v3.22.2.2
Note 16 - Notes Payable and Line of Credit (Details Textual) - USD ($)
 1 Months Ended 3 Months Ended 9 Months Ended
Dec. 31, 2022
Sep. 29, 2022
Aug. 02, 2022
Jun. 09, 2022
May 06, 2022
Mar. 31, 2022
Dec. 20, 2021
Dec. 10, 2021
Nov. 17, 2021
Aug. 19, 2021
May 11, 2021
Oct. 30, 2020
Apr. 01, 2020
Nov. 30, 2023
Nov. 30, 2022
Jun. 30, 2022
Apr. 30, 2022
Feb. 28, 2022
Nov. 30, 2021
Aug. 31, 2021
Apr. 30, 2023
Dec. 31, 2022
Sep. 30, 2022
Aug. 31, 2022
Mar. 31, 2022
Dec. 31, 2021
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Aug. 18, 2022
Mar. 23, 2021
Dec. 31, 2020
Debt Instrument, Face Amount                               $ 105,000,000                                
Long-term Debt, Total                                             $ 236,772,000     $ 229,379,000   $ 236,772,000        
Gain (Loss) on Extinguishment of Debt, Total                                             (1,122,000)       $ 723,000 (29,354,000) $ 1,633,000      
Long-Term Debt, Gross                                             $ 248,392,000     $ 241,982,000   $ 248,392,000        
Common Stock, Par or Stated Value Per Share (in dollars per share)                                             $ 0.001     $ 0.001   $ 0.001        
Line of Credit [Member] | GTS Subsidiary [Member]                                                                
Line of Credit Facility, Maximum Borrowing Capacity                   $ 4,000,000.0                                            
Long-Term Line of Credit, Total                                             $ 4,000,000.0         $ 4,000,000.0        
Line of Credit Facility, Remaining Borrowing Capacity                                             0         0        
Exchange Agreement to Reduce Principal on Seller-financed Note Payable [Member]                                                                
Debt Conversion, Converted Instrument, Shares Issued (in shares)                                       155,763                        
Debt Conversion, Original Debt, Amount                                       $ 1,000,000                        
Seller Financed Notes Payable, Two [Member]                                                                
Long-term Debt, Total                                                               $ 1,500,000
Unsecured Debt [Member] | Streeterville Capital, LLC [Member]                                                                
Debt Instrument, Face Amount                                                             $ 10,700,000  
Debt Instrument, Interest Rate, Stated Percentage                                                             9.00%  
Debt Instrument, Interest Rate, Effective Percentage                                                             19.60%  
Debt Instrument, Unamortized Discount, Total                                                             $ 1,000,000.0  
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Line of Credit [Member] | GTS Subsidiary [Member]                                                                
Debt Instrument, Basis Spread on Variable Rate                   2.05%                                            
Unsecured Promissory Note With Kurt A Johnson [Member]                                                                
Debt Instrument, Face Amount                 $ 34,256,000                                              
Unsecured Promissory Note With Tidal Power Group [Member]                                                                
Debt Instrument, Face Amount                 $ 51,384,000                                              
Debt Instrument, Interest Rate, Stated Percentage                 6.00%                                              
Repayments of Debt         $ 20,000,000                                                      
Debt Instrument, Share Price Covenant (in dollars per share)           $ 4.00                                     $ 4.00              
Payments for Additional Consideration                                                 $ 28,852,844              
Unsecured Promissory Note With Tidal Power Group [Member] | Forecast [Member]                                                                
Repayments of Debt $ 15,000,000                                                              
Unsecured Promissory Note With Kurt A Johnson 2 [Member]                                                                
Debt Instrument, Face Amount               $ 1,090,000                                                
Debt Instrument, Interest Rate, Stated Percentage               6.00%                                                
Reduction in Stock Shares in Exchange for Debt (in shares)               400,000                                                
Debt Instrument, Share Price Covenant (in dollars per share)           $ 4.00                                     $ 4.00              
Payments for Additional Consideration                                                 $ 17,635,228              
Seller Financed Notes Payable, One [Member]                                                                
Debt Instrument, Interest Rate, Stated Percentage                                       6.00%                        
Repayments of Debt                                       $ 1,000,000                        
Debt Instrument, Term (Month)                                       18 months                        
Long-term Debt, Total                                       $ 5,000,000                       $ 5,000,000
August 2021 Seller-financed Notes Payable [Member]                                                                
Debt Instrument, Face Amount                                       $ 2,000,000.0                        
