Restricted Stock Liabilities

9 Months Ended

Sep. 30, 2022

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 (the “HubPages merger”). Pursuant to the amendment, the Company committed to repurchase 48,389 vested restricted stock awards as of December 31, 2020 at a price of $88.00 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, 2022			December 31, 2021
Restricted stock liabilities (before imputed interest)	$	2,307		$	3,801
Less imputed interest		(155	)		(177	)
Present value of restricted stock liabilities		2,152			3,624
Less principal payments during the period		(2,152	)		(1,472	)
Restricted stock liabilities at end of period (reflected in accrued expenses and other)	$	-		$	2,152

The Company recorded the repurchase of 26,214 and 12,098 during the nine months ended September 30, 2022 and 2021, respectively, of the Company’s restricted common stock on the condensed consolidated statements of stockholders’ deficiency. Effective April 4, 2022, there are no longer any shares of the Company’s common stock subject to repurchase. During the nine months ended September 30, 2022 and 2021, the Company paid $2,307 and $1,419 in cash for the repurchase, including interest of $155 and $254, respectively.