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Capital Stock and Warrants

3 Months Ended

Mar. 31, 2023

Capital Stock and Warrants

Capital Stock and Warrants

NOTE 6: Capital Stock and Warrants

The following tables summarize convertible preferred stock authorized and issued and outstanding as of March 31, 2023:

​	​	​	​	​	​	​	​	​	​	​
​		​		Shares		Proceeds Net			Aggregate
​	​	Shares	​	Issued and	​	of Issuance		​	Liquidation
​	​	Authorized	​	Outstanding	​	Costs		​	Preference
Series A Preferred Stock	​	8,936,015	​	1,418,381	​	$	614	​	$	1,267
Series B Preferred Stock	​	4,707,501	​	3,498,859	​	​	7,098	​	​	7,138
Series m Preferred Stock	​	6,666,666	​	1,808,498	​	​	4,696	​	​	5,425
Series m-1 Preferred Stock	​	333,334	​	—	​	​	—	​	​	—
Series m-2 Preferred Stock	​	1,660,756	​	160,000	​	​	480	​	​	480
Series m-3 Preferred Stock	​	3,490,658	​	—	​	​	—	​	​	—
Series m-4 Preferred Stock	​	4,502,061	​	—	​	​	—	​	​	—
Series S Preferred Stock	​	13,108,333	​	2,693,500	​	​	21,805	​	​	21,548
Total Preferred Stock	​	43,405,324	​	9,579,238	​	$	34,693	​	$	35,858

​

A summary of the Company’s outstanding warrants as of March 31, 2023 is as follows:

​	​	​	​	​	​	​	​
Class of shares		Number of Warrants	​	Exercise Price			Expiration Date
Series m-3 Preferred Stock	​	1,432,786	​	$	4.0000	​	December 31, 2024
Series S Preferred Stock	​	2,941,814	​	$	4.5000	​	December 31, 2024
Series S Preferred Stock	​	1,500,000	​	$	8.0000	​	July 31, 2024
Class A Common Stock	​	1,138,446	​	$	3.2500	​	October 13, 2027

​

Common Stock Reserved for Future Issuance

Shares of common stock reserved for future issuance relate to outstanding preferred stock, warrants and stock options as follows:

​

​	​	​
​		March 31,
​	​	2023
Series A Preferred Stock	​	1,418,381
Series B Preferred Stock	​	3,498,859
Series m Preferred Stock	​	1,808,498
Series m-2 Preferred Stock	​	160,000
Series S Preferred Stock	​	2,693,500
Stock options to purchase common stock	​	9,053,683
Warrants outstanding for future issuance of convertible preferred stock and common stock	​	7,013,046
2022 Convertible Notes	​	5,191,966
Stock options available for future issuance	​	6,270,936
Total shares of Class A Common Stock reserved	​	37,108,869

​

At-the-Market Offering Program

In February 2023, the Company commenced an at-the-market offering program with H.C. Wainwright & Co., LLC, as sales agent, which allows the Company to sell and issue shares of Class A Common Stock from time-to-time of up to approximately $20.0 million, subject to, and in accordance with, SEC rules.

During the three months ended March 31, 2023, the Company issued 3,573,536  shares of Class A Common Stock under the at-the-market offering program for net proceeds of approximately $3.4 million, net of brokerage and placement fees of approximately $0.1 million.

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The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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