STOCKHOLDERS' EQUITY |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| STOCKHOLDERS’ EQUITY [Abstract] | |
| STOCKHOLDERS’ EQUITY |
10. STOCKHOLDERS’ EQUITY
The Company's authorized capital consists of 200,000,000 shares of Common Stock and 5,000,000 shares of preferred stock, par value $0.0001 per share, of which 10,000 shares are designated as Series A Convertible Preferred Stock and 4,500 shares are designated as Series B Convertible Preferred Stock.
Common Stock
During the three months ended June 30, 2026, the Company issued 96,775 shares of Common Stock to a vendor in settlement of a $150 invoice for investor relations services rendered. The shares were issued in full satisfaction of the amount owed, with no cash paid and no future service or vesting condition attached. The Company recorded the $150 expense within selling, general and administrative expenses in the accompanying condensed consolidated statements of operations and comprehensive loss, based on the fair value of the shares issued of $1.55 per share on the issuance date.
Series A Preferred Stock
On July 3, 2023, the Company designated and issued 10,000 shares of Series A Preferred Stock (stated value $1,000 per share) convertible into shares of Common Stock at an initial conversion price of $1.45 per share. As of June 30, 2026 and December 31, 2025, there were 8,107 and 8,207 shares outstanding, respectively. Holders are entitled to dividends of 8% per annum, payable in cash or shares of Common Stock at the Company's election. For the six months ended June 30, 2026 and 2025, the Company paid dividends of $411 and $328, respectively, in shares of Common Stock.
Series B Preferred Stock
On August 18, 2025, the Company issued 4,500 shares of Series B Preferred Stock (stated value $1,000 per share) convertible up to 3,000,000 shares of Common Stock at an initial conversion price of $1.50 per share. As of June 30, 2026 and December 31, 2025, there were 3,600 and 4,500 shares outstanding, respectively. Holders are entitled to dividends when and as declared by the Board, payable in cash or shares of the Company's securities. No dividends were declared or paid during the six months ended June 30, 2026. |