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SHAREHOLDERS EQUITY
 3 Months Ended
Mar. 31, 2025
Shareholders' Equity:  
SHAREHOLDERS' EQUITY

NOTE 10. SHAREHOLDERS’ EQUITY

 

Our Board of Directors (the “Board”) may, without further action by our shareholders, from time to time, direct the issuance of any authorized but unissued or unreserved shares of preferred stock in series and at the time of issuance, determine the rights, preferences and limitations of each series. The holders of such preferred stock may be entitled to receive a preference payment in the event of any liquidation, dissolution or winding-up by us before any payment is made to the holders of our Common Stock. Furthermore, the Board could issue preferred stock with voting and other rights that could adversely affect the voting power of the holders of our Common Stock.

Convertible Series A Preferred Stock

 

Our authorized Convertible Series A Preferred Stock, $0.01 par value, consists of 1,000,000 shares. At March 31, 2025 and December 31, 2024, there were 63,750 shares issued and outstanding. The Convertible Series A Preferred Stock is convertible at the rate of one share of common stock for one share of Convertible Series A Preferred Stock.

 

Convertible Series B Preferred Stock

 

Our authorized Convertible Series B Preferred Stock, $1,000 stated value, 7.5% cumulative dividend, consists of 4,000 shares. At March 31, 2025 and December 31, 2024, there were no shares issued and outstanding. Each share of Convertible Series B Preferred Stock may be converted (at the holder’s election) into two hundred shares of our Common Stock.

 

Common Stock

 

There were no common shares issued for the three months ended March 31, 2025 and 2024.

 

Stock Options

 

The following table summarizes stock options outstanding as of March 31, 2025 and December 31, 2024:

 

 

 

March 31, 2025

 

 

 

 

 

(Unaudited)

 

 

December 31, 2024

 

 

 

Number of Options

 

 

Weighted Average Exercise Price

 

 

Number of Options

 

 

Weighted Average Exercise Price

 

Outstanding, beginning of period

 

 

805,042

 

 

$1.23

 

 

 

617,542

 

 

$1.38

 

Granted

 

 

-

 

 

 

-

 

 

 

225,000

 

 

 

0.75

 

Exercised

 

 

-

 

 

 

-

 

 

 

(31,250)

 

 

0.88

 

Expired

 

 

(36,250)

 

 

(1.04)

 

 

(6,250)

 

 

0.80

 

Outstanding, end of period

 

 

768,792

 

 

$1.24

 

 

 

805,042

 

 

$1.23

 

 

Options outstanding and exercisable by price range as of March 31, 2025 were as follows:

 

Outstanding Options

 

 

Average Weighted

 

 

Exercisable Options

 

 

 

 

 

 

Remaining Contractual

 

 

 

 

Weighted Average

 

Range

 

 

Number

 

 

Life in Years

 

 

Number

 

 

Exercise Price

 

$

0.71

 

 

 

7,042

 

 

 

2.81

 

 

 

7,042

 

 

$0.71

 

$

0.75

 

 

 

225,000

 

 

 

9.13

 

 

 

225,000

 

 

$0.75

 

$

0.80

 

 

 

2,500

 

 

 

2.82

 

 

 

2,500

 

 

$0.80

 

$

0.85

 

 

 

210,000

 

 

 

7.83

 

 

 

210,000

 

 

$0.85

 

$

1.12

 

 

 

270,000

 

 

 

6.81

 

 

 

270,000

 

 

$1.12

 

$

1.93

 

 

 

10,500

 

 

 

1.71

 

 

 

10,500

 

 

$1.93

 

$

4.40

 

 

 

12,500

 

 

 

0.84

 

 

 

12,500

 

 

$4.40

 

$

7.06

 

 

 

31,250

 

 

 

0.50

 

 

 

31,250

 

 

$7.06

 

 

 

 

 

 

768,792

 

 

 

7.32

 

 

 

768,792

 

 

$1.24

 

Stock Warrants

 

The following table summarizes the outstanding common stock warrants as of March 31, 2025 and December 31, 2024:

 

 

 

March 31, 2025 (Unaudited)

 

 

December 31, 2024

 

 

 

Number of Warrants

 

 

Weighted Average Exercise Price

 

 

Number of Warrants

 

 

Weighted Average Exercise Price

 

Outstanding, beginning of period

 

 

2,765,846

 

 

$2.26

 

 

 

2,772,096

 

 

$2.25

 

Granted

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Exercised

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Expired 

 

 

(161,458)

 

 

(1.19)

 

 

(6,250)

 

 

(1.12)

Outstanding, end of period

 

 

2,604,388

 

 

$2.32

 

 

 

2,765,846

 

 

$2.26

 

 

Warrants outstanding and exercisable by price range as of March 31, 2025 were as follows: 

 

Outstanding Warrants

 

 

Average Weighted

 

 

Exercisable Warrants

 

Exercise Price

 

 

Number

 

 

Remaining Contractual

Life in Years

 

 

Number

 

 

Weighted Average

Exercise Price

 

$

0.64

 

 

 

31,250

 

 

 

8.64

 

 

 

31,250

 

 

$0.64

 

$

0.80

 

 

 

125,000

 

 

 

8.83

 

 

 

125,000

 

 

$0.80

 

$

0.96

 

 

 

437,500

 

 

 

7.73

 

 

 

437,500

 

 

$0.96

 

$

1.68

 

 

 

1,434,721

 

 

 

1.50

 

 

 

1,434,721

 

 

$1.68

 

$

2.18

 

 

 

172,167

 

 

 

1.50

 

 

 

172,167

 

 

$2.18

 

$

4.00

 

 

 

28,750

 

 

 

5.07

 

 

 

28,750

 

 

$4.00

 

$

6.95

 

 

 

375,000

 

 

 

5.51

 

 

 

375,000

 

 

$6.95

 

 

 

 

 

 

2,604,388

 

 

 

3.60

 

 

 

2,604,388

 

 

$2.32

 

 

There were no unvested warrants outstanding as of March 31, 2025.