PREFERRED STOCK

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

PREFERRED STOCK

PREFERRED STOCK

Our Series A Preferred Stock is cumulative redeemable convertible preferred stock. Accordingly, it is classified as temporary equity and is shown net of issuance costs and the fair value of warrants issued in conjunction with the issuance of the Series A preferred stock.

Unpaid preferred dividends are accumulated, compounded at each quarterly dividend date and presented within the carrying value of the Series A preferred stock until a dividend is declared by our Board of Directors. The Board declared a dividend payment on the Series A Preferred Stock of $1.2 million for the three months ended March 31, 2023 which is included in Dividends payable in the accompanying Condensed Consolidated Balance Sheets. The dividend was paid on April 3, 2023.