Subsequent Events

3 Months Ended

Mar. 31, 2022

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

13. SUBSEQUENT EVENTS

Management has evaluated subsequent events according to the requirements of ASC TOPIC 855 and has determined that there are the following subsequent events:

On April 6, 2022, OriginClear agreed in principle to an arrangement with Houston-based, international water service company Envirogen Technologies (www.envirogen.com), a 30-year international provider of environmental technology and process solutions, to deliver and maintain OriginClear’s Water On Demand fully-outsourced industrial and agriculture systems. 

Between April 6, 2022 and May 10, 2022, the Company entered into subscription agreements with certain accredited investors pursuant to which the Company sold an aggregate of 6.25 shares of the Company’s Series Y preferred stock for an aggregate purchase price of $625,000. The Company also issued an aggregate of 5,000,000 warrants to these investors.

On April 13, 2022, the Company’s Board of Directors approved the plan to spin off its Water On Demand business into a newly formed wholly-owned subsidiary, Water On Demand Inc., which will hold the assets, liabilities, intellectual property and business operations of the Water On Demand business. The Board also approved the issuance of rights to receive shares in Water On Demand Inc. as a bonus to the purchasers of its Series Y Preferred Shares, which are currently being offering pursuant to a private placement.

On April 18, 2022, holders of the Company’s Series K preferred stock exchanged an aggregate of 50 shares of Series K preferred stock for 50 shares of the Company’s Series W preferred stock.

Between April 18, 2022 and May 2, 2022, the Company issued to consultants an aggregate of 4,565,014 shares of the Company’s common stock for services.

On April 18, 2022, the Company entered into settlement agreements with certain accredited investors pursuant to which the Company issued an aggregate of 18,731,644 shares of the Company’s common stock in settlement of certain claims with such persons.

Between April 19, 2022 and May 11, 2022, holders of the Company’s Series W preferred stock converted an aggregate of 35 Series W shares into an aggregate of 3,117,364 shares of the Company’s common stock.

On April 19, 2022, a prior holder of the Company’s Series P preferred stock was issued an aggregate of 518,232 shares of the Company’s common stock as a make-good for a prior Series P conversion.

On April 25, 2022, holders of the Company’s Series T preferred stock converted an aggregate of 60 Series T shares into an aggregate of 9,230,770 shares of the Company’s common stock.

On April 25, 2022, holders of the Company’s Series Y preferred stock converted an aggregate of 50 Series Y shares into an aggregate of 4,230,769 shares of the Company’s common stock.

On April 26, 2022, holders of the Company’s Series L preferred stock converted an aggregate of 10 Series L shares into an aggregate of 1,445,086 shares, including make-good shares, of the Company’s common stock.

On April 26, 2022, holders of the Company’s Series R preferred stock converted an aggregate of 20 Series R shares into an aggregate of 2,504,816 shares, including make-good shares, of the Company’s common stock.

On May 10, 2022, holders of the Company’s Series I preferred stock exchanged an aggregate of 10 shares of Series I preferred stock for 10 shares of the Company’s Series W preferred stock.

On May 11, 2022, holders of the Company’s Series J preferred stock converted an aggregate of 5 Series J shares into an aggregate of 512,737 shares, including make-good shares, of the Company’s common stock.