v3.21.2

Capital Stock | 9 Months Ended
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Oct. 30, 2021
Equity [Abstract] |
Capital Stock | NOTE 13. Capital Stock During March 2020, the Company completed the exchange of two outstanding convertible notes with a principal amount of $434,000 and related accrued interest of $8,000 into 86,800 shares of common stock at $5.10 per share in accordance with exchange agreements entered into in October 2019. The value of the stock issued in the exchange was $35,000, and the Company recorded a gain on extinguishment of debt of $204,000. Also during March 2020, the Company entered into an additional debt restructuring that resulted in the conversion of debt with an aggregate principal amount of $7,492,000 and accrued interest of $691,000 into common stock of the Company. The carrying value of the debt and related derivative liability at the time of extinguishment amounted to $8,341,000. The aggregate total of $8,183,000 was converted into 4,814,000 shares of common stock at $1.70 per share. The combined value of the stock issued in the conversion was $1,869,000, and the Company recorded a gain on extinguishment of debt of $6,472,000. The restructuring also included the settlement of other outstanding claims, that resulted in the issuance of an additional 1,068,000 common shares, of which 1,040,000 shares were attributable to a royalty claim in connection with the September 2019 acquisition of Simply Mac. The $415,000 value of the 1,040,000 shares was recorded as an accrued liability at December 31, 2019. On October 14, 2020, the Company executed a 1-for-10 reverse stock split and issued 2,000 shares of common stock in lieu of fractional shares. All references to shares and per-share amounts have been restated to give effect to this reverse split. During April 2021, holders of warrants exercisable for 246,672 shares of the Company’s common stock exercised the warrants at the strike price of $0.50 per share, which resulted in aggregate cash proceeds to the Company of $124,000. During August and September 2021, the Company raised $2,000,000 in four private placements of the Company’s common stock of $500,000 each to SOL Verano Blocker 1 LLC, a wholly owned subsidiary of SOL Global. The shares were sold at the closing market price on the funding dates and the Company sold an aggregate of 575,527 shares at an average price of $3.48 per share. On September 15, 2021, the Company issued 63,452 shares of its common stock to a vendor in exchange for $250,000 of services provided at a price of $3.94 per share, which was the closing market price on the issuance date.

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