XML 59 R47.htm IDEA: XBRL DOCUMENT v3.20.2
Preferred Shares Series C (Details) - $ / shares
9 Months Ended
Sep. 17, 2020
Jul. 14, 2020
May 06, 2020
Sep. 30, 2020
Sep. 14, 2020
Apr. 30, 2020
Oct. 31, 2019
Aug. 13, 2019
Jul. 12, 2019
Related Party Transaction [Line Items]                  
Convertible Preferred Stock, Terms of Conversion Each Series E Preferred Share shall have a stated value of $1,000 and is convertible into the Company’s common shares at a conversion price equal to the lower of (i) 80% of the average of the three lowest VWAPs of the common stock during the ten trading days immediately preceding, but not including, the conversion date and (ii) $2.00; however, in no event shall the conversion price be lower than $1.00 per share. Series B Preferred Shares (i) are convertible into the Company’s common shares, subject to prior shareholder approval, at a conversion rate equal to $1.00 per share, plus accrued and unpaid dividends, divided by an amount equal to 0.85 multiplied by a 15-day volume weighted average price per common share prior to the date the conversion notice is provided (the “Conversion Rate”), subject to a conversion price floor of $0.80 Each shareholder of the Series D Preferred Shares, may, at any time, convert all or any part of the Series D Preferred Shares provided that after such conversion the common shares issuable, together with all the common shares held by the shareholder in the aggregate would not exceed 9.9% of the total number of outstanding common shares of the Company or in the aggregate no more than the exchange cap of 800,000 common shares by all holders of Series D Preferred Shares. Series E Preferred Shares, may, at any time, convert all or any Series E Preferred Shares provided that (i) the common shares issuable upon such conversion, together with all other common shares of the Company held by the shareholder in the aggregate, would not cause such shareholder’s ownership of the Company’s common shares to exceed 9.99% of the total number of outstanding common shares of the Company (ii) and such conversion would not exceed the maximum number of Sphere common shares that may be issued upon conversion of all shares of Series E Preferred Stock in the aggregate of 1,500,000 common shares          
Preferred Shares Converted to Common Shares ownership maximum       19.90%          
Preferred Shares, Shares Issued   6,500,000     3,000 1,694,000   343,778 6,500,000
Series C Preferred Stock [Member]                  
Related Party Transaction [Line Items]                  
Convertible Preferred Stock, Terms of Conversion       Overland, a related party and the sole shareholder of the Series C Preferred Shares, agreed that it would not exercise its conversion right with respect to its Series C Preferred Shares until the earlier of (i) October 31, 2020 and (ii) such time that we file for bankruptcy or an involuntary petition for bankruptcy is filed against us (unless such petition is dismissed or discharged within 30 days)          
Preferred Shares Converted to Common Shares ownership maximum       19.90%          
Preferred Shares, Shares Issued       1,600,000     1,600,000    
Preferred Stock, Par or Stated Value Per Share       $ 1.00     $ 1.00