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Preferred Stock
3 Months Ended
Mar. 31, 2023
Equity [Abstract]  
Preferred Stock

Note 13 — Preferred Stock

 

As of March 31, 2023 and December 31, 2022, there were 1,229,887 and 1,205,759 shares of PAVmed Series B Convertible Preferred Stock (classified in permanent equity) issued and outstanding, respectively.

 

Series B Convertible Preferred Stock Dividends

 

The PAVmed Series B Convertible Preferred Stock dividends are 8.0% per annum based on the $3.00 per share stated value of the Series B Convertible Preferred Stock, with such dividends compounded quarterly, accumulate, and are payable in arrears upon being declared by the Company’s board of directors. Such dividends may be settled, at the discretion of the board of directors, through any combination of the issue of additional shares of Series B Convertible Preferred Stock, the issue shares of common stock of the Company, and/or cash payment.

 

Series B Convertible Preferred Stock Dividends Earned

 

The Series B Convertible Preferred Stock dividends earned are included in the calculation of basic and diluted net loss attributable to PAVmed common stockholders for each of the respective corresponding periods presented in the accompanying unaudited condensed consolidated statement of operations, inclusive of approximately $74 of dividends earned in the three months ended March 31, 2023; and approximately $68 of dividends earned in the three months ended March 31, 2022.

 

Series B Convertible Preferred Stock Dividends Declared

 

The Series B Convertible Preferred Stock dividends are recognized as a dividend payable only upon the dividend being declared payable by the Company’s board of directors. In this regard, in the three months ended March 31, 2023, the Company’s board-of-directors declared Series B Convertible Preferred Stock dividends of $72, earned as of December 31, 2022 with such dividends settled by the issue of 24,128 additional shares of Series B Convertible Preferred Stock.

 

In the three months ended March 31, 2022, the Company’s board-of-directors declared Series B Convertible Preferred Stock dividends of $67, earned as of December 31, 2021, with such dividends settled by the issue of 22,291 additional shares of Series B Convertible Preferred Stock.

 

Subsequent to March 31, 2023, in May 2023, the Company’s board of directors declared a Series B Convertible Preferred Stock dividend earned as of March 31, 2023 and payable as of April 1, 2023, of approximately $74, to be settled by the issue of 24,610 additional shares of Series B Convertible Preferred Stock (with such dividend not recognized as a dividend payable as of March 31, 2023, as the Company’s board of directors had not declared the dividends payable as of such date).