DEBT (Details Narrative)
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1 Months Ended |
2 Months Ended |
3 Months Ended |
9 Months Ended |
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Sep. 30, 2022
USD ($)
$ / shares
shares
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Aug. 05, 2022
USD ($)
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Feb. 23, 2022
USD ($)
shares
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Feb. 02, 2022 |
Dec. 20, 2021
USD ($)
bbl
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Sep. 15, 2021
USD ($)
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Mar. 26, 2021
USD ($)
shares
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May 04, 2020
USD ($)
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Jun. 30, 2020
USD ($)
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Sep. 15, 2021
USD ($)
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Jun. 30, 2021
USD ($)
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Sep. 30, 2022
USD ($)
Month
$ / shares
shares
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Sep. 30, 2021
USD ($)
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May 11, 2022
USD ($)
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Jan. 07, 2022
USD ($)
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Dec. 31, 2021
USD ($)
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Jul. 29, 2021
USD ($)
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Apr. 30, 2020
USD ($)
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Mar. 31, 2020
USD ($)
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Dec. 31, 2018 |
Oct. 16, 2018
USD ($)
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Convertible note payable |
$ 0
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$ 0
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Debt conversion, description |
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The Company had several notes that were convertible into shares of the Company or the Company’s subsidiaries at different prices: ranging from $0.30 per share into the Company’s stock and up to $1.48 per share into SusOils’s common stock.
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Payments on debt issuance costs |
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$ 16,500,000
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Debt instrument face value |
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$ 22,800,000
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Other notes payable current |
3,588,235
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3,588,235
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$ 3,478,931
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Shares subject to mandatory redemption settlement terms fair value of shares |
14,900,000
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$ 14,900,000
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21,600,000
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Options exercise, description |
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Under the Convertible Note, Mr. Palmer has the right, exercisable at any time until the Convertible Note is fully paid, to convert all or any portion of the outstanding principal balance and accrued and unpaid interest into shares of the Company’s common stock at an exercise price of $0.154 per share
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Line of Credit Facility, Expiration Date |
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Nov. 04, 2026
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Stock Issued During Period, Value, New Issues |
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$ 3,100,000
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Debt Instrument, Decrease, Forgiveness |
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$ 600,000
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Payment Of Borrowings |
20,300,000
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20,300,000
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Contractual Obligation |
1,500,000
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1,500,000
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$ 6,200,000
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Proceeds from long term line of credit |
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30,000,000
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$ 133,308,370
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Bakersfield Renewable Fuels LLC [Member] |
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Working capital facility maximum amount that may be entered into without the senior lenders consent |
$ 125,000,000
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$ 125,000,000
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Date from which the working capital facility may be availed |
Oct. 01, 2022
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Number of days by which the working capital facility may be extended |
90 days
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Number of days within which the construction of the refinery shall be completed |
90 days
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Maximum extension given to complete the rettoling of the facility from the orignal date in which the job must have been substantially completed |
6 months
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Thirtieth September Two Thousand And Twenty Two [Member] | Bakersfield Renewable Fuels LLC [Member] |
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Percentage of interest payment deferred |
100.00%
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100.00%
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Thirty First December Two Thousand And Twenty Two [Member] | Bakersfield Renewable Fuels LLC [Member] |
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Percentage of interest payment deferred |
100.00%
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100.00%
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Common Stock [Member] |
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Stock Issued During Period, Value, New Issues |
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$ 10,000,000
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$ 4,960
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Common Stock Subject to Mandatory Redemption [Member] |
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Percentage of available cash after payment of principal interest and operating expenses eligible for distribution |
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25
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Aggregate cumulative amount payable maximum |
$ 735,200,000
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$ 735,200,000
