Preferred Stock

The Company authorized 50.00 million shares of preferred stock with $0.001 par value per share. The Company designated 100 shares of preferred stock as “Series A Preferred Stock,” of which there were 8 shares of Series A Preferred Stock outstanding as of December 31, 2020 and 2019. Series A Preferred Stock is convertible on a one-for-one basis into common stock and has all of the voting rights of the Company’s common stock. On January 22, 2021, the Company agreed to purchase the 8 outstanding shares of Series A Preferred Stock for cash and common stock. On February 3, 2021, the Company filed with the proper regulatory authorities and eliminated the Series A and Series B preferred stock.

Common Stock

The Company authorized 990.00 million shares of common stock with $0.001 par value per share. As of December 31, 2020 and 2019, 194.20 million and 118.00 million shares of common stock were issued and outstanding, respectively.

Treasury Stock

During 2019, the Company acquired 2.31 million shares of common stock and 4 shares of Series A Preferred stock as part of a litigation settlement. The shares were recorded at fair market value as of the date the agreement was executed.