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SUBSEQUENT EVENTS | 6 Months Ended
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Jun. 30, 2025
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS | NOTE 13—SUBSEQUENT EVENTS On June 19, 2025, 1,250 stock options originally granted to a now-deceased employee under the Company’s equity incentive plan were automatically deemed exercised and settled on their expiration date via net exercise, according to their terms. The options consisted of 625 shares at an exercise price of $5.12 and 625 shares at an exercise price of $6.40. As a result of the transaction, 843 net shares were issued to the former employee’s transfer-on-death beneficiary. Subsequent to the quarter ended June 30, 2025, on July 8, 2025, the Company repurchased the 843 net shares at the July 7, 2025 closing market price of $17.75 per share. The repurchased shares were added to the Company’s treasury stock. This transaction has not been reflected in the Company’s Unaudited Condensed Consolidated Financial Statements as of June 30, 2025. However, the Company has evaluated the transaction and determined that disclosure is appropriate. The transaction did not have a material impact on the Company’s financial position or results of operations. On July 24, 2025, the Company’s common stock began trading on the Nasdaq Capital Market. In connection with the Nasdaq listing application process, the Company paid to Nasdaq an aggregate application/entry fee of $50,000, $5,000 of which was paid in April 2025, and $45,000 of which was paid in July 2025.

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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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