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Temporary Equity | 9 Months Ended
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Sep. 30, 2020
Temporary Equity [Abstract] |
Temporary Equity |
16. | Temporary Equity
Series D Convertible Preferred Stock On March 6, 2020, the Company (i) entered into a stock purchase agreement to issue 203,000 shares of its Series D Preferred Stock, for proceeds of $203,000 and (ii) during the nine months ended September 30, 2020 the Company redeemed 682,000 shares of Series D Preferred Stock in exchange for approximately $0.9 million. The following table summarizes the Company’s Series D Preferred Stock activities for the three and nine months ended September 30, 2020 (dollars in thousands):
|  | Series D Preferred Stock |
|  | Shares |  |  | Amount |
Total temporary equity as of December 31, 2019 |  |  | 461,839 |  |  | $ | 462 |
Issuance of Series D convertible preferred stock for cash |  |  | 203,000 |  |  |  | 203 |
Offering cost related to issuance of Series D convertible preferred stock |  |  | - |  |  |  | (3 | )
Deemed dividends related to immediate accretion of offering cost |  |  | - |  |  |  | 3 |
Accrued Series D preferred stock dividends |  |  | 17,198 |  |  |  | 17 |
Bifurcated redemption feature of Series D convertible preferred stock |  |  | - |  |  |  | (171 | )
Deemed dividends related to immediate accretion of bifurcated redemption feature of Series D convertible preferred stock |  |  | - |  |  |  | 171 |
Redemption of Series D preferred stock (including accrued dividends) |  |  | (682,037 | ) |  |  | (682 | )
Total temporary equity as of September 30, 2020 |  |  | - |  |  | $ | - |
The redemption of the 659,000 shares of Series D Preferred Stock (amounts in thousands except share and per share values):
Series D preferred stock issued |  |  | 659,000 |
Per share value |  | $ | 1.00 |
Series D preferred stock value |  | $ | 659 |
Accrued dividends |  | $ | 23 |
Total Series D preferred stock |  | $ | 682 |
Redemption percentage |  | $ | 1.29 |
Total redemption |  | $ | 880 |
Holders of shares of the Series D Preferred Stock were entitled to receive, cumulative cash dividends at the rate of 8% on $1.00 per share of the Series D Preferred Stock per annum (equivalent to $0.08 per annum per share), subject to adjustment. The dividends were payable solely upon redemption, liquidation or conversion. The Series D Preferred Stock was classified as temporary equity because it had redemption features that were outside of the Company’s control upon certain triggering events, such as a Market Event. A “Market Event” is defined as any trading day during the period which shares of the Series D Preferred Stock are issued and outstanding, where the trading price for such date is less than $0.35. In the event of a Market Event, the Series D Preferred Stock shall be subject to mandatory redemption and the stated value shall immediately be increased to $1.29 per share of Series D Preferred Stock. The Market Event was considered to be outside the control of the Company, resulting in classification of the Series D Preferred Stock as temporary equity. The initial discounted carrying value resulted in recognition of a bifurcated redemption feature of $0.2 million, further reducing the initial carrying value of the shares of Series D Preferred Stock. The discount to the aggregate stated value of the shares of Series A Convertible Preferred Stock, resulting from recognition of the bifurcated redemption feature was immediately accreted as a reduction of additional paid-in capital and an increase in the carrying value of the Series D Shares. The accretion is presented in the condensed consolidated statement of operations as a deemed dividend, increasing net loss to arrive at net loss attributable to common stockholders. As of September 30, 2020, all of the shares of Series D Preferred Stock have been redeemed by the Company and there will be no future issuances.

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