term notes, payable in nine and ten equal monthly installments of $42,894 and $4,456 at interest rates of 7.51% and 7.95%, per annum respectively. Policies financed include directors and officers and errors and omissions insurance coverage with premium financing recognized in 2022 and 2021 of $417,199 and $0, respectively. Outstanding balances as of June 30, 2022 and December 31, 2021, respectively were $376,647 and $0.