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EXCHANGE OF COMMON STOCK FOR PREFERRED STOCK | 6 Months Ended
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Jun. 30, 2021
EXCHANGE OF COMMON STOCK FOR PREFERRED STOCK |
EXCHANGE OF COMMON STOCK FOR PREFERRED STOCK | 12. 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 is payable over a three-year period which began in February 2021. In February 2021, the Company paid the first of three equal installments of $1,101,110.

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