Note 12. Convertible Preferred Stock (the “Preferred Stock”)

On July 7, 2015, all of the Company's then-outstanding convertible preferred stock converted into an aggregate of 25.5 million shares of common stock.

The Preferred Stock consists of the following:


			Common
	Shares	Shares	Shares Upon	Liquidation
December 31, 2014	Authorized	Outstanding	Conversion	Preference
Series A	418,634	418,634	1,628,498	$	5,232,925
Series A-1	53,957	53,957	282,689		918,955
Series B	263,839	263,839	1,790,050		5,768,378
Series C-1	18,287,483	18,267,759	7,991,496		15,253,579
Series D	12,339,204	12,339,204	5,397,962		18,600,005
Series E	6,227,169	6,227,169	2,724,165		15,000,005
Series F	12,889,000	12,882,377	5,635,580		57,139,783
	50,479,286	50,452,939	25,450,440	$	117,913,630

As of December 31, 2014, the significant terms applicable to the Series A through Series F Preferred Stock were as follows:

Dividend Rights

Prior to the issuance of the Series F Preferred Stock, the Series A—E Preferred Stock accrued cumulative dividends at the per annum rate of 7.5% of the respective original purchase price (as previously adjusted for a reverse stock split and, with respect to the Series A, A‑1 and B Preferred Stock, anti‑dilution protection) for each such series of Preferred Stock. Such dividends were payable when, as and if declared by the Company’s board of directors, but prior and in preference to any dividend on the common stock of the Company. In connection with the issuance of the Series F Preferred Stock, all such accrued and accumulated dividends (which totaled approximately $13.8 million at August 31, 2014) were converted into Series F Preferred Stock at a rate of $0.50 of Series F Preferred Stock per $1.00 in accrued dividends, resulting in the issuance of approximately 1,554,000 shares of Series F Preferred Stock on September 10, 2014. There are no longer any accrued or unpaid dividends, or any outstanding Preferred Stock, and no such dividends are required to accrue or be declared by the Company.

Conversion Rights

Each share of Preferred Stock was convertible, at any time and at the option of the holder of such share, into shares of the common stock of the Company, at the following ratios (subject to adjustment as described below):


					Number of Shares of
					Common Stock Issued
					for each Preferred Share
					Upon Conversion
	Original		Conversion		(= Original Issue Price/
Series of Preferred Stock	Issue Price		Price		Conversion Price)
Series F	$	4.4355	$	10.1391	0.4375
Series E	$	2.4088	$	5.5063	0.4375
Series D	$	1.5074	$	3.4458	0.4375
Series C-1	$	0.835	$	1.909	0.4375
Series B	$	12.95	$	1.909	6.7846
Series A-1	$	10.00	$	1.909	5.2391
Series A	$	7.425	$	1.909	3.8900

Liquidation, Redemption and Protective Rights

The Preferred Stock and certain common stockholders were entitled to certain liquidation, redemption and protective provisions. Upon consummation of the IPO on July 7, 2015 all of the then outstanding convertible Preferred Stock and redeemable common stock converted into common stock. As such these provisions ceased to exist on July 7, 2015.