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Note 11 - Stockholders' Equity (Deficit)
 3 Months Ended
Mar. 31, 2026
Notes to Financial Statements  
Equity [Text Block]

NOTE 11. STOCKHOLDERS’ EQUITY (DEFICIT)

 

Authorized Share Capital

 

Under the Company's Amended and Restated Certificate of Incorporation, as amended, the Company is authorized to issue up to 5,000,000,000 shares of common stock and up to 5,000,000 shares of preferred stock with rights and preferences as may be approved by the Company's Board. On March 12, 2026, in connection with the Company's special meeting of stockholders, the Company's stockholders approved an increase in the authorized number of shares of common stock from 1,500,000,000 to 5,000,000,000.

 

Reverse Stock Split

 

On February 20, 2026, the Company effected a 1-for-5 reverse stock split of its common stock. In connection with the reverse stock split, an aggregate of 45,912 shares of common stock were issued as a result of the rounding feature applicable to the reverse stock split. Except as otherwise specifically noted, all share numbers, share prices, exercise/conversion prices and per share amounts in this report have been adjusted, on a retroactive basis, to reflect the reverse stock split.

 

Series B Preferred Stock

 

As of December 31, 2025, 131 shares of Series B Non-Voting Convertible Preferred Stock (“Series B Preferred Stock”) were outstanding. During the three months ended March 31, 2026, all 131 outstanding shares of Series B Preferred Stock were converted into 3,013 shares of common stock. As of March 31, 2026, no shares of Series B Preferred Stock remained outstanding.

 

Series F Preferred Stock

 

The Series F Voting Retractable Preferred Stock (“Series F Preferred Stock”) was redeemable in cash at the option of the holder following shareholder approval in October 2025 and was classified as mezzanine equity on the Company's Unaudited Condensed Consolidated Balance Sheet at its redemption value. After December 31, 2025, the Company had the ability to call the shares for redemption. During the three months ended March 31, 2026, the remaining 1,346,633 shares of Series F Preferred Stock were redeemed for an aggregate cash payment of $350 thousand. As of March 31, 2026, no shares of Series F Preferred Stock remained outstanding. See Note 8, “Financing Activities,” for additional information regarding the Series F Preferred Stock.