Quarterly report pursuant to Section 13 or 15(d)

HELD-FOR-SALE (Tables)

v3.23.2
HELD-FOR-SALE (Tables)
 6 Months Ended
Jun. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]  
Summary of Held for Sale
The pre-tax profit from the disposal group held for sale is summarized in the table below for each period the statement of operations is presented:
For the Three Months Ended For the Six Months Ended
June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022
Pre-tax profit(1)
$ 1,216,053  $ 1,913,585  $ 1,849,788  $ 4,217,235 
Allocated interest related to the sale to repay the Crimson Credit Facility 2,528,059  1,444,622  5,034,340  2,693,193 
(1) The Company is contractually obligated to use the proceeds from the anticipated sale to repay the Crimson Credit Facility. As such, the aforementioned pre-tax profit includes allocated interest related to the sale and repayment of the Crimson Credit Facility.
Held-for-Sale Balance Sheet
June 30, 2023
Assets (Unaudited)
Property and equipment, net of accumulated depreciation of $30,077,502
$ 99,208,653 
Leased property, net of accumulated depreciation of $309,778
1,216,249 
Cash and cash equivalents 3,101,736 
Accounts and other receivables 3,864,022 
Inventory 145,950 
Prepaid expenses and other assets 1,002,723 
Operating right-of-use assets 130,972 
Total Assets $ 108,670,305 
Liabilities
Accounts payable and other accrued liabilities 1,023,233 
Operating lease liability 103,222 
Deferred tax liability, net(1)
563,431 
Unearned revenue 5,544,627 
Total Liabilities $ 7,234,513 
(1) The deferred tax liability is recorded within certain parent entities that are not part of the disposal group, however, because the liability was generated from the operations of the disposal group, the Company has included it within liabilities held-for-sale on the Consolidated Balance Sheet.