Quarterly report pursuant to Section 13 or 15(d)

TEMPORARY EQUITY (Tables)

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TEMPORARY EQUITY (Tables)
 9 Months Ended
Sep. 30, 2023
Temporary Equity  
The Series A Preferred Stock and Series B Preferred Stock was recorded at redemption value

 

Since the Preferred Stock had a redemption feature at the option of the holder, it was classified as temporary equity. The Series A Preferred Stock and Series B Preferred Stock was recorded at redemption value of approximately $14.7 million and $1.1 million, respectively, as calculated in the following table (in thousands):

 

    Series A Preferred Stock     Series B Preferred Stock  
Gross Proceeds   $ 13,300     $ 950  
Less:                
Preferred stock issuance costs     (844 )     (60 )
Plus:                
Accretion of carrying value to redemption value     2,244       160  
Preferred stock subject to possible redemption   $ 14,700     $ 1,050  

 

Since the Preferred Stock had a redemption feature at the option of the holder, it was classified as temporary equity. The Series A Preferred Stock and Series B Preferred Stock was recorded at redemption value of approximately $26.3 million and $5.2 million, respectively, as calculated in the following table (in thousands):

 

    Series A Preferred Stock     Series B Preferred Stock  
Gross Proceeds   $ 23,750     $ 4,750  
Less:                
Preferred stock issuance costs     (1,046 )     (209 )
Plus:                
Accretion of carrying value to redemption value     3,546       709  
Preferred stock subject to possible redemption   $ 26,250     $ 5,250