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Restricted Stock Liabilities | 3 Months Ended
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Mar. 31, 2021
Restricted Stock Liabilities |
Restricted Stock Liabilities |
| 6. | Restricted Stock Liabilities
On December 15, 2020, the Company entered into an amendment for certain restricted stock awards and units that were previously issued to certain employees in connection with a previous merger. Pursuant to the amendment, the Company committed to repurchase 1,064,549 vested restricted stock awards as of December 31, 2020 at a price of $4.00 per share in 24 equal monthly installments on the second business day of each calendar month beginning January 4, 2021, subject to certain conditions. The following table presents the components of the restricted stock liabilities as of March 31, 2021 and December 31, 2020:
|  | As of |
|  | March 31, 2021 |  |  | December 31, 2020 |
Restricted stock liabilities recorded upon modification of the restricted stock awards and units (1,064,549 restricted stock to be purchased at $4.00 per share) |  | $ | 4,258,196 |  |  | $ | 4,258,196 |
Less imputed interest |  |  | (457,461 | ) |  |  | (457,462 | )
Present value of restricted stock liabilities |  |  | 3,800,735 |  |  |  | 3,800,734 |
Less payments (excluding imputed interest) |  |  | (457,829 | ) |  |  | (177,425 | )
Restricted stock liabilities |  | $ | 3,342,906 |  |  | $ | 3,623,309 |
Current portion of restricted stock liabilities |  | $ | 1,823,750 |  |  | $ | 1,627,499 |
Long-term portion of restricted stock liabilities |  |  | 1,519,156 |  |  |  | 1,995,810 |
Total restricted stock liabilities |  | $ | 3,342,906 |  |  | $ | 3,623,309 |

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