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CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY | 3 Months Ended
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Mar. 31, 2026
Equity [Abstract] |
CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY | CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY The Company is authorized to issue up to 200,000,000 shares of common stock, par value $0.0001 per share, and 1,000,000 shares of preferred stock, par value $0.0001 per share. 5,000 shares of preferred stock are issued or outstanding. Holders of the Company’s common stock are entitled to one vote for each share. As of March 31, 2026, there were 105,039,246 shares of common stock issued, of which 95,983,416 are outstanding and 9,055,830 shares were held in treasury stock. As of December 31, 2025, there were 104,879,752 shares of common stock issued, of which 97,473,634 were outstanding and 7,406,118 shares were held in treasury stock. Holders of shares were entitled to receive, in the event of a liquidation, dissolution or winding up, ratably the assets available for distribution to the stockholders after payment of all liabilities. Preferred Stock On March 18, 2025, the Company’s Board of Directors authorized the issuance and the Company issued 5,000 shares of Series A Convertible Preferred Stock with a $5,000,000 aggregate liquidation preference in in a private placement transaction. The outstanding shares of Series A Convertible Preferred Stock are classified as mezzanine equity due to the holder redemption rights upon change of control, which was determined to be outside of the Company’s control. Key terms include: •Dividends: 7.5% annual rate on the $1,000 per share liquidation preference, payable in cash or in-kind. •Ranking: Senior to common stock for dividends and liquidation rights. •Redemption: Company may redeem after March 18, 2028 (3 years after issuance). •Change of Control: Holders can require repurchase upon a Change of Control. •Conversion: Initial conversion rate of 100 shares of common stock per $1,000 of liquidation preference, subject to anti-dilution adjustments. •Maturity: No stated maturity; remains outstanding indefinitely unless redeemed, repurchased, or converted. •Voting Rights: Holders generally vote on an as-converted basis with common stock. Stock Repurchase Program Occasionally, the Company’s Board of Directors approves stock repurchase programs. Stock repurchases may be made through open market transactions, block trades, accelerated stock repurchases, privately negotiated transactions, derivative transactions or otherwise, certain of which may be made pursuant to a trading plan meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, in compliance with applicable state and federal securities laws. The timing, as well as the number and value of stock repurchased under the program, will be determined by the Company at its discretion and will depend on a variety of factors, including our assessment of the intrinsic value of the Company's common stock, the market price of the Company's common stock, general market and economic conditions, available liquidity, compliance with the Company's debt and other agreements, applicable legal requirements, the nature of other investment opportunities available to the Company, and other considerations. The Company is not obligated to purchase any stock under the repurchase program, and the program may be suspended, modified, or discontinued at any time without prior notice. The Company expects to fund the repurchases by using cash on hand and expected free cash flow to be generated in the future. Acquired shares of our common stock are held as treasury stock carried at cost in our consolidated financial statements. In connection with the repurchase program, the Company is authorized to adopt one of more plans pursuant to the provisions of Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. On December 11, 2023, the Company’s Board of Directors authorized a stock repurchase program under which the Company may purchase shares of our common stock for an aggregate purchase price not to exceed $15,000,000 over a period of up to 18 months. On April 9, 2025, on June 5, 2025, November 6, 2025, and January 30, 2026 the Company’s Board of Directors authorized the Company to repurchase up to an additional $15,000,000, $20,000,000, $10,000,000, and $20,000,000, respectively, expiring in May 2027. As of March 31, 2026, $9,737,417 remained available for repurchase under the stock repurchase programs. The following tables summarize stock repurchase activity under our stock repurchase program for the periods ended March 31, 2026 and 2025:
|  | Total Number of Shares Purchased |  | Cost of Shares Repurchased |  | Average Price Paid per Share
As of December 31, 2025 |  | 7,406,118 |  |  | $ | 55,808,595 |  |  | $ | 7.54 |
January 1, 2026 to January 31, 2026 |  | 533,414 |  |  | 4,508,979 |  |  | 8.46 |
February 1, 2026 to February 28, 2026 |  | 515,892 |  |  | 4,254,340 |  |  | 8.28 |
March 1, 2026 to March 31, 2026 |  | 600,406 |  |  | 5,690,669 |  |  | 9.50 |
As of March 31, 2026 |  | 9,055,830 |  |  | $ | 70,262,583 |  |  | $ | 8.25 |
|  | Total Number of Shares Purchased |  | Cost of Shares Repurchased |  | Average Price Paid per Share
As of December 31, 2024 |  | 1,048,226 |  |  | $ | 12,025,137 |  |  | $ | 11.61 |
January 1, 2025 to January 31, 2025 |  | — |  |  | — |  |  | — |
February 1, 2025 to February 28, 2025 |  | — |  |  | — |  |  | — |
March 1, 2025 to March 31, 2025 |  | — |  |  | — |  |  | — |
As of March 31, 2025 |  | 1,048,226 |  |  | $ | 12,025,137 |  |  | $ | 11.61 |

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