Series A Redeemable Convertible Preferred Stock (Tables)

6 Months Ended

Jun. 30, 2022

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 six months ended June 30, 2022 and 2021, were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Beginning Balance	$	784,325	$	718,070	$	776,623	$	703,747
Total loss recognized in earnings	12,521		9,993		20,223		24,316
Ending Balance	$	796,846	$	728,063	$	796,846	$	728,063

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, 2022	$	14,384,388
Accrued dividends	300,921
Accretion of preferred stock	14,815
Total Series A redeemable convertible preferred stock, net at March 31, 2022	$	14,700,124
Accrued dividends	$	338,428
Accretion of preferred stock	$	35,582
Total Series A redeemable convertible preferred stock, net at June 30, 2022	$	15,074,134