Series A Redeemable Convertible Preferred Stock (Tables)

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2021 and 2020, were as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Beginning Balance	$	467,598	$	478,312	$	472,851	$	483,804
Total income recognized in earnings	(2,626)		(2,751)		(7,879)		(8,243)
Ending Balance	$	464,972	$	475,561	$	464,972	$	475,561

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%

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 January 1, 2021	$	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
Accrued dividends	282,926
Accretion of preferred stock	75,183
Total Series A redeemable convertible preferred stock, net at June 30, 2021	$	13,773,115
Accrued dividends	288,802
Accretion of preferred stock	13,517
Total Series A redeemable convertible preferred stock, net at September 30, 2021	$	14,075,434