XML 34 R17.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Preferred Stock | 12 Months Ended
--- | ---
Dec. 31, 2024
Equity [Abstract] |
Preferred Stock | Preferred Stock On March 22, 2021, we completed a private placement of 65,000 shares of newly designated Series D Perpetual Preferred Stock, with a par value of $0.01 per share (the “Series D Preferred Stock”), at a price of $1,000 per share. The Series D Preferred Stock has an initial liquidation preference of $1,000 per share and is redeemable at our option in cash at a redemption price equal to the liquidation preference then in effect. Series D Preferred Stock shares earn cash dividends at a rate of 10.0% per year, payable quarterly in arrears, accruing whether or not earned or declared. If no cash dividend is paid, then the liquidation preference per share effective on the dividend date increases by 12.0% per year. On March 22, 2026, the cash dividend rate and in-kind dividend rate increase by 2.5% per year. Cash dividends are required beginning on September 30, 2027 and are limited based on terms and conditions of the Term Loan Agreement. The Series D Preferred Stock is classified as mezzanine equity, between liabilities and stockholders’ equity, because certain features of the Series D Preferred Stock could require redemption of the Series D Preferred Stock upon a change of control event that is considered not solely within our control. For initial recognition, the Series D Preferred Stock was recognized at a discounted value, net of issuance costs and allocation to warrants and a bifurcated embedded derivative. The aggregate discount is amortized as a deemed dividend through March 22, 2026, which is the date the dividend rate begins to increase by 2.5% per year. Deemed dividends adjust additional paid-in capital due to the absence of retained earnings. As of December 31, 2024, the carrying value of the Series D Preferred Stock shares was $93.5 million, which included $46.8 million of accumulated unpaid and deemed dividends. The following table presents the change in the Series D Preferred Stock carrying value.
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Balance at beginning of year | $ | 77,799 |  |  | $ | 64,701 |  |  | $ | 53,807 |
Accrual of in-kind dividends | 11,351 |  |  | 10,085 |  |  | 8,961 |
Amortization | 4,347 |  |  | 3,013 |  |  | 1,933 |
Balance at end of year | $ | 93,497 |  |  | $ | 77,799 |  |  | $ | 64,701 |

X
- References No definition available. + Details
Name: | us-gaap_EquityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for terms, amounts, nature of changes, rights and privileges, dividends, and other matters related to preferred stock. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/505/tableOfContent + Details
Name: | us-gaap_PreferredStockTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration