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Subsequent Events | 6 Months Ended
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Jun. 30, 2025
Subsequent Events [Abstract] |
Subsequent Events | Subsequent Events Upon approval by the Company’s shareholders on the annual meeting held on June 26, 2025, on July 3, 2025, the Company filed an Amended and Restated Certificate of Incorporation with the Secretary of State of Connecticut, which became effective upon filing. The Amended and Restated Certificate of Incorporation authorized the issuance of up to 200,000,000 shares of common stock, with a par value of $0.01 per share, which is divided into 170,000,000 shares of Voting Common Stock and 30,000,000 shares of Non-Voting Common Stock. Additionally, the Company is authorized to issue 1,000,000 shares of preferred stock, of which 500,000 shares are designated as Series A Non-Cumulative Perpetual Convertible Preferred Stock. In connection with a private placement completed on March 20, 2025, the Company had issued 90,832 shares of Series A Preferred Stock. As of the close of business on July 3, 2025, these shares automatically converted into 7,266,560 shares of Non-Voting Common Stock. This conversion required no further action from the holders of the Series A Preferred Stock. On July 25, 2025, Unity Bancorp Inc. (“Unity”) notified the Company of its desire to convert the entire outstanding principal balance and accrued unpaid interest of the Amended 8.5% Fixed Rate Senior Notes Due 2026 (the “Senior Notes”), totaling $2,005,027, into 2,673,369 shares of Common Stock at a conversion price of $0.75 per share. Similarly, on July 26, 2025, American Bank Incorporated (“AmBank”) provided notice to convert its outstanding principal balance and accrued unpaid interest of its Senior Note, amounting to $803,443, into 1,071,258 shares of Common Stock at the same conversion price of $0.75 per share. The Board approved these transaction and the related securities purchase agreements on July 30, 2025. On July 5, 2025, the Company completed its registered direct offering of 8,524,160 shares of its common stock at a purchase price of $1.25 per share, raising gross proceeds of $10,655,200.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2 + Details
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