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Subsequent Events
12 Months Ended
Dec. 31, 2022
Subsequent Events [Abstract]  
Subsequent Events

20. Subsequent Events

 

During May 2022 the Company received a notice of deficiency from the NASDAQ related to a failure to maintain a $1 bid price during a 30 day period. The Company had to achieve a $1 bid price for no fewer than ten (10) consecutive trading days during a 180 day grace period in order to regain compliance. During November, 2022, the Company had not regained compliance with the minimum bid price requirement which caused the NASDAQ to send the Company a delisting letter, subject to appeal. The Company filed a timely appeal, which was heard by a Hearing Panel on January 5, 2023. Consistent with the outcome of that Hearing, and in light of the recovery in the Company’s bid price, on January 19, 2023, the NASDAQ informed the Company that it had regained compliance with this standard.

 

During January 2023, approximately $0.8 million of our ERTC claims were processed and paid by the United States Government. We forwarded those receipts to the third party factoring entity, and recognized approximately $0.6 million of related deferred income.

 

During February 2023, the investor of Series B preferred converted into approximately 1.9 million shares of common stock. After that event, we no longer have any outstanding preferred stock.