EXCHANGE OF COMMON STOCK FOR PREFERRED STOCK	3 Months Ended
Mar. 31, 2023
EXCHANGE OF COMMON STOCK FOR PREFERRED STOCK
EXCHANGE OF COMMON STOCK FOR PREFERRED STOCK	11. 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 was paid in equal installments of $1,101,110 over a three-year period which began in February 2021 and the last payment was made in February 2023.

EXCHANGE OF COMMON STOCK FOR PREFERRED STOCK

3 Months Ended

Mar. 31, 2023

EXCHANGE OF COMMON STOCK FOR PREFERRED STOCK

EXCHANGE OF COMMON STOCK FOR PREFERRED STOCK

11. 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 was paid in equal installments of $1,101,110 over a three-year period which began in February 2021 and the last payment was made in February 2023.