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Note 4 - Capital Stock
 6 Months Ended
Jun. 30, 2024
Notes to Financial Statements  
Equity [Text Block]

Note 4 - Capital Stock

 

Common Stock

 

The Company’s common stock, par value $0.0001 per share (the “Common Stock”), is listed on the Nasdaq Capital Market (“Nasdaq”), under the ticker symbol “OBLG”. As of June 30, 2024, we had 150,000,000 shares of our Common Stock authorized, with 28,250,000 and 28,242,000 shares issued and outstanding, respectively.

 

During the three months ended June 30, 2024, 2,111 shares of Series F Preferred Stock, plus $110,000 of accrued dividends, were converted to 7,955,743 shares of the Company’s Common Stock. During the six months ended June 30, 2024, 3,033 shares of Series F Preferred Stock, plus $194,000 of accrued dividends, were converted into 11,558,000 shares of the Company's Common Stock. See Note 5 - Preferred Stock for further detail.

 

Common Stock activity for the year ended December 31, 2023 and six months ended June 30, 2024 is presented below (in thousands).

 

Issued Shares as of December 31, 2022

  2,071 

Issuances from Preferred Stock conversions

  14,102 

Issuances related to warrant exercises

  746 

Issuances related to stock compensation

  180 

Common shares exchanged for prepaid warrants

  (407)

Issued Shares as of December 31, 2023

  16,692 

Issuances from Preferred Stock conversions

  11,558 

Issued Shares as of June 30, 2024

  28,250 

Less Treasury Shares:

  (8)

Outstanding Shares as of June 30, 2024

  28,242 

 

Common Stock Warrants

 

During the three and six months ended June 30, 2024, Common Warrants were issued in accordance with the exercise provisions of the Preferred Warrants. See Note 5 - Preferred Stock for additional detail on the exercises of the Preferred Warrants. These Common Warrants are exercisable on the six-month anniversary of issuance, at an initial exercise price of $1.71, and have a term of five years.

 

Common Warrants outstanding as of June 30, 2024 are as follows:

 

Issue Date

 

Warrants Outstanding

  

Exercise Price

 

Expiration Date

          
          

Q2 2021

  750  $66.00 

Q4 2024

Q1 2023

  4,136,850  $1.71 

Q3 2028

Q2 2024

  963,745  $1.71 

Q4 2029

   5,101,345      

 

Common Warrant activity for the year ended December 31, 2023 and six months ended June 30, 2024 is presented below.

 

  

Outstanding

 
  

Number of Warrants

  

Weighted Average Exercise Price

 

Warrants outstanding as of December 31, 2022

  343,099  $— 

Granted

  4,543,626   1.56 

Exercised

  (746,027)  0.78 

Expired

  (2,848)  70.25 

Warrants outstanding as of December 31, 2023

  4,137,850   1.73 

Granted

  963,745   1.71 

Expired

  (250)  60.00 

Warrants outstanding as of June 30, 2024 (1)

  5,101,345  $1.71 
         

(1) Of the outstanding shares at June 30, 2024, 4,137,600 were exercisable.

        

 

Treasury Shares

 

The Company maintains treasury stock for the Common Stock shares bought back by the Company when withholding shares to cover taxes on transactions related to equity awards. There were no treasury stock transactions during the six months ended June 30, 2024 or the year ended December 31, 2023.