11. 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. At June 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. Holders of the Company's shares of the Company's common stock are entitled to one vote for each share. At June 30, 2020 and December 31, 2019, there were 5,139,222 and 4,458,149 shares of common stock issued and outstanding, respectively, excluding 334,880 and 33,618 shares of common stock subject to possible redemption, respectively.

Stock-Based Compensation (as restated)

As of June 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 8). The 500,000 shares that are scheduled to be released by the Sponsor are fully vested and the grant date value of $2,625,000 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 six months ended June 30, 2020. During the three and six months ended June 30, 2020, the Company recorded $2,625,000 and $2,625,000, respectively, for this transaction.