Debt Instrument, Interest Rate, Stated Percentage                                       6.00%                        
Estimated Market Interest Rate on Which Debt Instrument is Based                                       10.00%                        
Debt Instrument, Unamortized Discount, Total                                       $ 48,000                        
Seller Financed Notes Payable, Two [Member]                                                                
Debt Instrument, Term (Month)                         36 months                                      
Vehicle and Equipment loans [Member]                                                                
Long-Term Debt, Gross [1]                                             $ 1,752,000     $ 222,000   $ 1,752,000        
Vehicle and Equipment loans [Member] | Minimum [Member]                                                                
Debt Instrument, Interest Rate, Stated Percentage                                             0.00%         0.00%        
Vehicle and Equipment loans [Member] | Maximum [Member]                                                                
Debt Instrument, Interest Rate, Stated Percentage                                             9.15%         9.15%        
The Investor Note [Member]                                                                
Long-Term Debt, Gross [2]                                             $ 50,006,000     33,922,000   $ 50,006,000        
Unsecured Investor Note [Member]                                                                
Debt Instrument, Face Amount     $ 8,600,000                                                          
Debt Instrument, Periodic Payment, Total     $ 800,000                                                          
Debt Instrument, Interest Rate, Stated Percentage     9.00%                                                          
Debt Instrument, Interest Rate, Effective Percentage     16.40%                                                          
Debt Instrument, Term (Month)     18 months                                                          
Debt Instrument, Unamortized Discount, Total     $ 600,000                                                          
Long-Term Debt, Gross                                             8,200,000         8,200,000        
Debt Instrument, Periodic Payment, Failure to Pay, Percentage Increase to Principal     10.00%                                                          
Unsecured Investor Note [Member] | Forecast [Member]                                                                
Debt Instrument, Required Monthly Payments Under Clause                                           $ 4,000,000                    
Unsecured Investor Note 2 [Member]                                                                
Debt Instrument, Face Amount   $ 5,400,000                                                            
Debt Instrument, Periodic Payment, Total   $ 500,000                                                            
Debt Instrument, Interest Rate, Stated Percentage   9.00%                                                            
Debt Instrument, Interest Rate, Effective Percentage   16.50%                                                            
Debt Instrument, Term (Month)   18 months                                                            
Debt Instrument, Unamortized Discount, Total   $ 400,000                                                            
Long-Term Debt, Gross                                             5,000,000.0         5,000,000.0        
Debt Instrument, Periodic Payment, Failure to Pay, Percentage Increase to Principal   10.00%                                                            
Unsecured Investor Note 2 [Member] | Forecast [Member]                                                                
Debt Instrument, Required Monthly Payments Under Clause                                         $ 4,000,000                      
Prepaid Advance Agreement [Member]                                                                
Debt Instrument, Unamortized Discount, Total                                             150,000         150,000        
Long-Term Debt, Gross [3]                                             4,720,000     0   4,720,000        
Common Stock, Par or Stated Value Per Share (in dollars per share)                                                           $ 0.001    
Pre-paid Advance Offset by Issuance of Common Stock, Price per Share above the Market Price (in dollars per share)                                                           $ 0.01    
Pre-paid Advance Offset by Issuance of Common Stock, Percentage of the Lowest Daily Volume Weighted Average Price of Our Common Stock                                                           96.00%    
Prepaid Advance Agreement [Member] | Minimum [Member]                                                                
Share Price (in dollars per share)                                                           $ 0.20    
Conditional Settlement Agreement [Member]                                                                
Debt Instrument, Interest Rate, Stated Percentage                       0.00%                                        
Repayments of Debt           $ 350,000                       $ 150,000               500,000            
Debt Instrument, Term (Month)                       3 years                                        
Long-term Debt, Total                       $ 3,500,000                                        
Conditional Settlement Agreement [Member] | Forecast [Member]                                                                
