v3.21.1

Notes Payable (Successor) | 12 Months Ended
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Dec. 31, 2020
Notes Payable (Successor) |
Notes Payable (Successor) | Note 9– Notes Payable (Successor) Notes payable consists of the following:
|  | December 31,
|  | 2020 |  | 2019
Equipment notes |  | $ | 761,075 |  | $ | —
PPP loans |  |  | 378,346 |  |  | —
|  |  | 1,139,421 |  |  | —
Less: current portion of Notes Payable |  |  | (385,963) |  |  | —
Notes payable, net of current portion |  | $ | 753,458 |  | $ | —
Equipment notes During the year ended December 31, 2020, ANC Smith’s entered into secured loan agreements with an aggregate principal balance of $0.7 million for the purchase of certain equipment. The equipment notes bear interest at a fixed rate of 2.85% and are due to be repaid in monthly installments over their five year terms. ANC Potters is party equipment loan agreements, the proceeds of which were used to purchase certain equipment and a truck. The loans have remaining terms ranging from less than one year to four years and bear a weighted average annual interest rate of 4.5%. During the year ended December 31, 2020, the Company made aggregate principal payments of approximately $0.06 million. PPP loans In April 2020, ANC Green Solutions I, ANC Potter’s and ANC Smith’s each qualified for and received a loan pursuant to the Paycheck Protection Program, a program implemented by the U.S. Small Business Administration (“SBA”) under the Coronavirus Aid, Relief, and Economic Security Act, from qualified lenders. The PPP Loans bear interest at a fixed rate of 1.0% per annum, have terms of two years, and are unsecured and guaranteed by the SBA. The principal amounts of the PPP Loans are subject to forgiveness under the Paycheck Protection Program upon the Company’s request to the extent that the PPP Loan proceeds are used to pay expenses permitted by the Paycheck Protection Program, including payroll costs, covered rent and mortgage obligations, and covered utility payments incurred by the borrower. During the three months ended December 31, 2020, the Company applied for forgiveness of the PPP Loans with respect to these covered expenses. ANC Smith’s forgiveness application was accepted in November 2020 and the Company recognized $0.2 million in Other income on its consolidated statement of operations. As of December 31, 2020, the applications for forgiveness for ANC Potter’s and ANC Green Solutions I’s PPP Loans are in process. In March 2021, ANC Potter’s PPP loan forgiveness application was accepted. To the extent that all or part of the PPP Loans are not forgiven, the Company will be required to pay interest on the PPP Loan at a rate of 1.0% per annum, and commencing when the SBA makes a forgiveness determination or 10 months after the covered period, principal and interest payments will be required through the maturity dates in April 2022. The terms of the PPP Loans provide for customary events of default including, among other things, payment defaults, breach of representations and warranties, and insolvency events. The PPP Loans may be accelerated upon the occurrence of an event of default.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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