PREFERRED STOCK

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

PREFERRED STOCK

PREFERRED STOCK

Our 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 Preferred Stock.

Unpaid preferred dividends are accumulated, compounded at each quarterly dividend date and presented within the carrying value of the Preferred Stock until a dividend is declared by our Board of Directors. The Board declared a dividend payments on the Preferred Stock of approximately $1.2 million for each of the quarters in the nine-month period ended September 30, 2023. There was $1.2 million included in Dividends payable in the accompanying Unaudited Condensed Consolidated Balance Sheets at September 30, 2023 and was paid on October 2, 2023.