Series A Redeemable Convertible Preferred Stock (Tables)

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Embedded Derivative Instruments Rollforward

The fair value of these derivative instruments and the loss recorded on the change in the fair value of these derivative instruments, which was included in “Interest and other income, net” within the condensed consolidated statement of operations, for the three months ended March 31, 2021 and 2020, were as follows:

	Three Months Ended March 31,
	2021		2020
Beginning Balance	$	472,851	$	483,804
Total income recognized in earnings	(2,629)		(2,752)
Ending Balance	$	470,222	$	481,052

Derivative Probability and Volatility Assumptions

The probability and volatility assumptions are as follows:

Probability of redemption as part of a fundamental sale transaction	0.5%
Probability of redemption absent a fundamental sale transaction	4.75%
Annual volatility	65%

Reconciliation of net (loss) income attributable to common stockholders

The following represents a reconciliation of net loss attributable to common stockholders for the three months ended March 31, 2021 and 2020, respectively:

	Three Months Ended March 31,
	2021		2020
Net income (loss)	$	425,248	$	(719,840)
Effects of Series A redeemable convertible preferred stock:
Less: Accrual of Series A redeemable convertible preferred stock dividends	277,170		285,760
Less: Accretion to redemption value of Series A redeemable convertible preferred stock	197,114		26,090
Net income (loss) attributable to common stockholders	$	(49,036)	$	(1,031,690)

Schedule of Components of Series A Preferred Stock

The Series A Preferred Stock consists of the following:

Total Series A redeemable convertible preferred stock, net at December 31, 2020	$	12,940,722
Accrued dividends	$	277,170
Accretion of preferred stock	$	197,114
Total Series A redeemable convertible preferred stock, net at March 31, 2021	$	13,415,006