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LIQUIDITY
 12 Months Ended
Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
LIQUIDITY SHARES OF COMMON STOCK
The following table sets forth the changes in shares of common stock during the years ended December 31, 2024 and 2023:

December 31,
20242023
Common stock issued, beginning of year17,476,530 15,258,449 
Common stock issued pursuant to acquisition— 2,000,000 
Vesting of restricted stock units870,798 257,258 
Shares issued due to reverse split adjustment for rounding89,782 — 
Stock awards cancelled for employee tax withholdings(236,017)(39,177)
Common stock issued, end of year18,201,093 17,476,530 
Treasury stock, at cost, beginning of year(1,000,000)— 
Purchase of treasury stock(192,737)(1,000,000)
Treasury stock, at cost, end of year(1,192,737)(1,000,000)
Common stock outstanding, end of the year17,008,356 16,476,530 
LIQUIDITY
The Company identified certain negative financial trends, including recurring operating losses, cash flows from operations that would be negative if not for an arrearage in the payment of preferred dividends, and unfavorably priced long-term purchase commitments, all as discussed further below.

The Company has taken, and plans to take, a number of actions to enhance liquidity, which included the Company engaging in a restructuring activity (see Note 23 — Restructuring Charges) in the third quarter of 2024 to reduce operational expenses, especially in the area of salaries and benefits. The Company had also, in 2024, made the decision to accept fewer hardware sales contracts where these sales contracts would have
generated revenue but been disadvantageous from an associated cost of sales perspective. Although the Company currently expects to meet its near-term liquidity needs, there can be no assurance that its current sources of capital will be sufficient to satisfy its liquidity requirements in the future, which might require additional restructuring activities, including winding down certain non-core service offerings that are deemed to be unprofitable, continuing to review its global footprint and rationalize legal entities, and reviewing existing office leases for cost-effectiveness.

The Company has accrued and unpaid dividends due to Searchlight on the mandatorily redeemable preferred stock due to affiliate, which are accrued on a daily basis, compound quarterly and payable quarterly in arrears. Due to the underlying nature of the preferred stock instrument as debt, these dividends are reflected on the consolidated balance sheets as accrued interest due to affiliate. As of December 31, 2024, the Company owed approximately $23.8 million to Searchlight for this accrued interest (see Note 20 — Related Party Transactions). The Company plans to continue the arrearage of preferred dividends in order to preserve cash.

Additionally, the Company has purchase commitments payable that were not recorded as liabilities on its consolidated balance sheet as of December 31, 2024, of which $23.3 million is currently expected to be purchased in 2025 (see Note 19 — Commitments and Contingencies).

As of December 31, 2024, the Company had approximately $19.4 million of cash on hand.