|12 Months Ended|
Dec. 31, 2019
|Subsequent Events [Abstract]|
Note 17. Subsequent Events:
Subsequent to December 31, 2019, in connection with the Company’s Sales Agreement with H.C. Wainwright, the Company received gross proceeds of approximately $9.5 million from the sale of 5,995,559 shares of common stock.
On February 7, 2020, the Company issued 122,377 restricted stock units, and 5,000 vested restricted stock units to an officer of the Company.
On February 27, 2020, for 2020 services the Company awarded 1,212,192 restricted shares of common stock vesting over a one-year period to Directors and certain employees of the Company.
Prive share escrow status
As of February 2020, the conditions for the release of the 200,000 shares of Riot’s stock held in escrow in connection with the Prive acquisition were not achieved by the date specified in the Prive Purchase Agreement. The Escrow Agent has been notified that the conditions set forth in the Prive Purchase Agreement were not met and the 200,000 shares of Riot’s stock that have been held in escrow by the Escrow Agent are to be returned to the Company. See Note 4, Acquisitions, for additional discussion regarding the Prive acquisition.
On February 7, 2020, the Company amended and restated its employment agreement (the “Agreement”) with its Chief Executive Officer and Interim Chief Financial Officer (the “Executive”). Under the terms of the Agreement, the Executive will receive a prorated annual salary of $0.3 million and 209,790 restricted common stock units, which vest in four equal quarterly installments, with each quarterly installment vesting as of the end of each quarter. The termination date of the Agreement is February 7, 2021.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef