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Note 16 - Subsequent Events
12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Subsequent Events [Text Block]

Note 16 — Subsequent Events

 

Series C Preferred Stock

 

On March 3, 2022, pursuant to the Series C Convertible Preferred Stock Agreement, dated as of February 28, 2022, by and between the Company and TEP Next Decade, LLC (“TEP Next Decade”), the Company issued to TEP Next Decade (i) 5,000 shares of Series C Preferred Stock at $1,000 per share for a purchase price of $5.0 million, (ii) an additional 100 shares of Series C Preferred Stock as an origination fee and (iii) warrants representing the right to acquire in the aggregate a number of shares of the Company's common stock equal to approximately 7.1 basis points (0.071%) of all outstanding shares of common stock, measured on a fully diluted basis, on the exercise date for an exercise price of $0.01 per share.

 

On March 14, 2022, pursuant to the Series C Convertible Preferred Stock Agreement, dated as of March 10, 2022, by and between the Company and Avenue Energy Opportunities Fund II, L.P. (“Avenue”), the Company issued to Avenue (i) 5,500 shares of Series C Preferred Stock at $1,000 per share for a purchase price of $5.5 million, (ii) an additional 110 shares of Series C Preferred Stock as an origination fee and (iii) warrants representing the right to acquire in the aggregate a number of shares of the Company's common stock equal to approximately 7.81 basis points (0.0781%) of all outstanding shares of common stock, measured on a fully diluted basis, on the exercise date for an exercise price of $0.01 per share.

 

We have evaluated subsequent events through March 28, 2022, the date the financial statements were issued.  Any material subsequent events that occurred during this time have been properly recognized and/or disclosed in these consolidated financial statements.