The increase in stockholders’ equity is the result of i) the conversion of $8.1 million of debt held by Oasis Capital, LLC and FirstFire Global Opportunities Fund, LLC (the “Oasis/FirstFire Debt”) into common stock, ii) the elimination of an aggregate of $9.1 million of liabilities from the balance sheet, which includes $1.69 million of derivative liabilities that were eliminated upon the conversion of the Oasis/FirstFire debt and $7.9 million of contingent consideration that was eliminated following the Company’s settlement with the former owners of Harper & Jones, LLC, and iii) $9.15 million of net proceeds from the Company’s public offering that closed on December 1, 2022.
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