EXCHANGE OF COMMON STOCK FOR PREFERRED STOCK	9 Months Ended
Sep. 30, 2022
EXCHANGE OF COMMON STOCK FOR PREFERRED STOCK
EXCHANGE OF COMMON STOCK FOR PREFERRED STOCK	12. EXCHANGE OF COMMON STOCK FOR PREFERRED STOCK In 2020, the Company entered into several agreements with shareholders to purchase its outstanding Class B Convertible Preferred Stock. The consideration for these purchases consisted of both cash and Common Stock. In addition, in each such transaction, the preferred shareholder counterparty waived all rights to unpaid dividends in arrears. The aggregate cash consideration equaled $3,786,000, of which $482,670 was paid in 2020. The balance is payable over a three-year period which began in February 2021. In February 2022 and 2021, the Company paid the first two of three equal installments of $1,101,110.

EXCHANGE OF COMMON STOCK FOR PREFERRED STOCK

9 Months Ended

Sep. 30, 2022

EXCHANGE OF COMMON STOCK FOR PREFERRED STOCK

EXCHANGE OF COMMON STOCK FOR PREFERRED STOCK

12. EXCHANGE OF COMMON STOCK FOR PREFERRED STOCK

In 2020, the Company entered into several agreements with shareholders to purchase its outstanding Class B Convertible Preferred Stock. The consideration for these purchases consisted of both cash and Common Stock. In addition, in each such transaction, the preferred shareholder counterparty waived all rights to unpaid dividends in arrears. The aggregate cash consideration equaled $3,786,000, of which $482,670 was paid in 2020. The balance is payable over a three-year period which began in February 2021. In February 2022 and 2021, the Company paid the first two of three equal installments of $1,101,110.