Note 19 - Subsequent Events

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Subsequent Events [Text Block]

19. SUBSEQUENT EVENTS

Equity Raise

On April 20, 2022, the Company entered into a Sales Agreement pursuant to which the Company may offer and sell, from time to time, up to $50,000,000 in shares of its common stock. No sales have been made as of this filing.

On April 28, 2022, the Company entered into an additional Securities Purchase Agreement with an institutional investor to raise gross proceeds of $21 million. The Purchase Agreement provides for the sale and issuance by the Company of an aggregate of: (i) 9,000,000 shares of the Company’s common stock, (ii) pre-funded warrants to purchase up to 7,153,847 shares of Common Stock and (iii) warrants (the “Accompanying Warrant” and together with the Shares and the Pre-Funded Warrants, the “Securities”) to purchase up to 16,000,000 shares of Common Stock. The offering price per Share and associated Accompanying Warrant is $1.30 and the offering price per Pre-Funded Warrant and associated Accompanying Warrant is $1.30. Proceeds were received in May 2022, and used to pay the amount due on the Front Line Power seller financed notes.

Loan Modifications

Seller Financed notes payable - Front Line Power Construction, LLC acquisition 

On April 29, 2022, the Company reached an agreement with the Front Line Power Construction, LLC Sellers to pay $20 million of the $35 million due  May 16, 2022 by May 6, 2022 and to extend the remaining $15 million to a due date of December 31, 2022.

Non-recourse financing agreement

In April, 2022, the Company took out three non-recourse agreements with C6 Capital for the sale of future revenues in the combined amount of $20.2 million. The Company received approximately $13.3 million after the deduction of an original issue discount and upfront fees. In April 2022, the Company used part of the proceeds from these non-recourse agreements to pay off  the non-recourse C6 note of $4.2 million that was on the balance sheet as of March 31, 2022. The loans vary in length from 26 to 48 weeks.

Sale of Orbital U.K.

On May 10, 2022, the Company completed the sale of its Orbital U.K. operations for the agreed upon amount of 3,000,000 GBP. The Company received 1,500,000 GBP on the settlement date and the remaining 1,500,000 GBP will be received within 60 days of the settlement date. The Company could receive additional consideration if certain events transpire during the 12-month restricted period following the settlement date. In addition, the Company will receive a “royalty” of 15% on any sales of the GasPT device related to Snam Rete Gas and/or the Future Billing Methodology (FBM) Project.