Series A Redeemable Convertible Preferred Stock (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Schedule of Conversions of Stock

The Series A Preferred Stock consists of the following:

Total Series A redeemable convertible preferred stock, net at December 31, 2019	$11,304,279
Accrued dividends	1,083,892
Accretion of preferred stock	552,551
Total Series A redeemable convertible preferred stock, net at December 31, 2020	12,940,722
Accrued dividends	1,143,697
Accretion of preferred stock	299,969
Total Series A redeemable convertible preferred stock, net at December 31, 2021	$14,384,388

Derivative Reconciliation

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 expense” within the consolidated statement of operations, for the twelve months ended December 31, 2021 and 2020, were as follows:

	Years Ended December 31,
	2021		2020
Beginning Balance	$	703,747	$	658,917
Total (gain) loss recognized in earnings	72,876		44,830
Ending Balance	$	776,623	$	703,747

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 attributable to common stockholders

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

	Years Ended December 31,
	2021		2020
Net income (loss)	$	203,332	$	1,082,726
Effects of Series A redeemable convertible preferred stock:
Less: Accrual of Series A redeemable convertible preferred stock dividends	1,143,697		1,083,892
Less: Accretion to redemption value of Series A redeemable convertible preferred stock	299,969		552,551
Net income (loss) attributable to common stockholders	$	(1,240,334)	$	(553,717)