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v3.22.1

Notes Payable and Other Long-Term Liabilities (Tables) | 3 Months Ended
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Mar. 31, 2022
Debt Disclosure [Abstract] |
Schedule of Debt Obligations | Our debt obligations are as follows:
|  | Interest Rate |  | March 31, |  |  | December 31, |
|  | (1) |  | 2022 |  |  | 2021 |
|  |  |  | (Unaudited) |  |  |  |
Monroe Term Loan (2) |  | 7.5% |  | $ | 62,025,000 |  |  | $ | 58,585,000 |
Green Remedies Promissory Note (3) |  | 3.0% |  |  | 2,040,607 |  |  |  | 2,040,607 |
PNC ABL Facility (4) |  | 3.0% |  |  | 7,186,580 |  |  |  | 7,234,737 |
Total notes payable |  |  |  |  | 71,252,187 |  |  |  | 67,860,344 |
Less: Current portion of long-term debt |  |  |  |  | (1,644,149 | ) |  |  | (1,329,109 | )
Less: Unamortized debt issuance costs |  |  |  |  | (2,505,235 | ) |  |  | (2,637,483 | )
Less: Unamortized OID |  |  |  |  | (365,781 | ) |  |  | (391,493 | )
Less: Unamortized OID warrant |  |  |  |  | (1,021,320 | ) |  |  | (1,093,058 | )
Notes payable, net |  |  |  | $ | 65,715,702 |  |  | $ | 62,409,201 |
(1) Interest rates as of March 31, 2022 |  |  |  |  |  |
(2) Bears interest at LIBOR rate plus Applicable Margin ranging from 5.5%-7.5% |  |  |  |  |  |
(3) Stated interest rate of 3.0%, discounted cash flow rate of 13% |  |  |  |  |  |
(4) Bears interest at a Base rate, as defined, plus a margin of 0.75% to 1.25% |  |  |  |  |  |
Schedule of Changes in Debt Issuance Costs | The table below summarizes changes in debt issuance costs.
|  |  |  | March 31, |
|  |  |  | 2022 |
|  |  |  | (Unaudited) |
Debt issuance costs |  |  |  |  |
Beginning balance |  |  |  | $ | 2,637,483 |
Financing costs deferred |  |  |  |  | 45,800 |
Less: Amortization expense |  |  |  |  | (178,048 | )
Debt issuance costs, net of accumulated amortization |  |  |  | $ | 2,505,235 |
Schedule of Other Long-Term Liabilities | Other long-term liabilities
|  |  |  | March 31, |  |  | December 31, |
|  |  |  | 2022 |  |  | 2021 |
|  |  |  | (Unaudited) |  |  |  |
Deferred consideration - earn-out |  |  |  | $ | 781,000 |  |  | $ | 781,000 |
Operating lease liability - long-term portion |  |  |  |  | 1,013,318 |  |  |  | 1,123,799 |
Other |  |  |  |  | 4,166 |  |  |  | 4,167 |
|  |  |  | $ | 1,798,484 |  |  | $ | 1,908,966 |

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