XML 37 R23.htm IDEA: XBRL DOCUMENT v3.23.1
Liquidated Damages Payable
 12 Months Ended
Dec. 31, 2022
Liquidated Damages Payable  
Liquidated Damages Payable

16. Liquidated Damages Payable

 

Liquidated Damages payable are summarized as follows (capitalized terms are described herein):

   As of December 31, 2022 
  

Registration

Rights

Damages

  

Public

Information

Failure

Damages

   Accrued Interest   Balance 
MDB common stock to be issued (1)  $15   $-   $-   $15 
Series H Preferred Stock   618    626    570    1,814 
Convertible debentures   -    704    280    984 
Series J Preferred Stock   932    932    525    2,389 
Series K Preferred Stock   437    478    220    1,135 
Total  $2,002   $2,740   $1,595   $6,337 

 

(1)Shares of common stock issuable to MDB Capital Group, LLC (“MDB”).

 

 

As of December 31, 2022, the short-term and long-term liquidated damages payable were $5,843 and $494, respectively, totaling $6,337. The long-term portion was converted into shares of the Company’s common stock (see Note 29 under the heading of Liquidated Damages). The Company will continue to accrue interest on the Liquidated Damages balance at 1% per month based on the balance outstanding until paid. There is no scheduled date when the unpaid Liquidated Damages become due. The Series K Preferred Stock (as defined below) remains subject to Registration Rights Damages and Public Information Failure Damages, which will accrue in certain circumstances, limited to 6% of the aggregate amount invested (see Note 16).

 

   As of December 31, 2021 
   Registration Rights Damages   Public Information Failure Damages   Accrued Interest   Balance 
MDB common stock to be issued (1)  $15   $-   $-   $15 
Series H Preferred Stock   1,164    1,172    792    3,128 
Convertible debentures   -    873    242    1,115 
Series I Preferred Stock   1,386    1,386    613    3,385 
Series J Preferred Stock   1,560    1,560    490    3,610 
Series K Preferred Stock   180    722    50    952 
Total  $4,305   $5,713   $2,187   $12,205 

 

(1)Shares of common stock issuable to MDB.

As of December 31, 2021, the short-term and long-term liquidated damages payable were $5,197 and $7,008, respectively, totaling $12,205. The long-term portion was converted into shares of the Company’s common stock on January 24, 2022 (see Note 22, under the heading Common Stock for Liquidated Damages).

 

Information with respect to the Liquidated Damages recognized on the consolidated statements of operations is provided in Note 24.