12. STOCKHOLDERS' EQUITY (AS RESTATED)

Preferred Stock

The Company is authorized to issue 1,000,000 preferred shares with a par value of $0.0001 per share. Subsequent to September 30, 2020, the Company filed a Second Amended and Restated Certificate of Incorporation, pursuant to which the Company is now authorized to issue 5,000,000 shares of preferred stock. At September 30, 2020 and December 31, 2019, there are no preferred shares issued or outstanding.

Common Stock (as restated)

The Company is authorized to issue 35,000,000 shares of the Company's common stock with a par value of $0.0001 per share. Subsequent to September 30, 2020, the Company filed a Second Amended and Restated Certificate of Incorporation, pursuant to which the Company is now authorized to issue 100,000,000 shares of common stock. Holders of the Company's shares of the Company's common stock are entitled to one vote for each share. At September 30, 2020 and December 31, 2019, there were 5,467,916 and 4,458,149 shares of common stock issued and outstanding, respectively, excluding 0 and 33,618 shares of common stock subject to possible redemption, respectively.

Stock-Based Compensation (as restated)

As of September 30, 2020, 500,000 shares of common stock valued at $2,625,000 (using a restricted stock price of $5.25 per share) were issuable to the escrow account in order to replace 500,000 shares that the Escrow Agent is scheduled to release to the Sponsor, all pursuant to the Resignation Agreement (see Note 9). The 500,000 shares are schedule to be released by the Sponsor from the escrow account are fully vested and the $2,625,000 grant date value was charged as stock-based compensation within general and administrative expenses in the accompanying statement of operations and additional paid-in capital was credited for the nine months ended September 30, 2020. During the three and nine months ended September 30, 2020, the Company recorded $0 and $2,625,000, respectively, for this transaction.