Note 17 - Subsequent Events
|6 Months Ended|
Jun. 30, 2021
|Notes to Financial Statements|
|Subsequent Events [Text Block]||
The Company has evaluated events and transactions subsequent to June 30, 2021 and through the date these condensed consolidated financial statements were included in this Quarterly Report on Form 10-Q and filed with the SEC.
On July 8, 2021, the Company entered into the Series D Amendment with Keystone pursuant to which Keystone agreed to purchase 22,077 shares of Series D Preferred Stock on or before July 9, 2021 at 5 p.m. Eastern Time for an aggregate purchase price of approximately $2.2 million. The Series D Amendment amended the Series D Preferred Stock Purchase Agreement dated August 31, 2020 between the parties. Prior to the Amendment Effective Date, Keystone had purchased 72,500 shares of Series D Preferred Stock pursuant to the Series D Preferred Stock Purchase Agreement, leaving a remaining balance of 77,500 shares of Series D Preferred Stock. After purchasing 22,077 of the remaining shares, Keystone has no further right or obligation to purchase shares of Series D Preferred Stock. The Series D Amendment also contains a customary mutual release provision.
The entire $2.2 million was received and the related 22,077 shares of Series D Preferred Stock were issued on July 8, 2021. In accordance with current accounting guidance, $2.2 million of stock subscriptions receivable was included in stock subscriptions and other receivables in the condensed consolidated balance sheet as of June 30, 2021. See Notes 2 and 12.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef