|9 Months Ended|
Sep. 30, 2022
NOTE 13 – SUBSEQUENT EVENTS
Effective October 1, 2022, the Company amended its Midland, Texas office lease to extend the term from October 1, 2022 to September 30, 2027 (five year lease). This will be reflected in the lease liability and future payments in the leases note disclosure for the year ending December 31, 2022.
On October 13, 2022, our Form S-3 Registration Statement was declared effective by the SEC in respect of 63,888,878 shares in aggregate of our common stock (21,339,986 shares of common stock issued at the closing of the Stronghold Acquisition and 42,548,892 shares of as-converted Preferred Stock), which shares may be offered by certain stockholders from time to time in one or more offerings.
On October 27, 2022, the Company’s stockholders approved the issuance of, 42,548,892 shares of common stock upon conversion of the 153,176 shares of our Preferred Stock. The preferred shares were automatically converted into such common shares as of October 27,2022.
In accordance with ASC Topic 855, Subsequent Events, the Company has evaluated all events subsequent to the balance sheet date of September 30, 2022, through the date of this report and has reported all material subsequent events.
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://www.xbrl.org/2003/role/disclosureRef