Annual report pursuant to Section 13 and 15(d)

Stockholders' Equity

v3.20.4
Stockholders' Equity
12 Months Ended
Dec. 31, 2020
Stockholders' Equity Note [Abstract]  
Stockholders' Equity

Note 15 – Stockholders’ Equity

Common Stock

 

The Company is authorized by its amended and restated certificate of incorporation to issue up to 75.0 million shares of common stock, par value $0.0001 per share. As of December 31, 2020 and 2019, there are 29.1 million and 28.6 million shares of common stock outstanding, respectively.

 

The Company has the following warrants to purchase shares of common stock outstanding as of December 31, 2020 and 2019:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares available for purchase as of

 

 

 

 

 

 

Warrants

 

Exercise

 

December 31,

 

December 31,

Issuance date

 

Holder of warrants

 

Expiration date

 

Issued

 

Price

 

2020

 

2019

June 27, 2016

 

2235570 Ontario Limited

 

June 27, 2026

 

100,000

 

$

2.61

 

100,000

 

100,000

August 11, 2016

 

Anson Investments Master Fund LP

 

August 11, 2026

 

300,000

 

 

2.61

 

300,000

 

300,000

October 24, 2016

 

Anson Investments Master Fund LP

 

October 24, 2026

 

340,000

 

 

2.39

 

340,000

 

340,000

November 15, 2017

 

2017 Securities Purchase Agreement investors

 

May 15, 2023

 

875,000

 

$

1.63

 

125,000

 

125,000

 

The issuance of a dividend is dependent on a variety of factors, including but not limited to, available cash and the overall financial condition of the Company. The issuance of a dividend is also subject to legal restrictions and the terms of the Company’s credit agreement. The Company did not issue dividends related to its common stock in the years ended December 31, 2020 or 2019.

Preferred Stock

The Company is authorized by its amended and restated certificate of incorporation to issue 10.0 million shares of preferred stock, par value $0.0001 per share. The Company’s Board may designate the rights, powers and preferences of the preferred stock, which may have superior rights to common shareholders in terms of liquidation and dividend preference, voting and other rights. As of December 31, 2020 and 2019, the Board had not designated the rights of the preferred stock and there were no outstanding shares of preferred stock.