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Notes Receivable for Redeemable Common Stock
12 Months Ended
Dec. 31, 2021
Notes Receivable Disclosure [Abstract]  
Notes Receivable for Redeemable Common Stock

Note 14 – Notes Receivable for Redeemable Common Stock

During 2016 and 2017, the Company entered into or renewed full recourse promissory notes with former or current Board Members and certain other parties with an aggregate principal of $693,000, which included unpaid principal and accrued interest thereon. The notes bore interest at 7%, compounded annually. The initial maturity of the notes was amended to extend the maturity dates into 2021 and 2022 in exchange for payments totaling $105,000. Common stock was originally issued as consideration for the promissory notes and was held as collateral. As of December 31, 2021 and 2020, accrued interest was $0 and $110,000, respectively.

On July 29, 2021, the Company completed its IPO and immediately prior to the completion of the IPO, 11,011 outstanding shares of the Company's common stock were surrendered to satisfy the promissory note and accrued interest. The promissory notes and outstanding interest thereon were reported as a component of temporary equity in the accompanying consolidated balance sheets and statements of redeemable common stock, stock options, preferred stock and stockholders’ deficit as of December 31, 2020.