Quarterly report pursuant to Section 13 or 15(d)

Convertible Preferred Stock

v3.19.3
Convertible Preferred Stock
9 Months Ended
Sep. 30, 2019
Temporary Equity Disclosure [Abstract]  
Convertible Preferred Stock

7. Convertible Preferred Stock

The Company has issued Series A Preferred, Series A-1 Preferred, Series A-2 Preferred, and Series B convertible preferred stock (Series B Preferred) (collectively, the Convertible Preferred Stock). The Company classifies Convertible Preferred Stock outside of stockholders’ deficit because the shares contain deemed liquidation rights that are a contingent redemption feature not solely within the control of the Company. There was no Convertible Preferred Stock issued during the nine months ended September 30, 2018 or outstanding as of September 30, 2018. The following table summarizes the Company’s Convertible Preferred Stock issued in the nine months ended September 30, 2019 and outstanding as of September 30, 2019:

 

 

 

Series A

Preferred

 

 

Series A-1

Preferred

 

 

Series A-2

Preferred

 

 

Series B

Preferred

 

 

Total Convertible

Preferred Stock

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

Balance—December 31,

   2018

 

 

3,146,551

 

 

$

12,575

 

 

 

7,372,719

 

 

$

24,994

 

 

 

1,873,777

 

 

$

6,352

 

 

 

 

 

$

 

 

 

12,393,047

 

 

$

43,921

 

Issuance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,963,788

 

 

 

50,000

 

 

 

6,963,788

 

 

 

50,000

 

Exchange, including

   deemed dividend

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,405,332

)

 

 

(4,764

)

 

 

1,405,332

 

 

 

10,090

 

 

 

 

 

 

5,326

 

Issuance costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,293

)

 

 

 

 

 

(1,293

)

Balance—September 30,

   2019

 

 

3,146,551

 

 

$

12,575

 

 

 

7,372,719

 

 

$

24,994

 

 

 

468,445

 

 

$

1,588

 

 

 

8,369,120

 

 

$

58,797

 

 

 

19,356,835

 

 

$

97,954

 

 

Non-Voting Common Stock Election

In October 2019, certain holders of the Company’s Convertible Preferred Stock elected to have such shares convert into 6,409,519 shares of non-voting Common Stock following the closing of the Company’s proposed initial public offering. The non-voting shares of Common Stock shall have the same rights and preferences as the Common Stock but shall be non-voting.