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SUBSEQUENT EVENTS
3 Months Ended
Mar. 31, 2023
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
On April 6, 2023, Ionic Ventures, LLC returned to the Company 327,549 excess shares from equity conversions during the first quarter of 2023, resulting in total outstanding shares of 102,707,603. See also Note 8, Debt Obligations.

On April 6, 2023, the Company, LINICO and ABTC amended and restated the Facility purchase agreement. Pursuant to the Amended and Restated Agreement, the Company agreed to take certain action previously contemplated by LINICO, including purchasing the Facility. See also Note 7, Leases.

On April 26, 2023, the Company closed on the purchase of the Facility from Aqua Metals, paying the remaining $12 million due on the Facility and taking full ownership.

After the Company’s payment to AQMS of $12.0 million for the Facility purchase and $1.5 million in escrow for environmental liabilities, the Company expects to net over $14.0 million in cash from this transaction. The total estimated gain on sale of the Facility and the related assets is estimated at approximately $4.9 million, of which, approximately $0.2 million was recognized during the first quarter of 2023, as the gain on the portion of the sale of associated with the equipment. The Company also recorded a deferred liability balance of $5.0 million, included in Liabilities Held for Sale, for proceeds received through March 31, 2023, but not yet realized as the sale is not yet finalized.
On April 28, 2023, the compensation committee of the board of directors approved executive bonuses of $970,000 for named executive officers other than the Chief Executive Officer to be paid in the second and third quarters of 2023.