Repayments of Debt                           $ 1,500,000 $ 1,000,000                                  
Seller Financed Notes Payable - Front Line Power Acquisition [Member]                                                                
Debt Instrument, Face Amount           $ 26,800,000                                     $ 26,800,000              
Debt Instrument, Share Price Covenant (in dollars per share)           $ 4.00                                     $ 4.00              
Gain (Loss) on Extinguishment of Debt, Total                                             (1,700,000)   $ (26,200,000)     (13,300,000)        
Long-Term Debt, Gross [4]                                             69,168,000     $ 86,730,000   69,168,000        
Seller Financed Notes Payable - Front Line Power Acquisition [Member] | Put Option [Member]                                                                
Option Contract Indexed to Equity, Settlement, Share, Fair Value                                             $ 40,100,000         $ 40,100,000        
Alter Domus and Various Lenders [Member] | Financing Acquisition Term Loan [Member]                                                                
Debt Instrument, Face Amount                 $ 105,000,000                                              
Debt Instrument, Periodic Payment, Total                 $ 262,500                                              
Debt Instrument, Initial Prepayment Premium, Percentage                 5.00%                                              
Debt Instrument, Final Prepayment Premium, Percentage                 1.00%                                              
Debt Instrument, Interest Rate, Stated Percentage                                             15.45%         15.45%        
Debt Instrument, Interest Rate, Effective Percentage                                             18.00%         18.00%        
Alter Domus and Various Lenders [Member] | Financing Acquisition Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member]                                                                
Debt Instrument, Basis Spread on Variable Rate                 2.50%                                              
First Insurance Funding [Member] | First and Second Financing Note [Member]                                                                
Debt Instrument, Interest Rate, Stated Percentage                                             3.28%         3.28%        
Debt Instrument, Term (Month)                                                       10 months        
First Insurance Funding [Member] | First and Second Financing Note [Member] | Minimum [Member]                                                                
Debt Instrument, Interest Rate, Stated Percentage                                                   3.00%            
First Insurance Funding [Member] | First and Second Financing Note [Member] | Maximum [Member]                                                                
Debt Instrument, Interest Rate, Stated Percentage                                                   4.35%            
C6 Capital [Member] | Future Revenue Payable Two [Member]                                                                
Debt Instrument, Face Amount                                 $ 20,200,000   $ 9,500,000                          
Debt Instrument, Periodic Payment, Total                                     384,000                          
Repayments of Debt                                 4,200,000                              
Debt Instrument, Unamortized Discount, Total                                     2,600,000                          
Proceeds from Issuance of Long-term Debt, Total                                 $ 13,300,000   $ 6,900,000                          
Debt Instrument, Effective Interest Rate for Discount Amortization                                 88.00%   89.00%                          
Gain (Loss) on Extinguishment of Debt, Total                               (100,000) $ (400,000)                              
C6 Capital [Member] | Future Revenue Payable Two [Member] | Minimum [Member]                                                                
Debt Instrument, Term (Month)                                 182 days                              
C6 Capital [Member] | Future Revenue Payable Two [Member] | Maximum [Member]                                                                
Debt Instrument, Term (Month)                                 336 days                              
C6 Capital [Member] | Future Revenue Payable One [Member]                                                                
Debt Instrument, Periodic Payment, Total                                     $ 148,000                          
Streeterville Capital, LLC [Member] | The Investor Note [Member]                                                                
Debt Instrument, Face Amount                     $ 10,700,000                                          
Debt Instrument, Periodic Payment, Total                     $ 1,000,000                                          
Debt Instrument, Interest Rate, Stated Percentage                     9.00%                                          
Debt Instrument, Interest Rate, Effective Percentage                     19.60%                                          
Debt Instrument, Unamortized Discount, Total                     $ 1,000,000.0                                          
Long-Term Debt, Gross                     $ 5,300,000                                          
Streeterville Capital, LLC [Member] | The Fourth Investor Note [Member]                                                                
