EQUITY |
3 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Equity [Abstract] | |
| EQUITY | NOTE 9 – EQUITY
Preferred stock:
Preferred stock, par value $ per share, shares authorized; and shares issued and outstanding as of June 30, 2026, and March 31, 2026, respectively.
The Series B Preferred Stock is not entitled to receive dividends. Holders of the Series B Preferred Stock have no conversion or exchange rights.
In the event of any voluntary or involuntary liquidation, dissolution, or winding up of the Company, the Series B Preferred Stock is entitled to receive payment or distribution of a preferential amount prior to any payments or distributions to holders of common stock or other classes or series of capital stock, unless such class or series is expressly designated as senior to the Series B Preferred Stock. The Series B Preferred Stock ranks senior to the Company’s common stock with respect to distributions upon liquidation and dissolution.
The holders of the Series B Preferred Stock vote together with the holders of the Company’s common stock and any other voting class of preferred stock as a single class on all matters submitted to shareholders, including the election of directors. Pursuant to the Certificate of Designation, the aggregate voting power of the outstanding Series B Preferred Stock equals 150% of the aggregate voting power of the Company’s outstanding common stock and any other voting preferred stock, excluding the Series B Preferred Stock. As a result, the holder of the Series B Preferred Stock possesses voting control over matters submitted to shareholders for approval.
The rights, preferences, and privileges of the Series B Preferred Stock may not be adversely altered without the written consent of a majority of the holders of the Series B Preferred Stock.
The Certificate of Designation further provides that if a holder of Series B Preferred Stock ceases to serve as an officer or director of the Company for any reason, all shares of Series B Preferred Stock held by such individual shall be automatically cancelled.
As of June 30, 2026 and March 31, 2026, all outstanding shares of Series B Preferred Stock were held by the Company’s Chief Executive Officer. Accordingly, the Chief Executive Officer possesses voting control over matters submitted to shareholders, including the election of directors and the approval of significant corporate transactions.
Common stock:
The Company is authorized to issue shares of common stock, par value $ per share. As of June 30, 2026, and March 31, 2026, the Company had and shares of common stock issued and outstanding, respectively.
During the fiscal quarter ended June 30, 2026, the Company repurchased shares of its common stock for an aggregate purchase price of $392,191 pursuant to an authorized share repurchase program. A total of shares were retired, and no shares were held as treasury stock as of June 30, 2026.
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