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Schedule I - Condensed Financial Information of the Registrant (Parent Company)

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

SCHEDULE I. Condensed Financial Information of the Registrant (Parent Company)

Parent Company Balance Sheets

(in thousands)		December 31, 2024				December 31, 2023

Assets
Investments in subsidiaries		$	12,851			$	20,325
Cash and cash equivalents			56				2,058
Other assets			3,992				5,339
Total Assets		$	16,899			$	27,722
Liabilities and Shareholders' Equity
Liabilities:
Accrued expenses and other liabilities		$	236			$	13
Total Liabilities			236				13
Redeemable Class B preferred stock			8,250				—
Shareholders' Equity:
Common stock			—				—
Additional paid-in capital			376,784				379,813
Treasury stock, at cost			(6,200	)			(3,696	)
Accumulated deficit			(361,453	)			(346,868	)
Accumulated other comprehensive loss			(718	)			(1,540	)
Shareholders' equity attributable to common shareholders			8,413				27,709
Total Liabilities, Class B preferred stock and Shareholders' Equity		$	16,899			$	27,722

See accompanying report of independent registered accounting firm.

SCHEDULE I. Condensed Financial Information of the Registrant (Parent Company)

Parent Company Statements of Operations

(in thousands)		Years ended December 31,
		2024				2023
Other expenses, net:
General and administrative expenses		$	(98	)		$	(1,990	)
Non-operating other expense			(1	)			(3	)
Total other expenses, net			(99	)			(1,993	)
Loss from continuing operations before income tax benefit and equity in (loss) income of subsidiaries			(99	)			(1,993	)
Income tax benefit			(439	)			(1,331	)
Equity in (loss) income of subsidiaries			(8,635	)			24,674
Net (loss) income		$	(8,295	)		$	24,012

See accompanying report of independent registered accounting firm.

SCHEDULE I. Condensed Financial Information of the Registrant (Parent Company)

Parent Company Statements of Comprehensive Loss

(in thousands)		Years ended December 31,
		2024				2023

Net (loss) income		$	(8,295	)		$	24,012
Other comprehensive income (loss), net of taxes(1):
Unrealized losses on available-for-sale investments:
Unrealized losses arising during the period			—				—
Reclassification adjustment for amounts included in net income			—				—
Other comprehensive loss - parent only			—				—
Equity in other comprehensive income (loss) of subsidiaries			861				(28,115	)
Other comprehensive income (loss), net of taxes(1):			861				(28,115	)
Comprehensive loss		$	(7,434	)		$	(4,103	)

(1) Net of income tax benefit of $0 and $0 in 2024 and 2023, respectively

See accompanying report of independent registered accounting firm.

SCHEDULE I. Condensed Financial Information of the Registrant (Parent Company)

Parent Company Statements of Cash Flows

(in thousands)		Years ended December 31,
		2024				2023
Cash provided by (used in):
Operating activities:
Net (loss) income		$	(8,295	)		$	24,012
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Equity in net loss (income) of subsidiaries			8,635				(24,674	)
Stock-based compensation expense, net of forfeitures			(1,459	)			509
Change in other assets			1,347				(4,026	)
Change in accrued expenses and other liabilities			57				(3,193	)
Net cash provided by (used in) operating activities			285				(7,372	)
Investing activities:
Net cash from investing activities			—				—
Financing activities:
Proceeds from exercise of warrants			—				16,658
Cash paid for repurchase of warrants			—				(4,031	)
Proceeds from issuance of preferred stock			8,250				—
Cash paid for repurchase of common stock			(2,504	)			(3,204	)
Payment of preferred stock dividends			(13	)			—
Capital contributions to subsidiaries			(8,020	)			(25	)
Net cash (used in) provided by financing activities			(2,287	)			9,398
Net (decrease) increase in cash and cash equivalents			(2,002	)			2,026
Cash and cash equivalents at beginning of period			2,058				32
Cash and cash equivalents at end of period		$	56			$	2,058

See accompanying report of independent registered accounting firm.