Quarterly report pursuant to Section 13 or 15(d)

Preferred Stock

v3.19.3
Preferred Stock
9 Months Ended
Sep. 30, 2019
Equity [Abstract]  
Preferred Stock

Note 7 — Preferred Stock

 

The Company is authorized to issue 20 million shares of its preferred stock, par value of $0.001 per share, with such designation, rights, and preferences as may be determined from time-to-time by the Company’s board of directors. There were 1,135,482 and 1,069,941 shares of Series B Convertible Preferred Stock (classified in permanent equity) issued and outstanding as of September 30, 2019 and December 31, 2018, respectively.

 

During the nine months ended September 30, 2019, the Company’s board-of-directors have declared Series B Convertible Preferred Stock dividend payments totaling $196,470 which have been settled by the issue of an additional 65,541 shares of Series B Convertible Preferred Stock, including: dividends earned as of June 30, 2019 and payable July 1, 2019 of $66,792 settled by the issue of an additional 22,281 shares of Series B Convertible Preferred Stock. Subsequently, in October 2019, the Company’s board-of-directors declared a Series B Convertible Preferred Stock dividend payment earned as of September 30, 2019 and payable October 1, 2019 of $68,129 to be settled by the issue of an additional 22,727 shares of Series B Convertible Preferred Stock. The October 1, 2019 Series B Convertible Preferred Stock dividend payment was not recognized as a dividend payable liability in the accompanying unaudited condensed consolidated balance sheet as the Company’s board of directors had not declared such dividends payable as of September 30, 2019.