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REDEMPTION OF SERIES A CONVERTIBLE PREFERRED STOCK
 12 Months Ended
Dec. 31, 2021
Series A Preferred Stock  
Class of Stock [Line Items]  
SERIES A CONVERTIBLE PREFERRED STOCK

NOTE 7 — REDEMPTION OF SERIES A CONVERTIBLE PREFERRED STOCK

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In the second quarter of 2021, all 90,000 shares of the outstanding Series A Convertible Preferred Stock (the “Preferred Stock”) were converted to common stock prior to their authorized redemption date of May 25, 2021. These shares of Preferred Stock were issued at $10 per share, accrued 5% in cumulative annual dividends, and were convertible into the Company’s common stock at a price of $4.385 per share. In connection with the conversion of the 90,000  shares of Preferred Stock in 2021, we issued 279,137 shares of our common stock.  As of December 31, 2021 and 2020, the Company had zero and 90,000 shares of Preferred Stock outstanding, respectively.

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