STOCKHOLDERS' EQUITY |
3 Months Ended |
|---|---|
Mar. 31, 2023 | |
| Disclosure Text Block [Abstract] | |
| STOCKHOLDERS' EQUITY |
NOTE G - STOCKHOLDERS’ EQUITY Common stock The Company issued 5,200 and 210,500 shares of its common stock upon the exercise of stock options during the three months ended March 31, 2023 and March 31, 2022, respectively. 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) 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). 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 three months ended March 31, 2023, 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 $5.4 million, along with the accretion of $3.5 million for the three months ended March 31, 2023. These amounts are recorded as a reduction to Additional Paid-in Capital for the respective periods. For the three months ended March 31, 2022, the Company declared dividends of $2.2 million along with the accretion of $0.5 million. |