Debt Instrument, Face Amount             $ 16,100,000                                                  
Debt Instrument, Periodic Payment, Total             $ 1,500,000                                                  
Debt Instrument, Interest Rate, Stated Percentage             9.00%                                                  
Debt Instrument, Interest Rate, Effective Percentage             16.30%                                                  
Debt Instrument, Term (Month)             18 months                                                  
Debt Instrument, Unamortized Discount, Total             $ 1,100,000                                                  
Long-Term Debt, Gross                                             $ 16,900,000         $ 16,900,000        
Streeterville Capital, LLC [Member] | The Fifth Investor Note [Member]                                                                
Debt Instrument, Face Amount       $ 10,700,000                                                        
Debt Instrument, Periodic Payment, Total       $ 1,000,000.0                                                        
Debt Instrument, Interest Rate, Stated Percentage       9.00%                                                        
Debt Instrument, Interest Rate, Effective Percentage       16.40%                                                        
Debt Instrument, Term (Month)       18 months                                                        
Debt Instrument, Unamortized Discount, Total       $ 700,000                                                        
Long-Term Debt, Gross                                             $ 12,800,000         $ 12,800,000        
Debt Instrument, Required Monthly Payments Under Clause                                               $ 4,000,000                
Debt Instrument, Periodic Payment, Failure to Pay, Percentage Increase to Principal                                               10.00%                
Other Expenses                               $ 2,300,000                                
Yorkville [Member] | Prepaid Advance Agreement [Member]                                                                
Debt Instrument, Prepaid Advances Limitation, Outstanding                                                           $ 5,000,000.0    
Yorkville [Member] | Prepaid Advance Agreement [Member] | Minimum [Member]                                                                
Debt Instrument, Maximum Prepaid Advances                                                           5,000,000.0    
Yorkville [Member] | Prepaid Advance Agreement [Member] | Maximum [Member]                                                                
Debt Instrument, Maximum Prepaid Advances                                                           $ 50,000,000.0    
[1] Includes vehicle and equipment loans with interest rates ranging from 0% to 9.15%.
[2] On March 23, 2021, the Company completed a note payable agreement with an institutional investor with a face amount of $10.7 million, a stated interest rate of 9.0%, an estimated effective interest rate of 19.6%, and an original issue discount of $1.0 million. This note was paid off in August 2022. On May 11, 2021, the Company completed a note payable agreement with the institutional investor with a face amount of $10.7 million, a stated interest rate of 9.0% per annum, and estimated effective interest rate of 19.6% at inception, and a combined original issue discount and unamortized prepaid fees of $1.0 million and a carrying value of $5.3 million at September 30, 2022. The net proceeds were to be used for working capital, future acquisitions and general corporate purposes. Beginning six (6) months from the purchase price date, investor has the right, in its sole and absolute discretion, to redeem all or any portion of the Note (such amount, the “Redemption Amount”) subject to the maximum monthly redemption amount of $1 million per calendar month, by providing Company with a “Redemption Notice," and is payable in full in November 2022. On December 20, 2021, the Company completed a note payable agreement with the institutional investor with a face amount of $16.1 million, a stated interest rate of 9.0%, an estimated effective interest rate of 16.3%, and an original issue discount of $1.1 million. The note payable is payable within eighteen (18) months after the purchase date and the creditor may request payment of up to $1.5 million per month beginning 6 months after initial issuance. The carrying value was $16.9 million at September 30, 2022. The Company has not made any payments on this note as of September 30, 2022. On June 9, 2022, the Company completed a note payable agreement with the institutional investor with a face amount of $10.7 million, a stated interest rate of 9.0%, an estimated effective interest rate of 16.4%, and an original issue discount of $0.7 million. The note payable is payable within eighteen (18) months after the purchase date and the creditor may request payment of up to $1.0 million per month beginning 6 months after initial issuance. The carrying value was $12.8 million at September 30, 2022. The Company has not made any payments on this note as of September 30, 2022. This note also includes a debt reduction clause whereby the Company has agreed to make payments on all of its outstanding agreements with the investor totaling at least $4 million for each of the months of June and July 2022. If the Company failed to make the required payments, the Lender’s sole and exclusive remedy was to require as liquidated damages, a ten percent (10%) increase to the Outstanding