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Note 17 - Redeemable Class A Preferred Stock

6 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Preferred Stock [Text Block]

NOTE 17 Redeemable Class A Preferred Stock

On March 1, 2023, the Company notified the holders of its outstanding Class A Preferred Shares ("Preferred Shares") of its intention to redeem all the outstanding Preferred Shares on March 15, 2023 (the “Anticipated Redemption Date”).  The Preferred Shares were convertible into shares of the Company’s common stock at the discretion of the holders.  Prior to the Anticipated Redemption Date, the Company had received notice from all of the holders of the Preferred Shares of their intention to convert their shares.

There were zero and 149,733 shares of Preferred Shares outstanding at June 30, 2023 and  December 31, 2022, respectively. Each Preferred Share was convertible into 6.25 common shares at a conversion price of $4.00 per common share any time at the option of the holder prior to the redemption date. During the three and six months ended  June 30, 2023, 30,000 and 149,733 Preferred Shares, respectively, were converted into 187,500 and 935,831 common shares, respectively, at the conversion price of $4.00 per common share, or $0.7 million and $3.7 million, respectively, at the option of the holders. 

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- Definition

The entire disclosure for terms, amounts, nature of changes, rights and privileges, dividends, and other matters related to preferred stock.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

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