v3.21.1

Related Party Transactions | 12 Months Ended
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Dec. 31, 2020
Related Party Transactions |
Related Party Transactions | Note 13 – Related Party Transactions Successor The Company occupies a portion of commercial office space that is leased by Peter Cohen, the Company’s Chief Executive Officer, who provides the space to the Company on a month-to-month basis for approximately $6,000 per month. There is no formal lease agreement or security deposit associated with this agreement. The Company paid approximately $79,000 and $18,400 to Mr. Cohen during the year ended December 31, 2020 and for the period of October 4, 2019 through December 31, 2019, respectively, related to this lease agreement. In connection with the Business Combination, the Company entered into a lease agreement with the minority interest holders of ANC Green Solutions I. The lease agreement is for a period of five years. The Company paid $51,000 and $12,750 during the year ended December 31, 2020 and for period of October 4, 2019 through December 31, 2019, respectively, related to this lease agreement. In connection with the Potters Acquisition, the Company entered into a lease agreement with the minority interest holders of ANC Potter’s. The lease agreement is for a period of three years. The Company paid $38,500 during the year ended December 31, 2020 related to this agreement. On January 30, 2020, the Company entered into a subscription agreement at an offering price of $11.00 per share, with PENSCO Trust Company Custodian FBO Peter Cohen SEP IRA, on behalf of Peter A. Cohen, for 22,728 shares of Class A Common Stock in exchange for $250,000 cash. In addition, on January 30, 2020, the Company entered into a subscription agreement at an offering price of $11.00 per share, with PENSCO Trust Company LLC, Custodian FBO Milun K. Patel IRA, on behalf of Milun K. Patel, for 6,900 shares of Class A Common Stock in exchange for $75,900 cash. In December 2019, the Company entered into subscription agreements with Mr. Cohen and Jeffrey Piermont, the Company’s President and Chief Operating Officer and issued and sold 22,728 and 9,091 shares of its Class A Common Stock, respectively, for total gross proceeds to the Company of $350,009. Predecessor Shareholder distributions for the period of January 1, 2019 through October 3, 2019 were approximately $1.2 million. During the period January 1, 2019 through October 3, 2019, the Company was party to a lease agreement with a shareholder of the Company. The Company paid approximately $43,000 to a shareholder during the period of January 1, 2019 through October 3, 2019 related to this lease agreement.

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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -URI http://asc.fasb.org/topic&trid=2122745 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39691-107864 + Details
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