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Capital Raise | 6 Months Ended
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Jun. 30, 2021
Capital Raise [Abstract] |
Capital Raise | NOTE (3) – Capital Raise On April 6, 2021, the Company completed the sale of 18,474,000 shares of Broadway Financial Corporation common stock in private placements to institutional and accredited investors at a purchase price of $1.78 per share for an aggregate purchase price of $32.9 million (net of expenses). The following table shows the common stock issued on April 1, 2021 as a result of the merger and on April 6, 2021 as a result of the private placements by class:
|  | Common Shares Outstanding |
|  | Voting Class A |  |  | Nonvoting Class B |  |  | Nonvoting Class C |  |  | Total Shares |
Shares outstanding March 31, 2021: |  |  | 19,142,498 |  |  |  | - |  |  |  | 8,756,396 |  |  |  | 27,898,894 |
Shares issued in merger |  |  | 13,999,870 |  |  |  | 11,404,621 |  |  |  | - |  |  |  | 25,404,491 |
Shares exchanged post-merger |  |  | (681,300 | ) |  |  | - |  |  |  | 681,300 |  |  |  | - |
Shares cancelled |  |  | (52,105 | ) |  |  | - |  |  |  | - |  |  |  | (52,105 | )
Shares issued in private placements |  |  | 11,221,921 |  |  |  | - |  |  |  | 7,252,079 |  |  |  | 18,474,000 |
Shares outstanding April 6, 2021: |  |  | 43,630,884 |  |  |  | 11,404,621 |  |  |  | 16,689,775 |  |  |  | 71,725,280 |

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