TEMPORARY EQUITY (Tables)

9 Months Ended

Sep. 30, 2023

Temporary Equity

The Series A Preferred Stock and Series B Preferred Stock was recorded at redemption value

Since the Preferred Stock had a redemption feature at the option of the holder, it was classified as temporary equity. The Series A Preferred Stock and Series B Preferred Stock was recorded at redemption value of approximately $14.7 million and $1.1 million, respectively, as calculated in the following table (in thousands):

	Series A Preferred Stock			Series B Preferred Stock
Gross Proceeds	$	13,300		$	950
Less:
Preferred stock issuance costs		(844	)		(60	)
Plus:
Accretion of carrying value to redemption value		2,244			160
Preferred stock subject to possible redemption	$	14,700		$	1,050

Since the Preferred Stock had a redemption feature at the option of the holder, it was classified as temporary equity. The Series A Preferred Stock and Series B Preferred Stock was recorded at redemption value of approximately $26.3 million and $5.2 million, respectively, as calculated in the following table (in thousands):

	Series A Preferred Stock			Series B Preferred Stock
Gross Proceeds	$	23,750		$	4,750
Less:
Preferred stock issuance costs		(1,046	)		(209	)
Plus:
Accretion of carrying value to redemption value		3,546			709
Preferred stock subject to possible redemption	$	26,250		$	5,250