NOTE 10 - STOCKHOLDERS' EQUITY |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| STOCKHOLDERS' EQUITY | |
| STOCKHOLDERS' EQUITY | NOTE 10 — STOCKHOLDERS’ EQUITY
The Company is authorized to issue 60,000,000 shares of common stock and 10,000,000 shares of undesignated preferred stock. The common stock and undesignated preferred stock have a par value of $0.001 per share.
The holders of common stock are entitled to one vote per share on any matter submitted to a vote at a meeting of stockholders.
On October 22, 2024, the Company signed a firm commitment underwriting agreement (“Underwriting Agreement”) with ThinkEquity LLC to sell at the initial closing on October 24, 2024, an aggregate of 1,250,000 shares of common stock, for gross proceeds of $10 million and net proceeds after underwriting commissions and other offering expenses of approximately $8.1 million. In addition, the Company issued 62,500 warrants (“Warrants”) to the underwriter and its assignees to purchase up to 62,500 shares of common stock. The Warrants are exercisable beginning April 20, 2025 at an exercise price of $10.00 per share and expire on October 22, 2029. The Company accounted for these warrants as an equity warrant and expensed $250 thousand in the year ended December 31, 2024 in general and administrative expense. The holders of the Warrants have been provided with certain demand and piggy-back registration rights. The Warrants have typical representations, warranties and anti-dilution rights. |