Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity

v3.20.4
Stockholders' Equity
9 Months Ended
Dec. 31, 2020
Stockholders' Equity  
Stockholders' Equity

7.     Stockholders’ Equity

Common Stock Authorized

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2020

 

March 31, 2020

 

 

Number of

 

 

 

 

Number of

 

 

 

 

    

shares

    

$

    

shares

    

$

Exchangeable Shares

 

  

 

 

  

 

  

 

 

 

Balance beginning of  period

 

117,683

 

$

118

 

196,799

 

$

197

Converted into common shares

 

 —

 

 

 —

 

(79,116)

 

 

(79)

Balance at end of period

 

117,683

 

 

118

 

117,683

 

 

118

Common Shares

 

 

 

 

 

 

 

 

 

 

Balance at beginning of the period

 

5,009,151

 

 

5,008

 

3,661,838

 

 

3,661

Shares issued to exchangeable shareholders

 

 —

 

 

 —

 

79,116

 

 

79

Shares issued on conversion of loans

 

 —

 

 

 —

 

1,268,191

 

 

1,268

Share consolidation rounding adjustment

 

 —

 

 

 —

 

 6

 

 

 —

Balance at end of the period

 

5,009,151

 

 

5,008

 

5,009,151

 

 

5,008

Total Shares

 

5,126,834

 

$

5,126

 

5,126,834

 

$

5,126

 

As approved by the stockholders of the Company at the annual meeting of stockholders held on October 5, 2020, the Company filed a certificate of amendment to its Amended and Restated Certificate of Incorporation, as amended with the Secretary of State of Delaware to decrease the authorized number of shares of (i) common stock of the Company from 500,000,000 to 13,000,000 and (ii) preferred stock of the Company from 10,000,000  to  5,000,000.

Special Voting Preferred Share

In February 2015, the Company entered into a voting and exchange trust agreement (the “Trust Agreement”). Pursuant to the Trust Agreement, the Company issued one Special Voting Preferred Share to a Trustee, and the parties created a trust for the Trustee to hold the Special Voting Preferred Share for the benefit of the holders of the Exchangeable Shares of a subsidiary of the Company (the “Beneficiaries”). The Special Voting Preferred Share entitles the Trustee to exercise the number of votes equal to the number of Exchangeable Shares outstanding on a one-for-one basis during the term of the Trust Agreement. The Special Voting Preferred Share is not entitled to receive any dividends or to receive any assets of the Company upon liquidation and is not convertible into shares of common stock of the Company. The voting rights of the Special Voting Preferred Share will terminate pursuant to and in accordance with the Trust Agreement and the Special Voting Preferred Share will be automatically cancelled.