12. EQUITY

Common Stock

As of December 31, 2016 and 2015, the Company had reserved the following shares of common stock for the issuance of common stock for the exercise of stock options and warrants and the issuance of shares under the 2015 Employee Stock Purchase Plan (in thousands):

 

Convertible Redeemable Preferred Stock   

Series A, B and Series C Redeemable Convertible Preferred Stock

As of December 31, 2014, 54,481,000 shares of preferred stock were authorized, designated as Series A,  Series B and Series C Preferred Stock of which 9,232,334,  27,324,237 and 8,658,008 were issued and outstanding, respectively.

In March 2015, the Company sold 41,666,667 shares of Series D convertible preferred stock for aggregate consideration of $50,000, comprised of $45,000 in cash and conversion of $5,000 in convertible notes with related parties. The convertible notes converted into 4,166,667 shares of Series D convertible preferred stock. The accrued interest on the convertible notes was waived. In this financing, the mandatory conversion for all series of preferred stock was modified so as to occur upon an initial public offering with gross proceeds in excess of $50,000.