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Subsequent Events
3 Months Ended
Mar. 31, 2021
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

22. SUBSEQUENT EVENTS


Corporate Acquisitions


On April 1, 2021 (the “RVision Closing Date”), the Company completed the acquisition (the “RVision Acquisition”) of RVision, Inc., a Nevada corporation, (“RVision”) pursuant to a Share Exchange Agreement (the “Exchange Agreement”) dated as of March 26, 2021 among the Company, RVision, Industrial Security Alliance Partners, Inc. and Halls of Valhalla, LLC. In accordance with the terms of the Exchange Agreement, on the RVision Closing Date, the Company acquired all of the issued and outstanding shares of capital stock of RVision in exchange for 2,000,000 shares of common stock, with an initial estimated fair value of approximately $5.6 million. The shares of the Company’s common stock issued at closing will be the maximum number of shares available for satisfying any post-closing indemnification claims of the former RVision stockholders under the Exchange Agreement. The Company has agreed to file a registration statement under the Securities Act of 1933, as amended (the “Securities Act”), to register the resale of 1,000,000 of such shares of common stock within 30 days of the RVision Closing Date and to include the remaining shares in any registration statement the Company files under the Securities Act for a primary offering within one year of the RVision Closing Date, subject to certain exceptions. No registration statement has been filed as of the date of this form 10-Q.


Capital and Equity Transactions


Subsequent to March 31, 2021, the Company issued all of the Unissued Shares. See discussion in Note 17 –Shareholder’s Equity.


Options


On April 1, 2021, the Board of Directors of the Company authorized the issuance of options to purchase an aggregate 4,237,000 shares of common stock with exercise prices ranging from $2.75 to $3.025 per share and a grant date fair value ranging from $1.843 to $2.108 per share. Of these, options to purchases 1,025,000 shares of common stock have a two-year service period and vest ratably on the first and second anniversary of their authorization for issuance. The remaining options to purchase 3,212,000 shares of common stock have a three-year service period and vest ratably on the first, second and third anniversary of their authorization for issuance. In addition, of such options awarded, options to purchase 2,458,163 shares of common stock have been granted from shares available to be issued under the 2020 Long-Term Incentive Plan. The remaining options to purchase 1,778,837 shares of common stock are subject to the approval by the Company’s stockholders of a proposal to increase the authorized shares available for grant under the 2020 Long-term Incentive Plan that will be voted on at the 2021 annual stockholders meeting.


On January 9, 2021, options to purchase 50,000 shares of common stock were exercised at an exercise price of $0.1497 per share.