Subsequent Events

3 Months Ended

Mar. 31, 2023

Subsequent Events.

Subsequent Events

14. Subsequent Events

The Company has evaluated all events that occur after the balance sheet date through the date when these condensed consolidated financial statements were issued to determine if they must be reported. The Management of the Company determined that except as set forth below there were no separately reportable subsequent event(s) to be disclosed.

On May 2, 2023, B. Riley Commercial Capital, LLC provided notice to GP 2XCV and GP 2XCV Holdings LLC, bankruptcy remote subsidiaries of the Company, claiming that GP 2XCV failed to timely make certain payments due for the months of March and April 2023 and provide notice of those failures, all as required by the BRCC Facility. On May 10, 2023, B. Riley Commercial Capital, LLC agreed to waive these defaults based on GP 2XCV’s agreement to pay $1.6 million by May 17, 2023 and $1.6 million by May 26, 2023, subject to accrual of interest on the BRCC Facility at the default rate of 13.5% beginning from March 31, 2023, through the date of payment.