v3.26.1
Stockholders' Equity (Deficit)
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Stockholders' Equity
(5)
Stockholders’ Equity (Deficit)

The changes in stockholders’ equity (deficit) are as follows:

 

 

Three months ended June 30,

 

 

Six months ended June 30,

 

 

2025

 

 

2026

 

 

2025

 

 

2026

 

Beginning balance

 

$

144,619,400

 

 

$

(46,066,588

)

 

$

147,219,707

 

 

$

(49,330,431

)

Issuance of common stock

 

 

—

 

 

 

635,595

 

 

 

—

 

 

 

635,595

 

Stock-based compensation

 

 

76,609

 

 

 

53,319

 

 

 

175,228

 

 

 

104,107

 

Purchase of treasury stock

 

 

(17,937

)

 

 

(88,515

)

 

 

(27,042

)

 

 

(90,250

)

Net income (loss)

 

 

(154,175

)

 

 

84,293,430

 

 

 

(2,843,996

)

 

 

87,508,220

 

Ending balance

 

$

144,523,897

 

 

$

38,827,241

 

 

$

144,523,897

 

 

$

38,827,241

 

At the Market Equity Offering Program

 

On June 12, 2026, the Company entered into an Equity Distribution Agreement (the “Equity Distribution Agreement”) with Noble Capital Markets, Inc. (the “Sales Agent”), pursuant to which the Company may offer and sell, from time to time, shares of the Company’s Class A common stock, par value $0.001 per share, having an aggregate offering price of up to $5,235,810 through an “at the market offering” as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended. The Sales Agent is not required to sell any specific amount of shares. Sales of shares of Class A common stock, if any, under the Equity Distribution Agreement may be made by any method deemed to be an “at the market offering,” including sales made directly on the Nasdaq Capital Market, on any other existing trading market for the Class A common stock, or to or through a market maker or through an electronic communications network.

 

The Company will pay the Sales Agent a commission equal to 3.0% of the gross sales price per share for any shares of Class A common stock sold through or to the Sales Agent under the Equity Distribution Agreement. The Company also agreed to reimburse the Sales Agent for certain fees and expenses, including the fees and expenses of counsel to the Sales Agent. The Company intends to use the net proceeds from any sales under the Equity Distribution Agreement, if any, to reduce indebtedness, as well as for working capital and general corporate purposes.

 

The offering of shares of Class A common stock pursuant to the Equity Distribution Agreement will terminate automatically upon the sale of shares of Class A common stock having an aggregate offering price of $5,235,810. In addition, either the Company or the Sales Agent may terminate the Equity Distribution Agreement at any time upon three business days’ prior written notice to the other party.

 

As of June 30, 2026, the Company had issued and sold 35,600 shares of its Class A common stock under the Equity Distribution Agreement, for total net proceeds of $0.7 million and with total compensation paid to the Sales Agent of approximately $20,000. As of June 30, 2026, additional shares of Class A common stock having an aggregate offering price of up to $4.6 million remain available to be issued and sold under the Equity Distribution Agreement.