Stockholders' Equity

12 Months Ended

Dec. 31, 2020

Stockholders' Equity [Abstract]

Stockholders' Equity

Note 13

Stockholders’ Equity:

Preferred Stock

The Company is authorized to issue 10,000,000 shares of preferred stock with a par value of $0.10 per share with such designation, rights and preferences as may be determined from time to time by the Company’s Board of Directors.

Other than the limitations on conversions to keep each such holder’s beneficial ownership below 9.99%, the terms of the Series C Convertible Preferred Stock generally bestow the same rights to each holder as such holder would receive if they were common stock shareholders and are not redeemable by the holders, except that the Series C Convertible Preferred Stock shares do not have voting rights. The Series C Convertible Preferred Stock have the same level of subordination as common stock. Each share of Series C Convertible Preferred Stock has a stated value of $1,000 and is convertible into shares of common stock at a conversion price equal to $2.69 for a total of approximately 15,049,000 shares of common stock. There were 0 and 2,103 shares of Series C Convertible Preferred Stock issued and outstanding on December 31, 2020, and 2019, respectively. For the years ended December 31, 2020, and 2019, investors converted shares of Series C Preferred Stock into 782,089 and 2,923,791 shares of common stock, respectively.

Common Stock and Warrants

The Company is authorized to issue 150,000,000 shares of common stock with a par value of $0.001 per share. There were 33,801,045 and 32,932,273 shares of common stock issued and outstanding at December 31, 2020, and 2019, respectively.

At December 31, 2020, the Company had 19,812 outstanding common stock warrants with an exercise price of $5.30. These warrants expired on January 29, 2021.