Stockholders’ Deficit

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Stockholders’ Deficit

7.  Stockholders’ Deficit

Preferred Stock

As of December 31, 2021 and 2020, 3,906 shares of Series C-1² Convertible Preferred Stock (“Series C-1² Preferred”) were issued and outstanding, and convertible into 6,735,378 shares of common stock. As of December 31, 2021 and 2020, the Series C-1² Preferred liquidation preference was approximately $3.9 million. The Series C-1² Preferred does not pay a dividend. The holders of the Series C-1² Preferred do not have voting rights, other than for general protective rights required by the Delaware General Corporation Law.

Stock Repurchase Plan

On November 17, 2021, the Company announced that it would commence a stock repurchase plan for up to $10 million of the Company’s common stock. On March 7, 2022, the Board approved an increase of the stock repurchase plan for up to $15 million of the Company’s common stock. The plan has no time limit and can be discontinued at any time. For the year ended December 31, 2021, the Company repurchased approximately 0.8 million shares of its common stock for $3.4 million, including commissions.