Stockholders’ Equity |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Equity [Abstract] | |
| Stockholders’ Equity | Note 14. Stockholders’ Equity
Series A Preferred Stock
The Company’s Series A Preferred Stock has a stated value of $ per share, carries a cumulative dividend of 6% per annum based on the stated value, is convertible into shares of the Company’s common stock at the Company’s request, and votes on an “as-converted” basis, subject to the terms of the Certificate of Designation. As of June 30, 2026 and December 31, 2025, shares of Series A Preferred Stock were issued and outstanding.
Pursuant to the Debt Satisfaction and Preferred Stock Amendment Agreement dated November 25, 2025, dividends on the Company’s Series A Convertible Preferred Stock were suspended from April 30, 2026 through April 29, 2027 in connection with amendments to the preferred stock terms and the satisfaction of certain outstanding convertible indebtedness. Subsequent to June 30, 2026, on July 7, 2026, the Company amended the agreement to reinstate the 6% Series A Preferred Stock dividend through April 29, 2027 in exchange for the extinguishment of $500,000 of indebtedness owed to Ballengee Holdings, LLC.
Common Stock
The Company has authorized shares of common stock, par value $ per share.
All share and per share amounts presented in the accompanying condensed consolidated financial statements have been retroactively adjusted to reflect the Company’s 1-for-200 reverse stock split effected during March 2026 and the Company’s 1-for-20 reverse stock split effected during July 2026.
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