Restricted Stock Liabilities

9 Months Ended

Sep. 30, 2021

Restricted Stock Liabilities

Restricted Stock Liabilities

6. Restricted Stock Liabilities

On December 15, 2020, the Company entered into an amendment for certain restricted stock awards and units that were previously issued to certain employees in connection with a previous merger. Pursuant to the amendment, the Company committed to repurchase 1,064,549 vested restricted stock awards as of December 31, 2020 at a price of $4.00 per share in 24 equal monthly installments on the second business day of each calendar month beginning January 4, 2021, subject to certain conditions.

The following table presents the components of the restricted stock liabilities:

	As of
	September 30, 2021			December 31, 2020
Restricted stock liabilities recorded upon modification of the restricted stock awards and units (1,064,549 restricted stock to be purchased at $4.00 per share)	$	4,258,196		$	4,258,196
Less imputed interest		(457,462	)		(457,462	)
Present value of restricted stock liabilities		3,800,734			3,800,734
Less payments (excluding imputed interest)		(1,342,379	)		(177,425	)
Restricted stock liabilities	$	2,458,355		$	3,623,309
Current portion of restricted stock liabilities (included in accrued expenses and other)	$	1,936,734		$	1,627,499
Long-term portion of restricted stock liabilities		521,621			1,995,810
Total restricted stock liabilities	$	2,458,355		$	3,623,309