DEBT

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

DEBT

9. DEBT

The following table provides information on the Company's financing agreements:

$ in thousands
								Balance as of:
Note	Loan Date	Maturity Date	Interest Rate			Initial Financing		December 31, 2021			December 31, 2020
Equipment Financings:
A	December 2020	June 2022		17.0	%	$	4,482	$	1,245		$	4,233
B	December 2020	June 2022		17.0	%		428		95			404
C	March 2021	November 2022		17.0	%		2,229		1,362			-
D	April 2021	December 2022		17.0	%		4,012		2,674			-
E - H	May 2021	October 2023		15.0	%		15,724		15,223			-
I	July 2021	January 2023		17.0	%		4,457		3,468			-
J	July 2021	March 2023		17.0	%		2,717		1,962			-
K	October 2021	June 2023		17.0	%		2,223		1,976			-
Bonds Payable	October 2021	October 2026		8.5	%		55,200		51,843			-
Bonds Payable	December 2021	October 2026		8.5	%		17,000		14,980			-
									94,828			4,637
Less: Current portion									(19,577	)		(3,273	)
								$	75,251		$	1,364

The Company incurred interest expense of $3.7 million and $0.6 million during the years ended December 31, 2021 and 2020, respectively, under the terms of these notes payable.

Equipment Financings

The Company has entered into equipment finance agreements, denoted in the table above in rows A through K, that are secured by the purchased miner equipment. These agreements generally require monthly payments of principal, interest and a risk premium fee. In addition, the Company entered into additional equipment finance agreements with similar terms during 2021 that have not yet taken effect as of December 31, 2021. The agreements are expected to take effect when the associated equipment is delivered to the Company, which is expected in the first half of 2022. The aggregate amount of equipment and principal borrowings under these additional agreements not yet funded is $3.4 million.

Senior Unsecured Notes

During the fourth quarter of 2021, the Company sold $72.2 million of 8.50% Senior Notes due October 2026 ((the "Notes") pursuant to the Company's registration statement on Form S-1. The Notes bear interest at 8.50% per annum and will mature on October 31, 2026. Commencing January 31, 2022, interest on the Notes is payable quarterly in arrears on January 31, April 30, July 31 and October 31 of each year to the holders of record at the close of business on the immediately preceding January 15, April 15, July 15 and October 15, respectively. The Notes are senior unsecured obligations of the Company and rank equal in right of payment with the

Company's existing and future senior unsecured indebtedness. The Notes trade on the Nasdaq Global Select Market under the symbol "GREEL."

The Company may redeem the Notes for cash in whole or in part at any time (i) on or after October 31, 2023 and prior to October 31, 2024, at a price equal to 102% of their principal amount, plus accrued and unpaid interest to, but excluding, the date of redemption, (ii) on or after October 31, 2024 and prior to October 31, 2025, at a price equal to 101% of their principal amount, plus accrued and unpaid interest to, but excluding, the date of redemption, and (iii) on or after October 31, 2025 and prior to maturity, at a price equal to 100% of their principal amount, plus accrued and unpaid interest to, but excluding, the date of redemption. In addition, the Company may redeem the Notes, in whole, but not in part, at any time at its option, at a redemption price equal to 100.5% of the principal amount plus accrued and unpaid interest to, but not including, the date of redemption, upon the occurrence of certain change of control events.

Fair Value Disclosures

The notional value and estimated fair value of the Company's debt totaled $100.5 million and $97.5 million, respectively at December 31, 2021. The notional value does not include unamortized discounts and debt issuance costs of $5.7 million at December 31, 2021. The estimated fair value of the Notes was measured using quoted market prices at the reporting date multiplied by the gross carrying amount of the related debt. Such instruments were valued using Level 1 inputs. The estimated fair value of the Equipment Financings were based on a discounted cash flow analysis using an estimate of current interest rates for similar financings. Such instruments were valued using Level 3 inputs.

Minimum future principal payments on debt as of December 31, 2021 were as follows:

$ in thousands
2022	$	19,577
2023		8,719
2024		-
2025		-
2026		72,200
Total	$	100,495