Restricted Cash

3 Months Ended

Mar. 31, 2023

Cash and Cash Equivalents [Abstract]

The following table provides a reconciliation of cash, cash equivalents and restricted cash total as presented in the condensed consolidated statement of cash flows for the periods presented (in thousands):


	March 31, 2023		December 31, 2022
Cash and cash equivalents	$	7,393	$	5,032
Restricted cash - current:
Dividend payments on preferred stock (1)	4,477		4,477
Letter of credit (2)	204		—
Subtotal - Restricted cash - current	4,681		4,477
Restricted cash - long term:

Letter of credit (2)	—		204
Subtotal - Restricted cash - long term	—		204
Cash, cash equivalents and restricted cash	$	12,074	$	9,713

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(1) Represents the amount remaining in an account funded with a portion of the proceeds from the sale of the Series A Preferred Stock for the payment of dividends thereon until August 2022. The use of such funds for the payment of such dividends is subject to compliance with applicable laws. Also, the Company’s board of directors may determine that the use of such funds for other corporate purposes is required pursuant to the exercise of their fiduciary duties to the Company’s common stockholders.

(2) The letter of credit ("LOC") was required under the terms of the lease for our Santa Monica, CA office. In accordance with the lease termination agreement entered into on February 16, 2023 (as discussed in Note 9 below), the LOC is to be returned to the Company within 120 days of the lease termination date, which was February 28, 2023.