|3 Months Ended|
Mar. 31, 2021
NOTE 13 – STOCKHOLDERS’ EQUITY
Undesignated Preferred Stock
In February 2020, the Company filed a certificate of elimination to return all shares of the Series A convertible preferred stock to the status of authorized and unissued shares of undesignated preferred stock.
In February 2020, pursuant to the TIS Exchange Agreement discussed in Note 12 – Mezzanine Equity, the shares of common stock exchanged for shares of Series B convertible preferred stock were treated as an increase to treasury stock of $($per share), and then immediately cancelled, thereby reducing treasury stock to zero, with corresponding reductions to common stock of approximately $(the par value of the exchanged common shares) and additional paid-in capital of approximately $.
In the three months ended March 31, 2021, the Company granted shares of common stock to a current employee. The fair value of the shares of approximately $was charged to employee compensation. These granted shares were yet to be issued by the end of the quarter, and were reflected in Common Stock Subscribed But Not Issued on the related balance sheet.
In 2020, the Company granted shares of common stock to a current employee. The fair value of the shares of approximately $was charged to employee compensation during the period. Of these granted shares, were yet to be issued at December 31, 2020 and were reflected in Common Stock Subscribed But Not Issued on the related balance sheet.
In February 2021, the Company issued 30,000 obligation. Based on the price of the Company’s common stock on the date of issuance, the Company incurred a non-cash loss of approximately $1,300 which was reflected under Loss On Debt Settlements on the statement of operations. No stock was issued to settle obligations during the same period in 2020. shares of common stock to settle a $
During the three months ended March 31, 2021 and 2020, the Company issued 5,000 and $1,168,000, respectively. and shares of common stock, respectively, associated with previously issued subscriptions on common stock with a value of approximately $
As previously disclosed in Note 10 – Debt, the Company issued (i) shares of common stock in 2021 upon the conversion of approximately $1,010,000 of principal and interest on the $8.8M Note, (ii) shares of common stock in June 2020 upon the conversion of $352,000 of principal on the $11.5M Note, and (iii) shares common stock in June 2020 upon the conversion of $460,050 of principal and interest on the $900k Note.
As previously disclosed in Note 11 – Debentures Payable, the holder of the $21M Debentures converted (i) approximately $1.4 million of principal and interest in 2021 into shares of common stock, and (ii) approximately $10.1 million of principal and interest in 2020 into shares of common stock.
As further disclosed in Note 15 – Warrants, warrants to purchase 50,000 shares of common stock were exercised during the three months ended March 31, 2021.
Common Stock Issuance Obligations
At March 31, 2021 and 2020, the Company was obligated to issue and shares of common stock, respectively, valued at approximately $in both periods, in connection with a stock grant to a current employee. The 2021 obligation was issued April 2021; the 2020 obligation was issued in May 2020.
The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef