Notes Payable and Accrued Interest

12 Months Ended

Dec. 31, 2022

Notes Payable and Accrued Interest [Abstract]

NOTES PAYABLE AND ACCRUED INTEREST

11. 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 4 – 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 December 31, 2022 and 2021.

At December 31, 2022, 2021 and September 29, 2021, the Company’s notes payable and accrued interest subject to compromise consisted of the following.

	Successor		Successor		Predecessor
	December 31,		December 31,		September 29,
	2022		2021		2021
Drake Indebtedness, subject to compromise:
Principal	$	-	$	-	$	38,675,300