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INVESTMENT IN UNCONSOLIDATED ENTITY | 3 Months Ended
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Mar. 31, 2022
Investment In Unconsolidated Entity |
INVESTMENT IN UNCONSOLIDATED ENTITY | 9. INVESTMENT IN UNCONSOLIDATED ENTITY – Avalanche International Corp. (“AVLP”) Equity Investments in Unconsolidated Entity – AVLP Equity investments in an unconsolidated entity, AVLP, at March 31, 2022 and December 31, 2021, were comprised of the following: Investment in Promissory Notes
|  | Interest |  |  | Due |  |  | March 31, |  |  | December 31, |
|  | Rate |  |  | Date |  |  | 2022 |  |  | 2021 |
Investment in convertible promissory note |  |  | 12 | % |  |  | 2022-2026 |  |  | $ | 18,499,000 |  |  | $ | 17,799,000 |
Investment in promissory note – Alpha Fund |  |  | 8 | % |  |  | June 30, 2022 |  |  |  | 3,600,000 |  |  |  | 3,600,000 |
Accrued interest receivable |  |  |  |  |  |  |  |  |  |  | 2,092,000 |  |  |  | 2,092,000 |
Other |  |  |  |  |  |  |  |  |  |  | 106,000 |  |  |  | 600,000 |
Total investment in promissory notes, gross |  |  |  |  |  |  |  |  |  |  | 24,297,000 |  |  |  | 24,091,000 |
Less: provision for loan losses |  |  |  |  |  |  |  |  |  |  | (2,000,000 | ) |  |  | (2,000,000 | )
Total investment in promissory note |  |  |  |  |  |  |  |  |  | $ | 22,297,000 |  |  | $ | 22,091,000 |
* During the three months ended March 31, 2022 and 2021, no interest income was recognized from the Company’s investment in AVLP. AVLP Convertible Promissory Note Maturities The contractual maturities of AVLP’s convertible promissory notes as of March 31, 2022 were:
Year |  |  |
2022 |  | $ | 4,124,000 |
2023 |  |  | 2,820,000 |
2024 |  |  | 2,651,000 |
2025 |  |  | 1,674,000 |
2026 |  |  | 6,530,000 |
2027 |  |  | 700,000 |
Total |  | $ | 18,499,000 |
The following table summarizes the changes in the Company’s equity investments in an unconsolidated entity, AVLP, during the year ended December 31, 2021 and the three months ended March 31, 2022:
|  | Investment in |  |  | Investment in |  |  |  |
|  | warrants and |  |  | promissory notes |  |  | Total |
|  | common stock |  |  | and advances |  |  | investment |
Balance at January 1, 2021 |  | $ | 5,486,000 |  |  | $ | 10,471,000 |  |  | $ | 15,957,000 |
Investment in convertible promissory notes |  |  | - |  |  |  | 7,344,000 |  |  |  | 7,344,000 |
Fair value of warrants |  |  | 2,786,000 |  |  |  | - |  |  |  | 2,786,000 |
Unrealized loss in warrants |  |  | (7,772,000 | ) |  |  | - |  |  |  | (7,772,000 | )
Unrealized gain in common stock |  |  | (150,000 | ) |  |  | - |  |  |  | (150,000 | )
Loss from equity investment |  |  | (311,000 | ) |  |  | - |  |  |  | (311,000 | )
Accretion of discount |  |  | - |  |  |  | 4,210,000 |  |  |  | 4,210,000 |
Accrued interest |  |  | - |  |  |  | 66,000 |  |  |  | 66,000 |
Balance at January 1, 2022 |  |  | 39,000 |  |  |  | 22,091,000 |  |  |  | 22,130,000 |
Investment in convertible promissory notes |  |  | - |  |  |  | 700,000 |  |  |  | 700,000 |
Loss from equity investment |  |  | (39,000 | ) |  |  | (494,000 | ) |  |  | (533,000 | )
Balance at March 31, 2022 |  | $ | - |  |  | $ | 22,297,000 |  |  | $ | 22,297,000 |

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