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Shareholders’ Equity | 12 Months Ended
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Dec. 31, 2023
Stockholders' Equity Note [Abstract] |
Shareholders’ Equity | 12. Shareholders’ Equity Our common stock has two classes, Class A and Class B. Each holder of our Class A common stock is entitled to one vote for each share held on all matters submitted to a vote of shareholders. Each holder of our Class B common stock is entitled to ten votes on all matters submitted to a vote of shareholders. There are no cumulative voting rights. All holders of our Class A common stock and our Class B common stock vote as a single class on all matters that are submitted to the shareholders for a vote, except as provided by law or as set forth in our charter. Shareholders may consent to an action in writing and without a meeting under certain circumstances. Jirka Rysavy, our chairman, holds 100% of our 5,400,000 outstanding shares of Class B common stock and also owns 575,061 shares of Class A common stock. Consequently, our chairman holds approximately 76% of our voting stock and is able to exert substantial influence over and to control matters requiring approval by shareholders, including the election of directors, increasing our authorized capital stock, or a merger or sale of substantially all of our assets. As a result of Mr. Rysavy’s control of us, no change of control can occur without Mr. Rysavy’s consent. We have 50 million preferred shares authorized, with no ne issued and outstanding as of December 31, 2023 and 2022. Pursuant to our articles of incorporation, the Board of Directors can, at any time, and without stockholder approval, issue one or more new series of preferred stock, with such designations, preferences, limitations and relative rights as shall be expressed in articles of amendment, however, the Board of Directors shall not issue or authorize any voting preferred stock without the consent or approval of a majority of the Class B common stock. Our Class A common stock and our Class B common stock are entitled to receive dividends, if any, as may be declared by our board of directors out of legally available funds. In the event of a liquidation, dissolution or winding up of Gaia, our Class A common stock and our Class B common stock are entitled to share ratably in our assets remaining after the payment of all of our debts and other liabilities. Holders of our Class A common stock and our Class B common stock have no preemptive, subscription or redemption rights, and there are no redemption or sinking fund provisions applicable to our Class A common stock or our Class B common stock. Our Class B common stock may not be transferred unless converted into our Class A common stock. Shares of our Class B common stock are convertible one-for-one into shares of our Class A common stock, at the option of the holder of the Class B common stock. During 2023 and 2022, we issued shares of our Class A common stock as shown in the table below under our 2019 Long-Term Incentive Plan (the “2019 Plan”) and the 2009 Long-Term Incentive Plan (the “2009 Plan”).
|  | For the Years Ended December 31, |
|  | 2023 |  |  | 2022 |
Shares issued to independent directors for vesting of restricted stock units issued for services rendered, in lieu of cash compensation |  |  | 45,268 |  |  |  | 19,066 |
Shares issued to employees upon exercise of stock options, vesting of restricted stock units, and employee stock purchase program |  |  | 29,991 |  |  |  | 325,783 |
Class A Common Stock Offering On October 2, 2023, we entered into an underwriting agreement with Lake Street Capital Markets, LLC (the “Underwriter”) relating to the offer and sale of 1,855,000 shares of our Class A common stock ($0.0001 par value) (“the Shares”). We sold the Shares to the Underwriter at the public offering price of $2.70 per share less underwriting discounts and commissions, resulting in net proceeds of $4.7 million. We provided a 30-day option to the Underwriter to purchase up to an additional 278,250 Shares to cover over-allotments. On November 3, 2023, the Underwriter purchased an additional 203,754 shares generating additional net proceeds of $0.5 million pursuant to the partial exercise of the over-allotment option. As of December 31, 2023, we had the following Class A common shares reserved for future issuance:
Conversion of Class B common stock |  |  | 5,400,000 |
Reserved under the ESPP (note 13) |  |  | 221,391 |
Stock options outstanding under the 2009 Plan |  |  | 222,846 |
Restricted stock units outstanding under the 2009 Plan |  |  | 182,401 |
Restricted stock units outstanding under the 2019 Plan |  |  | 1,356,770 |
Total shares reserved for future issuance |  |  | 7,383,408 |
During 2023, we entered into various treasury stock transactions to buy and hold shares of our Class A common stock. We repurchased a total of 64,805 shares of our Class A common stock at an average price of $2.62 per share. We used the cost method to account for the repurchase.

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