Quarterly report pursuant to Section 13 or 15(d)

Equity and Mezzanine Equity (Tables)

v3.19.1
Equity and Mezzanine Equity (Tables)
3 Months Ended
Mar. 31, 2019
Equity [Abstract]  
Schedule of Changes in Carrying Value of Series D Preferred
The changes in the carrying value of the Series D Preferred for the three months ended as of March 31, 2019 and 2018 is as follows:

 
Series D Preferred
 
(unaudited)
Balance December 31, 2018
$
76,955

   Accretion of Preferred Stock discount
148

   Undeclared dividends
2,419

Balance March 31, 2019
$
79,522

 
Series D Preferred
 
(unaudited)
Balance December 31, 2017
$
53,236

   Accretion of Preferred Stock discount
148

   Undeclared dividends

   Issuance of Preferred Stock for acquisition of JANAF
21,158

Balance March 31, 2018
$
74,542

Schedule of Potentially Dilutive Shares
As of March 31, 2019, the below shares are able to be converted to Common Stock. The common units, convertible preferred stock, cumulative convertible preferred stock, and warrants have been excluded from the Company’s diluted earnings per share calculation because their inclusion would be antidilutive.
 
 
March 31, 2019
 
 
Outstanding shares
 
Potential Dilutive Shares
 
 
(unaudited)
Common units
 
235,032

 
235,032

Series B Preferred Stock
 
1,875,748

 
1,172,343

Series D Preferred Stock
 
3,600,636

 
5,307,541

Warrants to purchase Common Stock
 

 
248,325

Schedule of Summary of Preferred Stock Dividends
The following table summarizes the preferred stock dividends (unaudited, in thousands except for per share amounts):
 
 
Series A Preferred
 
Series B Preferred
 
Series D Preferred
Record Date/Arrears Date
 
Declared
Arrears
Per Share
 
Declared
Arrears
Per Share
 
Declared
Arrears
Per Share
12/31/2018
 
$

$
13

$
22.50

 
$

$
1,055

$
0.56

 
$

$
1,969

$
0.55

3/31/2019
 

13

$
22.50

 

1,055

$
0.56

 

2,419

$
0.67

For the three months ended March 31, 2019
 

26



 

2,110



 

4,388



 
 
 
 
 
 
 
 
 
 
 
 
 
3/31/2018
 
$
13

$

$
22.50

 
$
1,055

$

$
0.56

 
$
1,969

$

$
0.55

For the three months ended March 31, 2018
 
$
13

$

 
 
$
1,055

$

 
 
$
1,969

$

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Schedule of Shares Issued Under 2016 Long-Term Incentive Plan
2016 Long-Term Incentive Plan

On June 15, 2016, the Company's shareholders approved the 2016 Long-Term Incentive Plan (the "2016 Incentive Plan"). The 2016 Incentive Plan allows for issuance of up to 625,000 shares of the Company's Common Stock to employees, directors, officers and consultants for services rendered to the Company.
For the Three Months ended March 31,
 
Shares Issued
 
Market Value
 
 
 
 
(in thousands, unaudited)
2019
 
181,807

 
$
166

2018
 
43,459

 
330


As of March 31, 2019, there are 132,707 shares available for issuance under the Company’s 2016 Incentive Plan.