Quarterly report pursuant to Section 13 or 15(d)

Shareholders??? Deficit

v3.23.3
Shareholders’ Deficit
9 Months Ended
Sep. 30, 2023
Shareholders’ Deficit [Abstract]  
Shareholders’ Deficit

Note 6 – Shareholders’ Deficit

 

Preferred Stock

 

As of September 30, 2023, the Company had authorized for issuance a total of 1,000,000 shares of preferred stock, par value of $0.0001 per share (“Preferred Stock”). As of September 30, 2023 and December 31, 2022, no shares of Preferred Stock were issued or were outstanding. The Certificate of Incorporation of the Company authorizes the Board of Directors to fix the voting rights, if any, designations, powers, preferences and relative, participating, optional, special, and other rights at the time of issue of any Preferred Stock.

 

Common Stock

 

As of September 30, 2023, and December 31, 2022, the Company had 37,838,931 and 34,825,971, respectively, shares of Class A common stock outstanding. As of September 30, 2023 and December 31, 2022, the Company had reserved shares of Class A common stock for issuance as follows:

 

    Nature of Reserve   As of
September 30,
2023
    As of
December 31,
2022
 
a.   Indemnification reserve: Upon the expiration of the indemnification period of two years as described in the Business Combination agreement, subject to the payments of indemnity claims, if any, the Company will issue up to 750,000 shares to former Onyx shareholders     750,000       750,000  
b.   EIP reserve: Shares reserved for future issuance under the stockholder approved Parts iD, Inc. 2020 Equity Incentive Plan     2,935,496       3,212,078  
c.   ESPP reserve: Shares reserved for future issuance under the stockholder approved Parts iD, Inc. 2020 Employee Stock Purchase Plan     2,043,582       2,043,582  
d.   Warrants Reserve: Shares reserved for warrants issued to investors     25,470,279       1,000,000  
    Total shares reserved for future issuance     31,199,357       7,005,660