Annual report pursuant to Section 13 and 15(d)

Subsequent Events

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Subsequent Events
12 Months Ended
Dec. 31, 2021
Subsequent Events.  
Subsequent Events

20. Subsequent Events

On January 10, 2022, the Company paid a dividend of $0.12 per share, or $3,927,600 in the aggregate, to common shareholders of record as of December 31, 2021.

On January 14, the Company’s executive vice president and chief operating officer retired.

On March 14, 2022, the Company sold a property classified as real estate held for sale at December 31, 2021 receiving $622,737 in net proceeds.

From January 3, 2022 through March 2, 2022, the Company sold an aggregate of 2,730,725 common shares under its at-the-market offering facility realizing gross proceeds of approximately $16.0 million, all of which settled by March 4, 2022.

On March 9, 2022, the Company sold $50,000,000 aggregate principal amount of 6.00% notes due March 30, 2027 (the “2027 Notes”) and realized net proceeds of approximately $48.2 million. The 2027 Notes are unsecured, unsubordinated obligations and rank equally in right of payment with all our existing and future senior unsecured and unsubordinated indebtedness, including the Notes (see Note 9 – Notes Payable) but are effectively subordinated in right of payment to all our existing and future secured indebtedness (including indebtedness that is initially unsecured but to which we subsequently grant a security interest), and trade on the NYSE American under the ticker symbol “SCCE.” The 2027 Notes bear interest at the rate of 6.00% per annum beginning on March 9, 2022, which will be payable quarterly in arrears on March 30, June 30, September 30 and December 30 of each year they are outstanding. The first interest payment date will be June 30, 2022. The unpaid principal balance of the 2027 Notes and all accrued but unpaid interest thereon is payable in full on March 30, 2027.

On February 9, 2022, all the outstanding warrants expired without being exercised.

On March 30, 2022, the Company was notified that the underwriter of the 2027 Notes offering is exercising its over-allotment option in part, and will purchase an additional $1,875,000 principal amount of the 2027 Notes. Closing is scheduled for April 4, 2022.

Management has evaluated subsequent events through March 30, 2022 the date on which the financial statements were available to be issued. Based on the evaluation, no adjustments were required in the accompanying financial statements.