Quarterly report pursuant to Section 13 or 15(d)

Shareholders??? Deficit

v3.23.1
Shareholders’ Deficit
 3 Months Ended
Mar. 31, 2023
Shareholders’ Deficit [Abstract]  
Shareholders’ Deficit

Note 6 – Shareholders’ Deficit

 

Preferred Stock

 

As of March 31, 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 March 31, 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 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 March 31, 2023, and December 31, 2022, the Company had 34,825,971 shares of Class A common stock outstanding. As of March 31, 2023, and December 31, 2022, the Company had reserved 6,005,660 shares of Class A common stock for issuance as follows:

 

    Nature of Reserve   As of
March 31,
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     3,212,078       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  
    Total shares reserved for future issuance     6,005,660       6,005,660