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Commodity [Member] | Ultra Sulphur Diesel [Member] | Call Option [Member] |
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Derivative liabilities at fair value |
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$ 23,100,000
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Derivative contract liability current |
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5,500,000
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Derivative contract liability non current |
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$ 17,600,000
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Commodity [Member] | Ultra Sulphur Diesel [Member] | Call Option [Member] | Amended Derivative Forward Contract [Member] |
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Derivative liabilities at fair value |
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$ 24,800,000
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Payment of derivative liability |
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$ 4,500,000
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Senior Credit Facility [Member] |
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Line of Credit Facility, Expiration Date |
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Nov. 04, 2026
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Series C Preferred Financing [Member] |
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Other reserves |
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$ 35,000,000
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Working Capital Facility [Member] |
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Line of Credit Facility, Expiration Date |
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Sep. 30, 2022
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Line of Credit Facility, Interest Rate During Period |
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3.50%
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Line of Credit Facility, Maximum Borrowing Capacity |
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$ 125,000,000
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Senior secured term loan facility [Member] |
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Debt Instrument, Debt Default, Amount |
115,000,000
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115,000,000
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Senior secured term loan facility [Member] | Common Stock [Member] |
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Debt Instrument, Convertible, Number of equity instruments | bbl |
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5,017,008
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Senior secured term loan facility [Member] | Bakersfield Renewable Fuels LLC [Member] |
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Line of credit facility, current borrowing capacity |
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$ 300,000,000
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Line of Credit Facility, Interest Rate During Period |
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12.50%
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Line of Credit Facility, Maximum Borrowing Capacity |
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$ 317,600,000
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Additional Contingency reserve |
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$ 35,000,000
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Senior secured term loan facility [Member] | Amendment Number Nine To The Senior Secured Credit Agreement [Member] |
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Line of credit increase accrued interest |
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3.5
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Tranche B Senior Credit Facility [Member] |
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Line of Credit Facility, Maximum Borrowing Capacity |
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$ 397,600,000
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Cumulative amount borrowed |
367,600,000
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367,600,000
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Proceeds from long term line of credit |
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30,000,000
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Line of Credit facility, initiation date |
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Mar. 31, 2023
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Tranche B Senior Credit Facility [Member] | Bakersfield Renewable Fuels LLC [Member] |
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Line of Credit facility, initiation date |
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Mar. 31, 2023
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Tranche B Senior Credit Facility [Member] | Amendment Number Nine To The Senior Secured Credit Agreement [Member] |
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Line of Credit Facility, Maximum Borrowing Capacity |
367,600,000
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$ 397,600,000
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367,600,000
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Line of credit increase accrued interest |
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11,800,000
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Line of credit |
$ 393,300,000
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393,300,000
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Line of credit facility increase decrease in the credit capacity |
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$ 60,000,000
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$ 60,000,000
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Bridge Loan Facility [Member] |
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Line of Credit Facility, Expiration Date |
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Jan. 31, 2022
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Line of Credit Facility, Interest Rate During Period |
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12.50%
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Line of Credit Facility, Maximum Borrowing Capacity |
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$ 337,600,000
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$ 20,000,000
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Maximum | Convertible Notes Payable To Related Party [Member] |
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Debt instrument conversion price per share | $ / shares |
$ 1.48
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$ 1.48
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Maximum | Senior secured term loan facility [Member] |
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Line of Credit Facility, Expiration Date |
