v3.26.1
Stockholders’ Equity
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Stockholders’ Equity

(8) Stockholders’ Equity

 

The Company has authorized 240,000,000 shares of $0.0001 par value common stock and 10,000,000 shares of $0.0001 par value preferred stock at June 30, 2026 and December 31, 2025, of which 13,894,882 and 7,250,299 shares of common stock were issued and outstanding, respectively.

 

In connection with the Private Placement (as defined in Note 9), on February 13, 2026, the Company issued 954 shares of non-voting, Series A convertible preferred stock, par value of $.001 and stated value of $1,000. The preferred shares were entitled to receive a dividend of 12% per annum. The preferred stock plus accrued dividends automatically converted into 191,824 shares of common stock on March 24, 2026 at a conversion price of $5.04 upon shareholder approval of the transaction at a special meeting of shareholders on March 24, 2026.

 

The holders of common stock are entitled to one vote for each share of common stock. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company, after the payment or provision for payment of all debts and liabilities of the Company, the holders of common stock shall be entitled to share in the remaining assets of the Company available for distribution, if any. Holders of shares of common stock are entitled to dividends when, as and if declared by the Board of Directors.