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CONVERTIBLE PREFERRED STOCK | 6 Months Ended
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Jun. 30, 2021
Temporary Equity Disclosure [Abstract] |
CONVERTIBLE PREFERRED STOCK | CONVERTIBLE PREFERRED STOCK Convertible preferred stock is comprised of the following as of June 30, 2021 and December 31, 2020:
| Shares |  |  |  |  |  |  |  |  |  |
Series | Authorized |  | Outstanding |  | Per share price at issuance |  | Aggregate liquidation preference |  | Funds received |  | Fees incurred |  | Carrying value of convertible preferred stock
A | 3,865 |  |  | 3,865 |  |  | $ | 0.85 |  |  | $ | 3,300 |  |  | $ | 3,300 |  |  | $ | 52 |  |  | $ | 3,248 |
B | 6,298 |  |  | 6,298 |  |  | 2.38 |  |  | 15,000 |  |  | 15,000 |  |  | 60 |  |  | 14,940 |
C | 2,948 |  |  | 2,948 |  |  | 6.78 |  |  | 20,000 |  |  | 20,000 |  |  | 112 |  |  | 19,888 |
D | 3,154 |  |  | 3,154 |  |  | 14.27 |  |  | 45,000 |  |  | 45,000 |  |  | 146 |  |  | 44,853 |
E | 1,224 |  |  | 1,224 |  |  | 20.43 |  |  | 25,000 |  |  | 25,000 |  |  | 92 |  |  | 24,909 |
F | 758 |  |  | 758 |  |  | 39.57 |  |  | 30,000 |  |  | 30,000 |  |  | 153 |  |  | 29,848 |
G | 241 |  |  | 241 |  |  | 41.38 |  |  | 10,000 |  |  | 10,000 |  |  | 24 |  |  | 9,976 |
H | 586 |  |  | 586 |  |  | 59.77 |  |  | 35,000 |  |  | 35,000 |  |  | 52 |  |  | 34,947 |
Total | 19,074 |  |  | 19,074 |  |  |  |  | $ | 183,300 |  |  | $ | 183,300 |  |  | $ | 691 |  |  | $ | 182,609 |
Each share of convertible preferred stock has a liquidation preference over common stock equal to the original issue price of the preferred stock plus any declared but unpaid dividends. No single class of preferred stock has liquidation preference that is senior in payment to other classes of preferred stock. The preferred stock does not accumulate undeclared and unpaid dividends. Each share of convertible preferred stock is convertible into shares of common stock at the option of the stockholder based upon a conversion rate that is 1:1 and may be adjusted under certain circumstances as defined in the Company’s Amended and Restated Certificate of Incorporation. If the Company consummates a public offering from which the Company receives gross proceeds of at least $50,000, the conversion becomes mandatory for the convertible preferred stockholders. Also, the conversion becomes mandatory for a preferred stock class, if the holders of at least 65% of the then outstanding shares of preferred stock elect to convert. The Company has reserved an equal number of shares of common stock for the potential conversion of each series of convertible preferred stock. The convertible preferred stockholders have voting rights equal to common stockholders. The preferred stockholders are entitled to the number of votes equal to the number of shares of common stock into which the preferred shares could be converted. All classes of convertible preferred stock are being classified as outside of stockholders’ deficit as the preferred stock has redemption features that are outside of the Company’s control upon certain triggering events, such as a “Deemed Liquidation Event.” In the case of a Deemed Liquidation Event, the holders of Preferred Stock are entitled to be paid out of the assets of the Company, prior and in preference to any distribution to the holders of the common stock. Because the Company’s common stockholders do not control the Company’s Board of Directors, a potential Deemed Liquidation Event is considered to be outside of the control of the Company, resulting in classification outside of stockholders’ deficit.

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- Definition Convertible Preferred Stock + References No definition available. + Details
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