|3 Months Ended|
Mar. 31, 2022
Note 16. Subsequent Events
Subsequent to March 31, 2022, Camber made additional advances to the Company. As of June 3, 2022, the additional advances brought the total advanced to approximately $9 million dollars.
On or about June 1, 2022, the Company entered into a Termination Agreement with RESC Renewables Holdings, LLC (“RESC”) pursuant to which the Company and RESC agreed to terminate that certain Membership Interest Purchase Agreement dated as of November 18, 2021 by and between the Company and RESC, as amended by that certain First Amendment to Membership Interest Purchase Agreement dated as of December 21, 2021 (together, the “MIPA”), in accordance with the terms of the MIPA. Amounts owing to the Company by New Rise Processing Reno LLC pursuant to various Promissory Notes dated between November 18, 2021 and January 24, 2022, which obligations are guaranteed by RESC Renewable Holdings, LLC and secured against twenty percent of the membership interests of RESC Renewable Holdings, LLC, are due and payable to the Company on or before June 30, 2022.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef