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Shareholders’ Equity
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Shareholders’ Equity

7. Shareholders’ Equity

 

Common Stock

 

The Company is authorized to issue 475,000,000 shares of common stock at $0.0001 per share. As of December 31, 2023, the Company had issued 600,000 shares of common stock after retroactively adjusting for the five-for-three reverse stock split approved on November 19, 2024. Each share entitles the holder to one vote, in person or by proxy, on any matter requiring stockholder action. Holders of common stock are entitled to receive, if any, dividends or other distributions.

 

During the three and six months ended June 30, 2024, the Company issued 23,400,000 shares of common stock at par value.

 

No shares of common stock were issued during the three and six months ended June 30, 2025

 

Reverse Stock Split

 

Effective November 19, 2024, the Board of Directors approved a three-for-five reverse stock split of the Company’s issued and outstanding shares of common stock for shareholders of record as of the same date. The par value of $0.0001 per share remains unchanged.

 

As a result of the reverse stock split, all share and per-share amounts have been retroactively adjusted for all periods presented to reflect the reverse stock split. This includes adjustments to the Company’s common stock issued as of June 30, 2025, and shares issued during the year ended December 31, 2024.

 

Preferred Stock

 

The Company is authorized to issue 25,000,000 shares of preferred stock at $0.0001 per share. The Company’s Board of Directors also has the authority to issue additional preferred stock in one or more classes or series.

 

On June 14, 2024, the Company’s Board of Directors approved the issuance of 1,000,000 shares of Series A Super Voting Preferred Stock (“Series A Preferred Stock”) at the par value of $0.0001 per share. These shares grant the holders 40% of the total voting power of the Company’s equity voting stock. Holders of the Series A Preferred Stock do not possess any rights to dividends.

 

No shares of common stock were issued during the three and six months ended June 30, 2025