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Subsequent Events | 3 Months Ended
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Mar. 31, 2025
Subsequent Events [Abstract] |
Subsequent Events | NOTE 17 – SUBSEQUENT EVENTS Nasdaq Listing Requirements On April 4, 2025, the Company was notified by the listing qualifications staff of Nasdaq that the Company complies with Nasdaq Listing Rule 5550(b)(3). The listing qualifications staff had notified the Company on October 30, 2024, that it did not comply with the minimum $2.5 million stockholders’ equity, $35.0 million market value of listed securities, or $500,000 of net income from continuing operations requirements for Nasdaq set forth in Nasdaq Listing Rules 5550(b)(1), 5550(b)(2) and 5550(b)(3). Based on the Company’s Form 10-K for the year ended December 31, 2024, evidencing net income from operations of $6,247,129, the staff has determined that the Company complies with the rules and the matter is now closed. On May 7, 2025, the Company was notified by the listing qualifications staff of Nasdaq of its determination that the Company had not regained compliance with Nasdaq Listing Rule 5550(a)(2) and was not eligible for a second 180-day period within which to regain compliance. The listing staff further notified the Company that, unless the Company requested an appeal of determination by May 14, 2025, the Company’s securities would be scheduled for delisting from Nasdaq and suspended at the opening of business on May 16, 2025, and that Nasdaq would file a Form 25-NSE with the Securities and Exchange Commission, which would remove the Company’s securities from listing and registration on Nasdaq. Subsequently, on May 9, 2025, the Company was notified by the listing qualifications staff of Nasdaq that the Company had regained compliance with Nasdaq Listing Rule 5550(a)(2). Because the closing bid price of the Company’s common stock was at $1.00 per share or greater for ten consecutive business days, from April 25 to May 8, 2025, the staff determined that the Company complies with the Rules and this matter is now closed. Sales of Additional Shares and Amendments to the SPA Subsequent to March 31, 2025, and through the date of this filing, 1,452,302 additional shares of Common Stock had been purchased under the SPA at $1.10 per share. Further, on April 28, 2025, the Company entered into an amendment to the SPA to modify the subsequent closing date to be held on May 16, 2025, or such later date as may be agreed by the Company and the purchasers who purchased at least a majority of the initial shares under the SPA, provided that the subsequent closing date shall not be later than July 31, 2025. Warrant Exercises On April 25, 2025, a holder of March 2023 Warrants exercised warrants purchase 460,000 shares of the Company’s Common Stock at an exercise price of $1.10 per share.

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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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