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PRIVATE EXCHANGES AND REDEMPTION | 6 Months Ended
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Jun. 30, 2024
PRIVATE EXCHANGES AND REDEMPTION |
PRIVATE EXCHANGES AND REDEMPTION | 11. PRIVATE EXCHANGES AND REDEMPTION 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 was paid in equal installments of $1,101,110 over a three-year period which began in February 2021 and the last payment was made in February 2023. ​ Effective November 2023, the Company entered into a privately negotiated transaction with a preferred shareholder to redeem 2,000 shares of Series III Class B Stock for a purchase price equal to approximately $6 thousand.

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