MEZZANINE EQUITY (Tables)

9 Months Ended

Sep. 30, 2021

Temporary Equity Disclosure [Abstract]

The following is a summary of the Series A and Series B valuations:


	Series A		Series B
Proceeds	$	85,000,000	$	20,000,305
Transaction Fees (1):
B. Riley Securities	(5,100,000)		(1,200,000)
Vinson & Elkins L.L.P.	(1,226,990)		(408,997)
Debt issuance costs pertaining to stock registration warrants - refer to Note 14	(631,897)		(148,575)
Total net mezzanine equity	$	78,041,113	$	18,242,733

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(1)– consists of registration and placement fees

The Company recorded Mezzanine Equity as presented in the table below:




	Non- controlling Interest(1)		Series A			Series B			Common - Class V
			Preferred Shares	Amount		Preferred Shares	Amount		Shares	Amount		Total
Balance - July 1, 2021	$	—	9,792,000	$	78,041,113	1,817,035	$	18,242,733	27,057,600	$	167,661,249	$	263,945,094
Net losses for the three months ended September 30, 2021................................................................	(4,328,460)		—	—		—	—		—	—		(4,328,460)
Maximum redemption right valuation..................	4,328,460		—	—		—	—		—	75,341,142		79,669,602
Balance - September 30, 2021	$	—	9,792,000	$	78,041,113	1,817,035	$	18,242,733	27,057,600	$	243,002,391	$	339,286,236


	Non- controlling Interest(1)		Series A			Series B			Common - Class V
			Preferred Shares	Amount		Preferred Shares	Amount		Shares	Amount		Total
Balance - December 31, 2020	$	(2,710,323)	—	$	—	—	$	—	—	$	—	$	(2,710,323)
Net loss - January 1 to March 31, 2021	(167,261)		—	—		—	—		—	—		(167,261)
Balance prior to the reorganization on April 1, 2021	(2,877,584)											(2,877,584)
Effect of reorganizations (see Note 1)
Exchange of common shares - Class V			—	—		—	—		27,072,000	—
Issuance of Series A convertible redeemable preferred units	—		9,792,000	78,673,010		—	—		—	—		78,673,010
Warrants issued as part of stock registrations - refer to Note 14	—		—	(631,897)		—	—		—	—		(631,897)
Exchange of common units for Class A common shares	—		—	—		—	—		(14,400)	—
Issuance of Series B convertible redeemable preferred units	—		—	—		1,817,035	18,391,308		—	—		18,391,308
Warrants issued as part of stock registrations - refer to Note 14	—		—	—		—	(148,576)		—	—		(148,576)
Net losses for the six months ended September 30, 2021	(6,563,677)		—	—		—	—		—	—		(6,563,677)
Maximum redemption right valuation	9,441,261									243,002,391		252,443,652
Balance- September 30, 2021	$	—	9,792,000	$	78,041,113	1,817,035	$	18,242,733	27,057,600	$	243,002,391	$	339,286,236

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1Refer to Note 16- Non-controlling Interest for further discussions