STOCKHOLDERS’ EQUITY |
6 Months Ended |
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Jun. 30, 2024 | |
| Equity [Abstract] | |
| STOCKHOLDERS’ EQUITY |
NOTE 12 – STOCKHOLDERS’ EQUITY
Common Stock Issuances for the Six Months Ended June 30, 2024
Effective February 14, 2024, the Company settled the Soylent Opening Balance Holdback and $2,446,380 equity consideration payable by issuing shares of Class A common stock to the Soylent Shareholders as outlined in the Soylent merger agreement.
Effective February 14, 2024, the First Adjustment Date, the Company settled $18,099,951 of the $fair value liability outstanding on December 31, 2023 by issuing shares of Class A common stock to the Soylent Shareholders as outlined in the Soylent Merger Agreement and Stockholders’ Agreement, as applicable. After giving effect to the shares issued during the quarter, and changes in the derivative liability at period end, the total share adjustment value as of March 31, 2024 was $20,753,328.
Effective May 20, 2024, it was determined, in accordance with the Soylent Merger Agreement, that shares of the shares of Class A common stock held back from the former Soylent shareholders were not due, the effect of which resulted in an adjustment to the liability of $1,012,587; in conjunction with an increase in the fair value of the derivative liability at period end, the total share adjustment value on the balance sheet as of June 30, 2024 was $.
Following the 18-month holdback period from the date of the AOS Acquisition, during which the Company had no outstanding claims, effective March 12, 2024, the Company issued the former shareholders of AOS an aggregate of shares of Class A common stock and $6,137 in cash that was being held back on the December 31, 2023 balance sheet.
Following the 18-month holdback period from the date of the Skylar Acquisition, effective June 30, 2024, the Company issued former Skylar shareholders an aggregate amount of shares of Class A common stock, which satisfied an equity consideration payable of $2,314,732 on the balance sheet as of June 30, 2024.
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