Stockholders’ Equity

6 Months Ended

Jun. 30, 2023

Stockholders’ Equity [Abstract]

STOCKHOLDERS’ EQUITY

NOTE 15 STOCKHOLDERS’ EQUITY

Reverse Stock Split

Effective February 10, 2023, the Company enacted a 1-for-100 reverse stock split (the “2023 Split”) of the Company’s common stock. These consolidated financial statements and accompanying notes give effect to the reverse stock split as if it occurred at the beginning of the first period presented.

Dividends

During the three and six months ended June 30, 2023, the Company recorded $184,992 and $369,984, respectively, of dividends paid or payable to the holders of the 9.25% Series A Preferred Stock, compared to $184,992 and $308,320 for the three and six months ended June 30, 2022.

On or about May 25, 2022, the Company announced that it had suspended the payment of dividends on the Series A Preferred Stock to preserve cash. Since June 20, 2022, dividends on the Series A Preferred Stock are accruing at the rate of approximately $61,664 per month. The total arrearage on the date of filing for the accrued dividends is approximately $1,171,616.

Common Stock

During the six months ended June 30, 2023, the Company issued an aggregate of 280,625 shares of common stock for conversions of debt and interest (see Note 14 – Debt for additional information), issued 21,810 shares of common stock upon the round-up of common shares pursuant to the 1-for-100 reverse stock split effective February 10, 2023 and issued 12,000 shares of common stock to a debt placement agent with a grant date value of $28,080 as consideration for services.

During the six months ended June 30, 2022, the Company issued an aggregate of 81,184 shares of common stock with a fair value of $3.3 million for conversions of debt and interest, issued 2,098 shares of common stock for gross proceeds of $31,000 upon the exercise of options, and issued 2,400 shares of common stock to a debt placement agent as consideration for services with a grant date value of $81,000.