Related Party Transactions |
6 Months Ended |
|---|---|
Jun. 30, 2021 | |
| Related Party Transactions | |
| Related Party Transactions | Note 13 – Related Party Transactions 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 $18,000 and $36,000 to Mr. Cohen during the three and six months ended June 30, 2021, and $18,225 and $38,199 during the three and six months ended June 30, 2020, related to this lease agreement. In January 2021, the Company entered into a subscription agreement at an offering price of $11.00 per share with The Brandon T. Greenblatt, 2015 Trust, The Maggie S. Greenblatt, 2015 Trust, and The Steven J. Greenblatt 2015 Trust for 109,090 shares of Class A Common Stock each in exchange for an aggregate of $3,599,970 cash. The trusts are affiliated with our board member William Greenblatt. On February 1, 2021, the Company and each of Blumenthal Family Investment Joint Venture, L.P., Jeffrey C. Piermont and The Peter A. Cohen Revocable Trust (the “Warrant Holders”) entered into Warrant Cancellation Agreements in order to terminate the Warrants and to refund the Warrant Holders the original purchase price for the Warrants. The Warrant Holders were an entity controlled by an advisor, an officer of the Company and an entity controlled by an officer, respectively. On February 4, 2021, the Company entered into a subscription agreement at an offering price of $11.00 per share, with Cacti Asset Management, which maintains board member Joshua Pechter as Chief Compliance Officer, for 18,182 shares of Class A Common Stock in exchange for $200,000 cash. On February 11, 2021, 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 45,455 shares of Class A Common Stock in exchange for $500,000 cash. In connection with the funding of the capital calls for the ANC-Zodega Subsidiaries acquisitions, as described in Note 1, the Company entered into unsecured promissory note agreements with Litton Enterprises Inc. for $1.4 million. The promissory note agreements bear interest at a rate of Prime plus 7.0%, payable on the first day of each month, and the entire principal amount is due to be repaid by the minority interest holder to the Company on the fourth anniversary of the note 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 $12,750 and $25,500 during the three and six months ended June 30, 2021 and 2020, 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 $10,500 and $21,000 during the three and six months ended June 30,2021 and 2020 related to this agreement. |