Balance for such month on this note. The Company failed to meet the debt reduction requirement in June and July 2022 and recorded liquidated damages in other expense in the amount of $2.3 million, which was added to the principal amount of the note. The original agreement also called for a similar debt reduction requirement in August 2022, but this term was later removed by a subsequent agreement. On August 2, 2022, the Company completed a note payable agreement with the institutional investor with a face amount of $8.6 million, a stated interest rate of 9.0%, an estimated effective interest rate of 16.4%, and an original issue discount of $0.6 million. The note payable is payable within eighteen (18) months after the purchase date and the creditor may request payment of up to $0.8 million per month beginning 6 months after initial issuance. The carrying value was $8.2 million at September 30, 2022. The Company has not made any payments on this note as of September 30, 2022. This note also included a debt reduction clause whereby the Company had agreed to make payments on all of its outstanding agreements with the investor totaling at least $4 million for each of the months of October, November and December July 2022. If the Company failed to make the required payments, the Lender’s sole and exclusive remedy was to require as liquidated damages, a ten percent (10%) increase to the Outstanding Balance for such month on this note. The debt reduction provision was superseded by a subsequent agreement. On September 29, 2022, the Company completed a note payable agreement with the institutional investor with a face amount of $5.4 million, a stated interest rate of 9.0%, an estimated effective interest rate of 16.5%, and an original issue discount of $0.4 million. The note payable is payable within eighteen (18) months after the purchase date and the creditor may request payment of up to $0.5 million per month beginning 6 months after initial issuance. The carrying value was $5.0 million at September 30, 2022. The Company has not made any payments on this note as of September 30, 2022. This note also includes a debt reduction clause whereby the Company has agreed to make payments on all of its outstanding agreements with the investor totaling at least $4 million for each of the months of February, March and April 2023. If the Company fails to make the required payments, the Lender’s sole and exclusive remedy is to require as liquidated damages, a ten percent (10%) increase to the Outstanding Balance for such month on this note.
[3] On August 18, 2022, the Company entered into a Prepaid Advance Agreement (the “PPA”) with YA II PN, Ltd., a Cayman Islands exempt limited partnership (“Yorkville”). In accordance with the terms of the PPA, the Company may request advances of up to $5.0 million from Yorkville (or such greater amount that the parties may mutually agree) (the “Pre-Paid Advance”), with a limitation on outstanding Pre-Paid Advances of $5.0 million and an aggregate limitation on the Pre-Paid Advances of $50.0 million. Each such Pre- Paid Advance will be offset upon the issuance of the Company’s common stock, par value $0.001 per share (“Common Stock”) to Yorkville at a price per share equal to the lower of: (a) a price per share equal to $0.01 above the market price on The Nasdaq Global Select Market (“Nasdaq”) as of the trading day immediately prior to the date of each closing (the “Fixed Price”), or (b) 96% of the lowest daily volume weighted average price of our Common Stock on Nasdaq during the five (5) trading days prior to each conversion date (the “Market Price” and the lower of the Fixed Price and the Market Price shall be referred to as the “Purchase Price”); however, in no event shall the Purchase Price be less than $0.20 per share. The Company elected the fair value option for this agreement with the debt being marked to market on a quarterly basis. The debt had an original issue discount of $150 thousand and debt's carrying value was $4.7 million at September 30, 2022. The note had an original maturity date of October 27, 2022, which was extended to February 2023 in October 2022. See note 12 for fair value information on this prepaid advance agreement.
[4] On November 17, 2021, the Company entered into two unsecured promissory notes, one with Kurt A Johnson, Jr, for $34,256,000 and the second for $51,384,000 with Tidal Power Group LLC. These promissory notes bear an interest rate of 6% per annum and as modified on April 29, 2022, $20 million was paid on May 6, 2022, $15 million is due on December 31, 2022, and the remaining balance is due on May 31, 2023. On December 10, 2021, Kurt A Johnson Jr. received an additional unsecured promissory note in the principal sum of $1,090,000 also with a 6% per annum interest rate in exchange for a reduction of shares issued to Mr. Johnson of 400,000. This note was paid off as part of the May 6, 2022 payment. Additionally in a Q1 2022 amendment to the note, the Company also agreed to reduce the restriction period under the Tidal Lockup letter from two years to one year and to the extent that if the value of the shares previously issued to Tidal Power were less than $4.00 per share upon expiration of the restriction period, the Company has agreed to pay additional consideration to Tidal Power so that the value of Tidal Power's shares are equal to no less than $28,852,844. For the Johnson lockup letter, the Company agreed to pay additional consideration to Mr. Johnson upon expiration of the restriction period so that the value of his stock consideration is no less than $17,635,228, which is equal to $4.00 per common share. Any shortfall would be made up by issuing Mr. Johnson additional common shares.