Annual report pursuant to Section 13 and 15(d)

Preferred Stock

v3.19.3.a.u2
Preferred Stock
12 Months Ended
Dec. 31, 2019
Preferred Stock [Abstract]  
Preferred Stock

Note 17 - Preferred Stock

 

The Company is authorized to issue up to 5,000,000 shares of preferred stock with a par value of $0.001 per share with rights, preferences, privileges and restrictions as to be determined by the Company's Board of Directors.

 

Series 3 Convertible Preferred Stock

 

On February 15, 2018, the Company filed with the Secretary of State of the State of Nevada the Certificate of Designation that created the Series 3 Convertible Preferred Stock ("Series 3 Preferred"), authorized 10,184.9752 shares of Series 3 Preferred and designated the preferences, rights and limitations of the Series 3 Preferred. The Series 3 Preferred is non-voting (except to the extent required by law). The Series 3 Preferred was convertible into the number of shares of Common Stock, determined by dividing the aggregate stated value of the Series 3 Preferred of $1,000 per share to be converted by $4,230.00.

 

On February 20, 2018, the Company completed a public offering including an aggregate of 10,184.9752 Class B units, at a price to the public of $1,000 per Class B unit, each consisting of 1 share of the Series 3 Preferred with a stated value of $1,000 and initially convertible into approximately 1 share of our common stock at a conversion price of $4,230.00 per share (See Note 15).

  

During the three months ended March 31, 2018, 9773.7252 shares of Series 3 Preferred were converted into 2,311 shares of the Company's common stock. During the three months ended June 30, 2018, 411.25 shares of Series 3 Preferred were converted into 98 shares of the Company's common stock. As of December 31, 2019 and 2018, there are no Series 3 Preferred shares outstanding.

 

Series 4 Convertible Preferred Stock

 

On April 20, 2018, the Company filed with the Secretary of State of the State of Nevada the Certificate of Designation that created the Series 4 Convertible Preferred Stock ("Series 4 Preferred"), authorized 10,415 shares of Series 4 Preferred and designated the preferences, rights and limitations of the Series 4 Preferred. The Series 4 Preferred is non-voting (except to the extent required by law) and was convertible into the number of shares of common stock, determined by dividing the aggregate stated value of the Series 4 Preferred of $1,000 per share to be converted by $828.00 (the "Conversion Price").

 

On April 24, 2018, the Company completed a public offering consisting of 10,115 units at a price to the public of $1,000 per unit, each consisting of (i) one share of our newly designated Series 4 Preferred and (ii) one warrant to purchase such number of shares of common stock as each share of Series 4 Preferred is convertible into (see Note 15).

 

On June 25, 2018, in accordance with the terms of the price reset provisions described in the Certificate of Designations the Conversion Price of the Series 4 Preferred was adjusted to $320.40. On January 15, 2019, following the rights offering described above (See Note 15), the Conversion Price of the Series 4 Preferred was reduced to the floor price of $223.20. 

 

During the three months ended June 30, 2018, 7,796.7067 shares of Series 4 Preferred were converted into 15,966 shares of the Company's common stock. During the three months ended September 30, 2018, 2,311.2933 shares of Series 4 Preferred were converted into 7,218 shares of the Company's common stock. During the three months ended December 31, 2018, 6 shares of Series 4 Preferred were converted into 19 shares of the Company's common stock. As of December 31, 2019 and 2018, there was 1 share of Series 4 Preferred outstanding.

 

Series 5 Convertible Preferred Stock

 

On January 14, 2019, the Company filed with the Secretary of State of the State of Nevada the Certificate of Designation that created the Series 5 Convertible Preferred Stock, authorized 12,000 shares of Series 5 Convertible Preferred Stock and designated the preferences, rights and limitations of the Series 5 Convertible Preferred Stock. The Series 5 Convertible Preferred Stock is non-voting (except to the extent required by law). The Series 5 Convertible Preferred Stock is convertible into the number of shares of Common Stock, determined by dividing the aggregate stated value of the Series 5 Convertible Preferred Stock of $1,000 per share to be converted by $149.85.

 

On January 15, 2019, the Company closed a rights offering whereby it sold an aggregate of 12,000 units consisting of an aggregate of 12,000 shares of Series 5 Convertible Preferred Stock and 80,000 warrants to purchase common stock exercisable for one share of common stock at an exercise price of $149.85 per share.

 

During the three months ended March 31, 2019, 10,062 shares of Series 5 Convertible Preferred Stock were converted into 67,149 shares of the Company's common stock.

 

During the three months ended June 30, 2019, 1,812 shares of Series 5 Convertible Preferred Stock were converted into 12,093 shares of the Company's common stock.

 

As of December 31, 2019, there were 126 shares of Series 5 Convertible Preferred Stock outstanding.

 

Series 6 Convertible Preferred Stock

 

On August 13, 2019, the Company filed the  Certificate of Designation of Preferences, Rights and Limitations of Series 6 Convertible Preferred Stock (the "Series 6 Preferred Certificate of Designation") with the Secretary of State of Nevada, establishing the rights, preferences, privileges, qualifications, restrictions, and limitations relating to the Series 6 Convertible Preferred Stock with a stated value of $1,000 and convertible into a number of shares of the Company's common stock equal to $1,000 divided by $12.4875.

 

On August 12, 2019, the Company closed a public offering whereby it sold an aggregate of 2,997 shares of Series 6 Convertible Preferred Stock, 144,387 shares of our common stock and 384,387 warrants to purchase common stock exercisable for one share of common stock at an exercise price of $12.4875 per share.

 

During the three months ended September 30, 2019, 2,997 shares of Series 6 Convertible Preferred Stock were converted into 240,001 shares of the Company's common stock.

 

As of December 31, 2019, there were 0 shares of Series 6 Convertible Preferred Stock outstanding.