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v3.21.2

Subsequent Event (Details) |  |  |  |  | 1 Months Ended |  |  |
--- | --- | --- | --- | --- | --- | --- | --- | ---
Oct. 01, 2021 shares | Jul. 14, 2021 | Aug. 27, 2020 shares | May 15, 2020 shares | Oct. 28, 2021 ft² | Oct. 25, 2021 USD ($) $ / shares shares | May 31, 2020 shares | Apr. 30, 2020 shares | Oct. 26, 2016 shares | Sep. 30, 2021 $ / shares | Dec. 31, 2020 $ / shares | Nov. 12, 2019
Subsequent Events |  |  |  |  |  |  |  |  |  |  |  |
Note term |  | 1 year |  |  |  |  |  |  |  |  |  |
Exercise period |  |  |  |  |  |  |  |  |  |  |  | 5 years
Restricted shares |  |  | 200,000 |  |  |  |  |  |  |  |  |
Public Shares |  |  |  | 6,900,000 |  |  | 6,000,000 | 440,000 | 3,625,000 |  |  |
Common Stock, par value | $ / shares |  |  |  |  |  |  |  |  |  | $ 0.01 | $ 0.01 |
Subsequent Event [Member] |  |  |  |  |  |  |  |  |  |  |  |
Subsequent Events |  |  |  |  |  |  |  |  |  |  |  |
Area square fit | ft² |  |  |  |  | 56,775 |  |  |  |  |  |  |
Exercise period |  |  |  |  |  | 5 years |  |  |  |  |  |
Restricted shares | 200,000 |  |  |  |  |  |  |  |  |  |  |
Proceeds from gross amount | $ |  |  |  |  |  | $ 11,550,000 |  |  |  |  |  |
Public Shares |  |  |  |  |  | 975,000 |  |  |  |  |  |
Common Stock, par value | $ / shares |  |  |  |  |  | $ 0.01 |  |  |  |  |  |
Pre-funded warrant shares |  |  |  |  |  | 2,189,384 |  |  |  |  |  |
Common stock warrant shares |  |  |  |  |  | 1,898,630 |  |  |  |  |  |
Pre-funded warrants exercised price |  |  |  |  |  | 0.001 |  |  |  |  |  |
Cash fee equal percent |  |  |  |  |  | 7.00% |  |  |  |  |  |
Non-accountable expense allowance percent |  |  |  |  |  | 0.50% |  |  |  |  |  |
Placement agent’s expenses | $ |  |  |  |  |  | $ 50,000 |  |  |  |  |  |
Subsequent Event, Description |  |  |  |  | The date on which SG Echo will become responsible for paying rent under the Lease (the “Lease Commencement Date”) will be the earlier of (i) the date SG Echo begins to operate its business on the Premises or (ii) <span style="border-left: none; border-right: none;">ninety</span> (<span style="border-left: none; border-right: none;">90</span>) days after October 28, 2021. The initial term of the Lease will commence on the Lease Commencement Date and expire <span style="border-left: none; border-right: none;">one</span> hundred and <span style="border-left: none; border-right: none;">twenty</span> (<span style="border-left: none; border-right: none;">120</span>) months after the Lease Commencement Date, with <span style="border-left: none; border-right: none;">two five</span>-year options to renew. SG Echo’s monthly base rent for the Premises will start at $<span style="border-left: none; border-right: none;">15,991.63</span> commencing on the Lease Commencement Date and will increase at the rate of <span style="border-left: none; border-right: none;">two</span> percent (<span style="border-left: none; border-right: none;">2</span>%) on an annual basis up to a maximum monthly base rent of $<span style="border-left: none; border-right: none;">19,111.47</span>. The Company intends to use the leased Premises to add <span style="border-left: none; border-right: none;">two</span> new production lines for SG Echo to manufacture projects for the Company’s subsidiary, SG DevCorp, and others. Upon SG Echo completing certain improvements to the Premises, it will receive a credit against future rent, not to exceed $<span style="border-left: none; border-right: none;">750,000</span>, for the cost and expense of the improvements to be applied pro rata over the remaining term of the Lease. The Lease also grants SG Echo an option to purchase the Premises for (i) $<span style="border-left: none; border-right: none;">1,000,000</span> after the fifteenth (<span style="border-left: none; border-right: none;">15</span>th) through the end of the <span style="border-left: none; border-right: