Quarterly report pursuant to Section 13 or 15(d)

Mezzanine Equity

v3.22.1
Mezzanine Equity
3 Months Ended
Mar. 31, 2022
Temporary Equity Disclosure [Abstract]  
MEZZANINE EQUITY

NOTE 13 – MEZZANINE EQUITY

Series A Redeemable Convertible Preferred Stock

The following table summarizes the Company’s Series A Redeemable Convertible Preferred Stock, par value $0.0001 per share (“Series A preferred stock”) activities for the three months ended March 31, 2022:

 

 

Shares

 

 

Amount

 

Balance at December 31, 2021

 

 

19,610

 

 

$

23,866

 

Accrued Series A preferred stock dividends

 

 

-

 

 

 

1,091

 

Balance at March 31, 2022

 

 

19,610

 

 

$

24,957

 

As of March 31, 2022, the Series A preferred stock outstanding were convertible into 1,215,029 shares of Class A common stock, and dividends accrued and outstanding with respect to the Series A preferred stock were $8.8 million and reflected in the carrying value of Series A preferred stock.

Series B Redeemable Convertible Preferred Stock

On April 1, 2020, the Company issued Series B Redeemable Convertible Preferred Stock, par value of $0.0001 per share (“Series B preferred stock”) to certain institutional investors.

During the first quarter of 2021, 762 shares of Series B preferred stock and related accrued dividends were converted into 784,508 shares of Class A common stock pursuant to the certificate of designations authorizing and establishing the rights, preferences, and privileges of the Series B preferred stock. Accordingly, the Company recorded a reduction of $0.8 million in the carrying value of the Series B preferred stock during the three months ended March 31, 2021.

As of March 31, 2022 and December 31, 2021, there were no shares of Series B preferred stock outstanding.