Stockholders' Equity	12 Months Ended
Dec. 31, 2019
Stockholders' Equity
Stockholders' Equity	Note 14. Stockholders’ Equity Convertible Preferred Stock Our Board of Directors has authorized 50.0 million shares of convertible preferred stock, $0.001 par value, issuable in series. As of December 31, 2019 and 2018, 7.0 million shares of Series A preferred stock were issued and outstanding. The Series A preferred stock shall be entitled to one vote per common stock on an as-converted basis and is only entitled to receive dividends when and if declared by the Board. Common Stock Our Board of Directors has authorized 1,500 million shares of common stock, $0.001 par value. 2019 Equity Transactions In the year ended December 31, 2019, the Company issued 8.2 million shares of common stock related to the issuance of convertible notes. Refer to Note 13 for additional information. The Company issued 15.9 million shares of common stock related to business acquisitions. Refer to Notes 6(a), 6(b), and 6(c) for additional information. The Company issued 7.4 million shares of common stock related to asset acquisitions. Refer to Notes 9(a) and 9(b) for additional information. The Company issued 14.7 million shares of common stock related to a long-term investment. Refer to Note 10(e) for additional information. 2018 Equity Transactions In March and June 2018, the Company entered into a subscription agreement with GT Dollar Ptd. Ltd. (“GTD”) for a private placement which was subsequently amended to reduce the amount of the investment to from $40.0 million to $10.0 million. In October 2018, the Company received $10.0 million and issued an aggregate of 5.5 million shares of the common stock of the Company, for $1.82 per share, to GTD. In June and December 2018, the Company entered into a subscription agreement and amended agreements with Sun Seven Stars Investment Group Limited, a British Virgin Islands corporation (“SSSIG”), an affiliate of Dr. Wu, to purchase $1.1 million of common stock at the then market price. The Company has received $1.1 million in total as of December 31, 2018. The Company issued 0.6 million shares of common stock in June 2019. In July and December, 2018, the Company entered into a share purchase and option agreement and amended agreement with Star Thrive Group Limited (“Star”), a British Virgin Islands corporation, pursuant to which Star purchased 5.0 million shares of the Company’s common stock, for $9.2 million (the “Investment”). The Company also granted to Star a share purchase option (the “Call Option”) pursuant to which Star may, within 24 months after July 24, 2018, purchase from the Company such number of shares of common stock that would bring Star’s total ownership of the Company’s issued and outstanding shares up to 19.5% on a fully diluted basis, at a price equal to 95.0% of the weighted average trading price of the common stock within 3 months prior to the exercise date of the Call Option. As of December 31, 2018, the Company has received $9.2 million and 5.0 million shares have been issued. The fair value of the call option is $8.0 million using the Black-Sholes valuation model using the following assumptions: expected terms 1.81 years; volatility 132.55%; dividend yield: zero and risk free interest rate 2.81%. The management determined that the call options is classified within shareholders’ equity as “Additional paid-in capital” upon the issuance in accordance with ASC 815‑40 and the proceeds from the investment are allocated to common stock and call options based on the relative fair value of the securities in accordance with ASC 470‑20‑30.

Note 14. Stockholders’ Equity

Convertible Preferred Stock

Our Board of Directors has authorized 50.0 million shares of convertible preferred stock, $0.001 par value, issuable in series. As of December 31, 2019 and 2018, 7.0 million shares of Series A preferred stock were issued and outstanding. The Series A preferred stock shall be entitled to one vote per common stock on an as-converted basis and is only entitled to receive dividends when and if declared by the Board.

Common Stock

Our Board of Directors has authorized 1,500 million shares of common stock, $0.001 par value.

2019 Equity Transactions

In the year ended December 31, 2019, the Company issued 8.2 million shares of common stock related to the issuance of convertible notes. Refer to Note 13 for additional information. The Company issued 15.9 million shares of common stock related to business acquisitions. Refer to Notes 6(a), 6(b), and 6(c) for additional information. The Company issued 7.4 million shares of common stock related to asset acquisitions. Refer to Notes 9(a) and 9(b) for additional information. The Company issued 14.7 million shares of common stock related to a long-term investment. Refer to Note 10(e) for additional information.

2018 Equity Transactions

In March and June 2018, the Company entered into a subscription agreement with GT Dollar Ptd. Ltd. (“GTD”) for a private placement which was subsequently amended to reduce the amount of the investment to from $40.0 million to $10.0 million. In October 2018, the Company received $10.0 million and issued an aggregate of 5.5 million shares of the common stock of the Company, for $1.82 per share, to GTD.

In June and December 2018, the Company entered into a subscription agreement and amended agreements with Sun Seven Stars Investment Group Limited, a British Virgin Islands corporation (“SSSIG”), an affiliate of Dr. Wu, to purchase $1.1 million of common stock at the then market price. The Company has received $1.1 million in total as of December 31, 2018. The Company issued 0.6 million shares of common stock in June 2019.

In July and December, 2018, the Company entered into a share purchase and option agreement and amended agreement with Star Thrive Group Limited (“Star”), a British Virgin Islands corporation, pursuant to which Star purchased 5.0 million shares of the Company’s common stock, for $9.2 million (the “Investment”). The Company also granted to Star a share purchase option (the “Call Option”) pursuant to which Star may, within 24 months after July 24, 2018, purchase from the Company such number of shares of common stock that would bring Star’s total ownership of the Company’s issued and outstanding shares up to 19.5% on a fully diluted basis, at a price equal to 95.0% of the weighted average trading price of the common stock within 3 months prior to the exercise date of the Call Option. As of December 31, 2018, the Company has received $9.2 million and 5.0 million shares have been issued. The fair value of the call option is $8.0 million using the Black-Sholes valuation model using the following assumptions: expected terms 1.81 years; volatility 132.55%; dividend yield: zero and risk free interest rate 2.81%. The management determined that the call options is classified within shareholders’ equity as “Additional paid-in capital” upon the issuance in accordance with ASC 815‑40 and the proceeds from the investment are allocated to common stock and call options based on the relative fair value of the securities in accordance with ASC 470‑20‑30.