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Capital Stock
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
Capital Stock Capital Stock
Common Stock

On February 11, 2021, the Company, acting pursuant to authorization from its Board of Directors, determined to voluntarily withdraw the listing of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), from the NYSE American Stock Exchange (the “NYSE American”) and transfer such listing to The Nasdaq Capital Market (“Nasdaq”). The Company’s listing and trading of its Common Stock on the NYSE American ended at market close on February 11, 2021, and trading began on Nasdaq at market open on February 12, 2021, and is continuing to trade under the ticker symbol “OBLG”. As of December 31, 2021 we had 150,000,000 shares of our $0.0001 par value Common Stock authorized, with 30,929,331 and 30,816,048 shares of issued and outstanding, respectively.

The following table provides a summary of Common Stock activity for the years ended December 31, 2021 and 2020 (in thousands):
Issued Shares as of December 31, 20195,267 
Less Treasury Shares:105 
Outstanding Shares as of December 31, 20195,162 
Issuances from Private Placements2,293 
Issuances from Preferred Stock Conversions158 
Issuances related to Warrants72 
Issuances related to Stock Compensation31 
Forfeitures of Restricted Stock Awards(9)
Issuance of shares for fees50 
Issued Shares as of December 31, 20207,862 
Less Treasury Shares:113 
Outstanding Shares as of December 31, 20207,749 
Issuances from Private Placements4,000 
Issuances from Preferred Stock Conversions18,846 
Issuances related to Stock Compensation200 
Issuance of shares for fees21 
Issued Shares as of December 31, 202130,929 
Less Treasury Shares:113 
Outstanding Shares as of December 31, 202130,816 
During the years ended December 31, 2021 and 2020, 18,846,411 and 158,333 shares of the Company’s Common stock were issued in relation to preferred stock conversions, respectively, and 200,000 and 30,834 shares were issued as stock-based compensation, respectively. See Note 12 - Preferred Stock and Note 13 - Stock Based Compensation for further information.

Issuance for Professional Service Fees

On December 10, 2020, the Company issued 50,000 shares of Common Stock as payment for services, with a fair value equal to $348,000, related to a financial advisory agreement entered into on December 1, 2020.

On January 21, 2021, the Company issued 21,008 shares of Common Stock as payment for services, with a fair value equal to $100,000, related to a financial advisory agreement entered into on January 15, 2021.

During the years ended December 31, 2021 and 2020, the Company recorded stock-based professional services expense of $390,000 and $58,000, respectively, relating to the issuance of the shares above, which is included as a component of general and administrative expense in the accompanying consolidated Statements of Operations.

Issuance Pursuant to Equity Financing

On June 30, 2021, the Company closed on a concurrent public offering of 4,000,000 shares of Common Stock, Series A Warrants to purchase 1,000,000 shares of the Company’s Common Stock at an exercise price of $4.00 per share, and private placement of Series B Warrants to purchase 3,000,000 shares of common stock at an exercise price of $4.40 per share for gross proceeds of $12,400,000. Issuance costs for this transaction were $896,000, resulting in net proceeds of $11,504,000.

Warrants

On October 21, 2020, the Company issued warrants to purchase up to 521,500 shares of Common Stock pursuant to a securities purchase agreement with certain accredited investors. The Warrants have a term of 2 years, are initially exercisable at $4.08 per share and are subject to cashless exercise if, at the time of exercise, the Warrant Shares are not subject to an effective resale registration statement. The Warrants are also subject to adjustment in the event of (i) stock splits and dividends, (ii) subsequent rights offerings, (iii) pro-rata distributions, and (iv) certain fundamental transactions, including but not limited to the sale of the Company, business combinations, and reorganizations. The Warrants do not have any price protection or price reset
provisions with respect to future issuances of securities. The fair value of the Warrants was recorded to additional paid-in capital during the year ended December 31, 2020. As of December 31, 2021, no warrants had been exercised.

On December 6, 2020, the Company issued warrants to purchase up to 625,000 shares of Common Stock pursuant to a securities purchase agreement with certain accredited investors. The Warrants have a term of 2 years, are initially exercisable at $5.49 per share and are subject to cashless exercise if, at the time of exercise, the Warrant Shares are not subject to an effective resale registration statement. The Warrants are also subject to adjustment in the event of (i) stock splits and dividends, (ii) subsequent rights offerings, (iii) pro-rata distributions, and (iv) certain fundamental transactions, including but not limited to the sale of the Company, business combinations, and reorganizations. The Warrants do not have any price protection or price reset provisions with respect to future issuances of securities. The fair value of the Warrants was recorded to additional paid-in capital during the year ended December 31, 2020. As of December 31, 2021, no warrants had been exercised.

On June 30, 2021, the Company issued Series A Warrants to purchase up to 1,000,000 shares of Common Stock, and Series B Warrants to purchase up to 3,000,000 shares of Common Stock, pursuant to a securities purchase agreement with certain accredited investors. The Series A Warrants had an original term of 6 months and are initially exercisable at $4.00 per share. The Series B Warrants have a term of 3 years, commencing six months and one day from the date of issuance, and are initially exercisable at $4.40 per share. All of the warrants are subject to cashless exercise if, at the time of exercise, the Warrant Shares are not subject to an effective resale registration statement. The Warrants are also subject to adjustment in the event of (i) stock splits and dividends, (ii) subsequent rights offerings, (iii) pro-rata distributions, and (iv) certain fundamental transactions, including but not limited to the sale of the Company, business combinations, and reorganizations. The Warrants do not have any price protection or price reset provisions with respect to future issuances of securities. The fair value of the Series A and B Warrants was recorded to additional paid-in capital during the year ended December 31, 2021. As of December 31, 2021, no warrants had been exercised.

On December 31, 2021, the Company agreed with all the holders of Series A Warrants to amend the terms of the Series A Warrants to extend the Termination Date from January 4, 2022 to January 4, 2023. All other terms of the Series A Warrants will remain in full force and effect. The modification resulted in an incremental value adjustment, and deemed dividend, of $37,000, which was recorded to additional paid in capital on December 31, 2021.

Warrant activity for the years ended December 31, 2021 and 2020 is presented below:

Outstanding
Number of Warrants
Weighted Average Exercise Price
Warrants outstanding and exercisable, December 31, 201972,238 0.01 
Granted1,146,500 4.85 
Exercised(72,238)0.01 
Warrants outstanding and exercisable, December 31, 20201,146,500 $4.85 
Granted4,000,000 $4.30 
Warrants outstanding and exercisable, December 31, 20215,146,500 $4.85 
Treasury Shares

The Company maintains Treasury Stock for the Common Stock shares bought back by the Company when withholding shares to cover taxes on Stock Compensation transactions, or when purchasing shares related to the Stock Repurchase Program discussed below. The following table shows the activity for Treasury Stock during the years ended December 31, 2021 and 2020 (in thousands):
SharesValue
Treasury Shares as of December 31, 2019105 $(165)
Purchases to cover stock compensation taxes8 $(16)
Treasury Shares as of December 31, 2020113 $(181)
Treasury Shares as of December 31, 2021113 $(181)
During the year ended December 31, 2020, the Company repurchased 7,998 shares of the Company’s Common Stock (and recorded such shares in treasury stock) from employees to satisfy $16,000 of minimum statutory tax withholding requirements relating to the vesting of stock awards, respectively. No shares of the Company’s Common Stock were repurchased during the year ended December 31, 2021.