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Stockholders' Equity (Deficit)
 6 Months Ended
Jun. 30, 2023
Equity [Abstract]  
Stockholders' Equity (Deficit)
10.
Stockholders’ Equity (Deficit)

The Company is authorized to issue 5,000,000 shares of preferred stock with a par value of $0.001 per share under its restated certificate of incorporation. The Company has designated 123,418 shares to be Catalyst Convertible Preferred Stock and in June 2023, designated 161,160 shares as Series Y redeemable preferred stock (“Series Y Preferred Stock”).

Redeemable Preferred Stock

On June 20, 2023, the Board declared a dividend of one one-thousandth of a share of Series Y Preferred Stock, par value $0.001 per share, for each outstanding share of common stock to stockholders of record as of June 30, 2023. This Series Y Preferred Stock entitles its holder to 250,000 votes per share exclusively on the vote for the proposal to approve the reverse stock split (as defined in the Series Y Preferred Stock Certificate of Designation). The Company expects to hold its 2023 Annual Meeting of Stockholders on August 29, 2023, which will include the reverse stock split as a proposal to be voted on at the meeting. All shares of Series Y Preferred Stock that are not present to vote on the reverse stock split will automatically be redeemed by the Company (the “Initial Redemption”). Any outstanding shares of Series Y Preferred Stock that have not been redeemed pursuant to an Initial Redemption will be redeemed in whole, but not in part, (i) if such redemption is ordered by the Board in its sole discretion, automatically and effective on such time and date specified by the Board in its sole discretion or (ii) automatically upon the effectiveness of the amendment to the certificate of incorporation implementing the reverse stock split. Each share of Series Y Preferred Stock will be redeemed at a redemption price of $0.001 per share. The holders of Series Y Preferred Stock are not entitled to receive dividends of any kind.

The Series Y Preferred Stock is classified as temporary equity on the condensed consolidated balance sheet because the shares contain redemption features that are not solely within the Company’s control. The Series Y Preferred Stock’s estimated fair value, carrying value, redemption value, and related accretion for the three and six months ended June 30, 2023 was deminimus.