- Raised on September 14, 2016 gross proceeds of $2.8 million from convertible preferred stock, all of which was converted to common equity of the Company by September 29, 2016.
- Received on September 30, 2016 proceeds of $1.6 million from the exercise of warrants issued with the convertible preferred stock.
- Commencing October 3, 2016, principal and interest on the Company's convertible notes began to convert into Class A common equity with the following activity through November 4, 2016:
|Amount of Principal converted to Class A common stock||$7.1 million|
|Release of cash from restricted cash||$5.8 million|
|Net increase in shareholders' equity from conversions||$5.9 million|
- The Company has used the proceeds from the releases from the restricted cash account to reduce accounts payable, purchase materials to convert its backlog to revenue, and for other corporate purposes.