Stockholders' Equity and Common Stock Purchase Warrants
|9 Months Ended|
Sep. 30, 2019
|Stockholders' Equity and Common Stock Purchase Warrants||
Note 8 — Stockholders’ Equity and Common Stock Purchase Warrants
As of September 30, 2019 the Company is authorized to issue up to 100.0 million shares of common stock, par value of $0.001 per share. There were 36,556,178 and 27,142,979 shares of common stock issued and outstanding as of September 30, 2019 and December 31, 2018, respectively, summarized as follows:
Subsequent to September 30, 2019, through November 12, 2019, an additional 202,950 shares of common stock of the Company were issued upon conversions of the December 2018 Senior Secured Convertible Note. See Note 6, Debt, for further information with respect to the Senior Secured Convertible Note issued December 27, 2018, including the issue of shares of common stock of the Company.
Common Stock Purchase Warrants
The following table summarizes outstanding warrants to purchase common stock of the Company at the dates indicated:
The noncontrolling interest (“NCI”) included as a component of consolidated total stockholders’ equity for the periods indicated is as follows:
The noncontrolling interest presented above is with respect to Lucid Diagnostics Inc., a majority-owned subsidiary of PAVmed Inc., formed in May 2018 in connection with the “CWRU License Agreement”. As of September 30, 2019 and December 31, 2018, there were 10.0 million shares of common stock of Lucid Diagnostics Inc. issued and outstanding, of which PAVmed Inc. holds a 81.875% majority-interest ownership and has a controlling financial interest, with the remaining 18.125% minority-interest ownership held by CWRU and each of the three physician inventors of the intellectual property and proprietary technologies underlying the CWRU License Agreement. Accordingly, a provision of a noncontrolling interest (NCI) is included as a separate component of consolidated stockholders’ equity, along with the recognition of a net loss attributable to the NCI. In this regard, the daily operations of Lucid Diagnostics Inc. are managed by personnel employed by PAVmed Inc. The costs for such personnel are reimbursed from Lucid Diagnostics Inc. to PAVmed Inc. according to the provisions of a Master Services Agreement (“MSA”) between the parties. Lucid Diagnostics Inc. recognized expenses required to be paid to PAVmed Inc. under the MSA of $600,000 and $90,000 for the nine months ended September 30, 2019 and 2018, respectively. The pro-rata portion of these expenses related to the minority-interest ownership are included in the net loss attributable to NCI as presented above.
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://fasb.org/us-gaap/role/ref/legacyRef