STOCKHOLDERS' DEFICIT |
12 Months Ended |
|---|---|
Dec. 31, 2022 | |
| Disclosure Text Block [Abstract] | |
| STOCKHOLDERS' DEFICIT | NOTE G - STOCKHOLDERS’ DEFICIT During the years ended December 31, 2022 and December 31, 2021, the Company issued 317,166 and 112,432 shares of its common stock, respectively, upon the exercise of stock options. These option exercises consisted of 50,000, 160,000 and 107,166 shares issued to a member of the board of directors, consultants and employees, respectively. On April 21, 2022 and May 15, 2022, the Company issued 50,000 shares each of its common stock upon the exercise of stock options by two executive officers and on November 17, 2022 issued 10,000 shares of common stock upon the settlement of a restricted stock award to an executive officer.Series B Convertible Preferred Stock On November 6, 2007, the Company sold a total of 13,000 shares of Series B Convertible Preferred Stock (“Series B Shares”) to two investors for an aggregate purchase price of $1.3 million, less offering costs of $9,265. Each share of the Series B Shares has a stated value of $100. The Series B Shares were convertible into shares of the Company’s common stock. As of June 30, 2021, the two holders of the shares of preferred stock tendered notices of conversion, and all of the outstanding shares of Series B Convertible Preferred Stock were converted into 1,181,819 shares of the Company’s common stock. As a result, effective as of June 30, 2021, the Company had no outstanding Series B Convertible Preferred Stock. Series C Preferred Stock On February 23, 2022, the Company completed a private placement of an aggregate of 145,000 preferred shares (125,000 and 20,000 shares to ExxonMobil Renewables, an affiliate of ExxonMobil, and the Senior Lenders, respectively) of Series C Preferred Stock and warrants exercisable to purchase an aggregate of 18,547,731 (5,017,008 issued to settle the Warrant Commitment Liability to the Senior Lenders - see Note B
- Liquidity ) shares of our common stock at an exercise price of $2.25 per share to ExxonMobil Renewables, and 11 other institutional investors (all of whom are also lenders under our existing
Senior Credit Agreement ) respectively, for an aggregate purchase price of $145 million and the settlement of the Warrant Commitment Liability (see Note B - Liquidity ). A
s a result of the difference between the $20 million received by the Company from the Senior Lenders for the purchase of the Series C Preferred Stock and the fair value of the Series C Preferred Stock, the Company recorded a $9.9 million deemed contribution from the Senior Lenders to Additional paid-in Capital .For the year ended December 31, 2022, we did not declare or pay cash distributions to the holders of the Series C Preferred Stock. Included in the carrying value of the Series C preferred Stock was the amount of the cumulative, declared dividends of $18.6 million, along with the accretion of $6.7 million for the year ended December 31, 2022. These amounts are recorded as a reduction to Additional Paid-in Capital for the respective periods |