Common Stock |
3 Months Ended |
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Mar. 31, 2025 | |
Equity [Abstract] | |
Common Stock | Note 9 – Common Stock
The Company is authorized to issue shares of common stock. As of March 31, 2025 and December 31, 2024, a total of shares were issued and outstanding.
The Company conducted an examination of its stock records and determined shares previously reported as treasury stock were no longer held by the Company as of January 1, 2024. The Company concluded the shares were reissued in a prior period, and the impact is immaterial. The Company removed the shares from treasury stock and made a corresponding adjustment to additional paid-in capital on January 1, 2024. The impact of this adjustment is immaterial, and it did not affect net loss or cash flows in any period presented.
During the three months ended June 30, 2024, the Company issued shares of restricted common stock at an approximate price of $ per share as part of executing a consulting services agreement with its majority stockholder. The Company accounts for stock-based compensation awards in accordance with the provisions of ASC 718, which requires that the cost of all equity-based compensation be reflected in the financial statements over the vesting period based on the estimated fair value of the awards. Before December 31, 2024, the Board of Directors exercised the claw-back provision included in the consulting services agreement for all shares. Due to the exercise of the claw-back provision, the stock-based compensation expense associated with this award was fully reversed and no net expense was recorded for any period.
other shares of common stock were issued during the three months ended March 31, 2025 or the year ended December 31, 2024.
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