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ASPEN INTEREST (“OLYMPUS”) BUYOUT
12 Months Ended
Dec. 31, 2021
Business Reorganization [Abstract]  
ASPEN INTEREST (“OLYMPUS”) BUYOUT ASPEN INTEREST (“OLYMPUS”) BUYOUT
On April 1, 2021, the Company, using in part 576,000 shares of newly issued Series A Preferred Stock and in part proceeds from the Series A Private Placement, acquired the Aspen Interest.
The total consideration was a combination of the newly issued Series A Preferred Stock valued at the issuance price of $8.68 per share or $5,000,000; plus an additional $2,000,000 in cash. A total of $7,000,000 that is treated as a buyout of the Partners’ Deficits of the Limited Partner (i.e., Aspen Interest) as of April 1, 2021.
The Partners’ Deficit of the Aspen Interest as of April 1, 2021:
Limited Partners
Balance - December 31, 2020
$(1,336,784)
Net losses - three months ended March 31, 2021(71,687)
Balance - April 1, 2021$(1,408,471)