none;">twenty</span>-fourth (<span style="border-left: none; border-right: none;">24</span>th) full calendar month of the Lease or (ii) $<span style="border-left: none; border-right: none;">1,050,000</span> during the <span style="border-left: none; border-right: none;">twenty</span>-fifth (<span style="border-left: none; border-right: none;">25</span>th) through the end of the <span style="border-left: none; border-right: none;">thirty</span>-sixth (<span style="border-left: none; border-right: none;">36</span>th) full calendar month of the Lease. Pursuant to a Guaranty Agreement, dated October 28, 2021 (the “Guaranty”), SG Echo’s obligations under the Lease have been guaranteed by the Company. In connection with the Lease, SG Echo entered into a Loan Agreement (“Loan Agreement”) with the Durant Industrial Authority (the “Authority”) pursuant to which it received $<span style="border-left: none; border-right: none;">750,000</span> to be used for improvements on the Premises and issued to the Authority a non-interest bearing Forgivable Promissory Note in the principal amount of $<span style="border-left: none; border-right: none;">750,000</span> (the “Forgivable Note”). The Forgivable Note is due on April 29, 2029 and guaranteed by the Company, provided, if no event of default has occurred under the Forgivable Note or Loan Agreement, <span style="border-left: none; border-right: none;">one</span>-third (<span style="border-left: none; border-right: none;">1</span>/<span style="border-left: none; border-right: none;">3</span>) of the balance of the Forgivable Note will be forgiven on April 29, 2027, <span style="border-left: none; border-right: none;">one</span>-half (<span style="border-left: none; border-right: none;">1</span>/<span style="border-left: none; border-right: none;">2</span>) of the balance of the Forgivable Note will be forgiven on April 29, 2028, and the remainder of the balance of the Forgivable Note will be forgiven on April 29, 2029. The Loan Agreement includes a covenant by SG Echo to employ a minimum of <span style="border-left: none; border-right: none;">75</span> full-time employees in Durant Oklahoma and pay them no less than <span style="border-left: none; border-right: none;">1.5</span> times the federal minimum wage, and provides SG Echo <span style="border-left: none; border-right: none;">24</span> months to comply with the provision. |  |  |  |  |  |  |
Estimated offering expenses | $ |  |  |  |  |  | $ 10,500,000 |  |  |  |  |  |
Warrant exercise price | $ / shares |  |  |  |  |  | $ 4.80 |  |  |  |  |  |
Subsequent Event [Member] | Mr. Galvin [Member] |  |  |  |  |  |  |  |  |  |  |  |
Subsequent Events |  |  |  |  |  |  |  |  |  |  |  |
Restricted shares | 350,000 |  |  |  |  |  |  |  |  |  |  |
Vesting Period | 2 years |  |  |  |  |  |  |  |  |  |  |
Subsequent Event [Member] | Chief Operating Officer [Member] |  |  |  |  |  |  |  |  |  |  |  |
Subsequent Events |  |  |  |  |  |  |  |  |  |  |  |
Restricted shares | 37,500 |  |  |  |  |  |  |  |  |  |  |
Vesting Period | 2 years |  |  |  |  |  |  |  |  |  |  |
Subsequent Event [Member] | Chief Financial Officer [Member] |  |  |  |  |  |  |  |  |  |  |  |
Subsequent Events |  |  |  |  |  |  |  |  |  |  |  |
Restricted shares | 100,000 |  |  |  |  |  |  |  |  |  |  |
Vesting Period | 2 years |  |  |  |  |  |  |  |  |  |  |
Subsequent Event [Member] | Chief Technology Officer [Member] |  |  |  |  |  |  |  |  |  |  |  |
Subsequent Events |  |  |  |  |  |  |  |  |  |  |  |
Restricted shares | 40,000 |  |  |  |  |  |  |  |  |  |  |
Vesting Period | 2 years |  |  |  |  |  |  |  |  |  |  |
Subsequent Event [Member] | Non-Executive Directors [Member] |  |  |  |  |  |  |  |  |  |  |  |
Subsequent Events |  |  |  |  |  |  |  |  |  |  |  |
Restricted shares | 11,834 |  |  |  |  |  |  |  |  |  |  |
Vesting Period | 1 year |  |  |  |  |  |  |  |  |  |  |

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