Preferred Stock

12 Months Ended

Dec. 31, 2022

Preferred Stock, Number of Shares, Par Value and Other Disclosure [Abstract]

Preferred Stock

Preferred Stock

On January 3, 2023, the Company effected a 1-for-15 reverse stock split for its Common Stock. All Common Stock share information in the following Preferred Stock discussion are shown as adjusted for this stock split retrospectively for all periods represented herein.

Our Certificate of Incorporation authorizes the issuance of up to 5,000,000 shares of preferred stock. As of December 31, 2022 and 2021, we had 1,938,250 designated shares of preferred stock and no shares of preferred stock issued and outstanding.

Series A-2 Preferred Stock

As of December 31, 2022 and 2021, there were no shares of Series A-2 Preferred Stock issued and outstanding.

On January 28, 2021, the Company entered into an agreement with the holder of the Series A-2 Preferred Stock to convert the stated value of all outstanding shares of the Series A-2 Preferred Stock, 45 shares, into 5,620 shares of the Company’s common stock, at a negotiated conversion price of $60 per share, after taking into consideration accrued and unpaid dividends. The incremental cost of inducing the conversion was approximately $300,000 and was treated similar to a preferred dividend, increasing the net loss attributable to common stockholders.

Series D and E Preferred Stock

As of December 31, 2022 and 2021, there were no shares of Series D and E Preferred Stock issued and outstanding.

During the year ended December 31, 2021, 81 restricted shares of Series D Preferred Stock were forfeited, and, in 2021, 855 shares of Series D Preferred Stock were surrendered to cover the taxes on vested shares.On February 12, 2021, the Company converted 1,697,022 shares of Series D Preferred Stock and 131,579 shares of Series E Preferred Stock into 1,161,130 and 89,678 shares of Common Stock, respectively, after taking into consideration all accrued and unpaid dividends.