v3.25.2
Shareholders’ Deficit
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Shareholders’ Deficit

Note 6 – Shareholders’ Deficit

 

Preferred stock converted

 

During the three months ended March 31, 2025, 4,455 shares of preferred stock were converted into 1,425,170 shares of common stock.

 

Liquidation preference

 

Liquidation Value

 

   Preferred Shares Outstanding   Stated Value     Liquidation
Preference		 
Series C-1   2,020   $

1,000

     $2,527,000 
Series C-2   876   $ 1,000      1,048,000 
Series D   14,003   $

1,064

      16,762,000 
Series E   24,172   $

1,064

      28,935,000 
Series F   300   $

1,065

      359,000 
Series G   4,676   $

1,013

      5,331,000 
Total   46,047           $54,962,000 

 

Common Stock

 

On March 26, 2025, the Company’s shareholders approved the Board of Directors’ proposal to increase the number of authorized shares of the Company’s common stock to 120,000,000 shares from 60,000,000 shares.

 

In the three months ended March 31, 2025, the Company issued 329,932 common shares for cash of $100,000 under its Common Stock Purchase Agreement.