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Feb. 23, 2022
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Maximum | Senior secured term loan facility [Member] | Bakersfield Renewable Fuels LLC [Member] |
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Line of Credit Facility, Interest Rate During Period |
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2.50%
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Line of Credit Facility, Maximum Borrowing Capacity |
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$ 35,000,000
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$ 4,400,000
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Maximum | Bridge Loan Facility [Member] |
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Line of Credit Facility, Expiration Date |
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Feb. 23, 2022
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Line of Credit Facility, Maximum Borrowing Capacity |
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$ 20,000,000
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$ 8,000,000
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Minimum | Convertible Notes Payable To Related Party [Member] |
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Debt instrument conversion price per share | $ / shares |
$ 0.3
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$ 0.3
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Minimum | Senior secured term loan facility [Member] |
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Line of Credit Facility, Expiration Date |
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Jan. 31, 2022
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Minimum | Bridge Loan Facility [Member] |
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Line of Credit Facility, Expiration Date |
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Jan. 31, 2022
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Notes Payable Due On Demand [Member] | Prior To Two Thousand And Nineteen [Member] |
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Other notes payable current |
$ 1,300,000
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$ 1,300,000
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Short term debt fixed interest rate percentage |
18.00%
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18.00%
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Notes Payable For The Financing Of Insurance Premiums [Member] |
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Debt instrument number of monthly installments |
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seventeen
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Notes Payable For The Financing Of Insurance Premiums [Member] | Bakersfield Refinery [Member] |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of annual premiums paid |
|
|
|
|
|
|
|
|
|
|
|
35.00%
|
|
|
|
|
|
|
|
|
|
Long term debt fixed stated interest rate percentage |
3.80%
|
|
|
|
|
|
|
|
|
|
|
3.80%
|
|
|
|
|
|
|
|
|
|
Insurance policy premium payable current |
$ 4,500,000
|
|
|
|
|
|
|
|
|
|
|
$ 4,500,000
|
|
|
|
|
|
|
|
|
|
Notes Payable For The Financing Of Insurance Premiums [Member] | Maximum | Bakersfield Refinery [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Insurance policy period of coverage | Month |
|
|
|
|
|
|
|
|
|
|
|
60
|
|
|
|
|
|
|
|
|
|
Notes Payable For The Financing Of Insurance Premiums [Member] | Minimum | Bakersfield Refinery [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Insurance policy period of coverage | Month |
|
|
|
|
|
|
|
|
|
|
|
12
|
|
|
|
|
|
|
|
|
|
Convertible Notes Payable To Third Parties [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of common shares at an agreed price | $ / shares |
$ 5.75
|
|
|
|
|
|
|
|
|
|
|
$ 5.75
|
|
|
|
|
|
|
|
|
|
Stock issued during period, shares, conversion of convertible securities | shares |
|
|
|
|
|
|
1,586,786
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible Notes Payable To Third Parties [Member] | Maximum |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long term debt fixed stated interest rate percentage |
10.00%
|
|
|
|
|
|
|
|
|
|
|
10.00%
|
|
|
|
|
|
|
|
|
|
Convertible Notes Payable To Third Parties [Member] | Minimum |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long term debt fixed stated interest rate percentage |
8.00%
|
|
|
|
|
|
|
|
|
|
|
8.00%
|
|
|
|
|
|
|
|
|
|
Several Policies [Member] | Maximum |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long term debt fixed stated interest rate percentage |
5.15%
|
|
|
|
|
|
|
|
|
|
|
5.15%
|
|
|
|
|
|
|
|
|
|
Several Policies [Member] | Minimum |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long term debt fixed stated interest rate percentage |
4.90%
|
|
|
|
|
|
|
|
|
|
|
4.90%
|
|
|
|
|
|
|
|
|
|
Class B Units [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares subject to mandatory redemption settlement terms fair value of shares |
$ 14,859,000
|
|
|
|
|
|
|
|
|
|
|
$ 14,859,000
|
|
|
|
21,628,689
|
|
|
|
|
|
Chief Executive Officer and President | Convertible Notes Payable To Related Party [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued salary and bonus |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 1,000,000
|
Notes payable to related party current |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000,000
|
|
|
|
|
|
Debt instrument, increase, accrued interest |
|
|
|
|
|
|
|
|
|
|
|
50,000
|
|
|
|
|
|
|
|
|
|
Interest payable due to related party current |
$ 180,000
|
|
|
|
|
|
|
|
|
|
|
$ 180,000
|
|
|
|
$ 160,000
|
|
|
|
|
|
Debt instrument conversion price per share | $ / shares |
$ 0.154
|
|
|
|
|
|
|
|
|
|
|
$ 0.154
|
|
|
|
|
|
|
|
|
|
Chief Executive Officer and President | Convertible Notes Payable To Third Parties [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long term debt fixed stated interest rate percentage |
|
|
5.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, Maturity date range, End |
|
|
Feb. 23, 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument, Convertible, Number of equity instruments | shares |
|
|
7,616,305
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BKRF HCB LLC [Member] | Class B Units [Member] | Senior Lender [Member] | Common Stock Subject to Mandatory Redemption [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares subject to mandatory redemption settlement terms number of shares issued or issuable | shares |
367,600,000
|
|
|
|
|
|
|
|
|
|
|
367,600,000
|
|
|
|
|
|
|
|
|
|
Chief Executive Officer [Member] | Convertible Notes Payable To Related Party [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related party transaction rate of interest |
|
|
|
|
|
|
|
|
|
|
|
(5.00%)
|
|
|
|
|
|
|
|
|
|
Long term debt date of maturity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oct. 15, 2020
|
|