STOCKHOLDERS’ EQUITY |
12 Months Ended |
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Dec. 31, 2024 | |
| Equity [Abstract] | |
| STOCKHOLDERS’ EQUITY |
NOTE 12 – STOCKHOLDERS’ EQUITY
Common Stock Issuances
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 (see Note 5).
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 Stockholder Agreement, as applicable. On the same date, the Company also settled the Equity Payable balance of $2,446,380 from the Soylent Acquisition as of December 31, 2023 by issuing shares of Class A common stock to the Soylent Shareholders as outlined in the Soylent Merger Agreement.
Effective May 20, 2024, it was determined, in accordance with the Soylent Merger Agreement, that shares of the shares of Class A Common Stock Opening Balance Holdback from the Soylent Shareholders were not due, the effect of which resulted in an adjustment to the liability of $, which reduced the original settlement amount of $18,099,951 to a net settlement amount of $. This also reduced the number of Class A common shares issued to the Soylent Shareholders to a net number of shares. The Company recorded additional changes in the fair value of the derivative liability throughout the year to arrive at a total share adjustment value on the balance sheet of $ as of December 31, 2024.
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, during the second quarter of 2024, the Company issued the 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 the issuance date.
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