Notes Payable and Accrued Interest

9 Months Ended

Sep. 30, 2021

Payables and Accruals [Abstract]

Notes Payable and Accrued Interest

5. Notes Payable and Accrued Interest

As of September 29, 2021, notes payable and accrued interest are included in the liabilities subject to compromise. See Note 3 – reorganization adjustment (b). As part of the Plan of Reorganization, the Bankruptcy Court approved the settlement of claims reported within Liabilities subject to compromise in the Company’s Consolidated balance sheet at their respective allowed claim amounts. Accordingly, the Company did not have notes payable or accrued interest as of September 30, 2021.

At September 30, 2021 and December 31, 2020, the Company’s notes payable and accrued interest consisted of the following.

	Successor		Predecessor
	September 30,		September 29,		December 31,
		2021		2021		2020
Drake Indebtedness, subject to compromise at September 29, 2021:
Principal	$	-	$	38,675,300	$	88,557,000
Unamortized debt issuance costs		-		-		(780,900	)
Accrued interest		-		-		739,000
PPP Loan, subject to compromise at September 29, 2021:
Principal		-		-		276,400
Accrued interest		-		-		1,700
	$	-	$	38,675,300	$	88,793,200
Nord Loans held for sale:
Principal		-		-		14,091,300
Unamortized debt issuance costs		-		-		(313,400	)
Accrued interest		-		-		59,000
	$	-	$	-	$	13,836,900