Quarterly report pursuant to Section 13 or 15(d)

STOCKHOLDERS??? EQUITY

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STOCKHOLDERS’ EQUITY
 3 Months Ended
Mar. 31, 2024
Equity [Abstract]  
STOCKHOLDERS’ EQUITY

NOTE 11 – STOCKHOLDERS’ EQUITY

 

Common Stock Issuances for the Three Months Ended March 31, 2024

 

Effective February 14, 2024, the First Adjustment Date, the Company settled $18,099,951 of the $36,931,130 fair value liability outstanding on December 31, 2023 by issuing 133,087,875 shares of Class A common stock to the Soylent Shareholders as outlined in the Soylent merger agreement and Stockholders Agreement, as applicable. The total share adjustment value as of March 31, 2024 is $20,753,328. The settlement amount of $18,099,951 includes an adjustment for additional shareholders that agreed to amend their Stockholders Agreement subsequent to December 31, 2023. As a result, approximately 7.0 million shares were returned to the Company and the liability amount as of December 31, 2023 was amended.

 

Effective February 14, 2024, the Company settled the Soylent Opening Balance Holdback and $2,446,380 equity consideration payable by issuing 16,309,203 shares of Class A common stock to the Soylent Shareholders as outlined in the Soylent merger agreement.

 

On March 12, 2024, the 18-month holdback period from the date of the AOS Acquisition was completed, the Company had no outstanding claims and issued the former shareholders of AOS an aggregate of 4,979,731 shares of Class A common stock and $6,137 in cash that was being held back on the December 31, 2023 balance sheet.