XML 23 R11.htm IDEA: XBRL DOCUMENT v3.21.2
Stockholders' Equity
 3 Months Ended
Sep. 30, 2021
Equity [Abstract]  
Stockholders' Equity

(5) Stockholders’ Equity

 

Preferred Stock

 

The Company has issued 280,898 shares of Series D convertible preferred stock (“Series D Preferred Shares”), all of which are issued and outstanding. Series D Preferred Shares are convertible to common stock on a one-to-one basis. Series D Preferred Shares are not callable by the Company. The holder of the preferred stock is entitled to receive, and we shall pay, dividends on shares equal to and in the same form as dividends actually paid on shares of common stock when, and if, such dividends are paid on shares of common stock. No other dividends are paid on the preferred shares. Preferred shares have no voting rights. Upon liquidation, dissolution, or winding-up of the Company, whether voluntary or involuntary, the preferred shares have preference over common stock. The holder of Series D Preferred Shares has the option to convert said shares to common stock at the holder’s discretion.

 

The holder of the preferred stock previously agreed with the Company that they would not convert the preferred stock until such time as the amendment to the Certificate of Incorporation (the “2020 Certificate Amendment”) was accepted for filing with the state of Delaware, which occurred in October 2021.

 

Warrants

 

A summary of the common stock warrant activity for the three months ended September 30, 2021 is presented below:

 

 

Number of Shares Underlying Warrants

(In thousands)

 

 

Weighted Average Exercise Price

 

 

Aggregate Fair Market Value at Issuance (In thousands)

 

 

Weighted Average Remaining Contractual Term (Years)

 

Outstanding June 30, 2021

 

2,393

 

 

$

2.40

 

 

$

3,747

 

 

 

4.63

 

Warrants issued

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Warrants exercised

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Warrants expired

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Outstanding September 30, 2021

 

2,393

 

 

$

2.40

 

 

$

3,747

 

 

 

4.35

 

 

The Company has made an immaterial error correction to the table above to reflect the correct weighted average exercise price and weighted average remaining contractual term reported as of June 30, 2021. Management evaluated the materiality of the error, both quantitatively and qualitatively, and concluded that it was not material to the financial statements of any period presented.

 

The following represents a summary of the warrants outstanding at each of the dates identified:

 

 

 

 

 

 

 

 

 

 

 

Number of Shares Underlying Warrants

(In thousands)

 

Issue Date

 

Classification

 

Exercise Price

 

 

Expiration Date

 

September 30, 2021

 

 

June 30, 2021

 

March 26, 2020

 

Equity

 

$

6.25

 

 

March 25, 2025

 

 

25

 

 

 

25

 

March 30, 2020

 

Equity

 

$

4.69

 

 

March 27, 2025

 

 

61

 

 

 

61

 

October 23, 2020

 

Equity

 

$

2.88

 

 

October 21, 2025

 

 

470

 

 

 

470

 

October 28, 2020

 

Equity

 

$

2.69

 

 

October 28, 2025

 

 

173

 

 

 

173

 

February 16, 2021

 

Equity

 

$

4.06

 

 

February 11, 2026

 

 

171

 

 

 

171

 

April 12, 2021

 

Equity

 

$

1.88

 

 

April 7, 2026

 

 

1,493

 

 

 

1,493

 

Total Outstanding

 

 

 

 

 

 

 

 

 

 

2,393

 

 

 

2,393