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v3.25.3

Shareholders' Equity | 9 Months Ended
--- | ---
Sep. 30, 2025
Shareholders' Equity |
Shareholders' Equity | 12. Shareholders' Equity
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Temporary equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Issue temporary equity Class A redeemable preferred stock |  |  | 758 |  |  |  | — |  |  |  | 758 |  |  |  | — |
Balance, end of period |  | $ | 758 |  |  | $ | — |  |  | $ | 758 |  |  | $ | — |
Preferred stock, common stock and additional paid-in capital |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | 32,740 |  |  | $ | 31,640 |  |  | $ | 31,696 |  |  | $ | 46,071 |
Conversion of debt to Class B convertible preferred stock (non-cash) |  |  | 3,026 |  |  |  | — |  |  |  | 3,026 |  |  |  | — |
Dividends Paid |  |  | (2 | ) |  |  | — |  |  |  | (2 | ) |  |  | (14,496 | )
Repurchase of warrants |  |  | (32 | ) |  |  | — |  |  |  | (32 | ) |  |  | — |
Issuance of common stock, net |  |  | — |  |  |  | — |  |  |  | 1,000 |  |  |  | — |
Share-based compensation expense |  |  | 22 |  |  |  | 21 |  |  |  | 66 |  |  |  | 73 |
Proceeds from employee stock purchase plan |  |  | — |  |  |  | 3 |  |  |  | — |  |  |  | 16 |
Balance, end of period |  | $ | 35,754 |  |  | $ | 31,664 |  |  | $ | 35,754 |  |  | $ | 31,664 |
Accumulated other comprehensive loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | (329 | ) |  | $ | (294 | ) |  | $ | (306 | ) |  | $ | (310 | )
Unrealized loss on available-for-sale securities, net of tax |  |  | — |  |  |  | (1 | ) |  |  | — |  |  |  | 18 |
Foreign currency translation adjustment |  |  | (6 | ) |  |  | (12 | ) |  |  | (29 | ) |  |  | (15 | )
Balance, end of period |  | $ | (335 | ) |  | $ | (307 | ) |  | $ | (335 | ) |  | $ | (307 | )
Accumulated deficit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of period |  | $ | (17,465 | ) |  | $ | (5,794 | ) |  | $ | (10,059 | ) |  | $ | (1,076 | )
Net loss – discontinued operations |  |  | (12,865 | ) |  |  | (1,346 | ) |  |  | (17,864 | ) |  |  | (4,694 | )
Net loss – continuing operations |  |  | (871 | ) |  |  | (716 | ) |  |  | (3,278 | ) |  |  | (2,086 | )
Adjustment to retained earnings related to temporary equity accretion |  |  | (757 | ) |  |  | — |  |  |  | (757 | ) |  |  | — |
Balance, end of period |  | $ | (31,958 | ) |  | $ | (7,856 | ) |  | $ | (31,958 | ) |  | $ | (7,856 | )
Total shareholders' equity |  | $ | 3,461 |  |  | $ | 23,501 |  |  | $ | 3,461 |  |  | $ | 23,501 |
Issue of Common Stock On February 26, 2025 the Company entered into a securities purchase agreement with Edward D. Bagley, pursuant to which the Company agreed to issue and sell, in a private placement at-the-market offering of 133,334 shares of the Company’s common stock, par value $0.001 per share, at a purchase price of $7.50 per share of Common Stock. The Company received $1,000 in cash in connection with the sale. Mr. Bagley is an affiliate of the Company and the Company’s single largest stockholder. Amendments to Certificate of Incorporation and Reverse Stock Split At the special meeting of stockholders held on May 30, 2025, stockholders approved amendments to the Certificate of Incorporation to: (i) increase the authorized number of shares of common stock from 50,000,000 to 150,000,000; (ii) authorize 50,000,000 shares of "blank check" preferred stock; (iii) effect a reverse stock split at a ratio between 1-for-10 and 1-for-15, with the exact ratio to be determined by the Board of Directors; and (iv) eliminate the prohibition on stockholder action by written consent and to allow such actions. Following stockholder approval, on June 4, 2025, the Company filed a Certificate of Amendment to its Certificate of Incorporation to effect these changes, including the selection of a 1-for-15 reverse stock split ratio, which became effective at 5:00 p.m. Eastern Time on June 9, 2025. The common stock began trading on a split-adjusted basis on the Nasdaq Capital Market on June 10, 2025, under the symbol "CLRO" and a new CUSIP number of 18506U203. The reverse stock split was primarily intended to increase the per share market price of the common stock in order to regain compliance with the minimum bid price requirement for continued listing on the Nasdaq Capital Market. As a result of the reverse stock split, every 15 shares of issued and outstanding common stock were automatically combined into one share, with no fractional shares issued (any fractional interests were converted to one whole share). The reverse stock split did not change the par value of the common stock but reduced the number of issued and outstanding shares from approximately 26.0 million to approximately 1.7 million, with proportional adjustments to outstanding stock options, warrants, and shares reserved under equity incentive plans. All share and per-share amounts in these condensed consolidated financial statements and related notes have been retroactively adjusted to reflect the reverse stock split for all periods presented. For additional details, including the Certificate of Amendment, refer to the Company's Current Report on Form 8-K filed with the SEC on June 2, 2025, including the press release attached as Exhibit 99.1 and the Certificate of Amendment attached as Exhibit 3.1 thereto. Preferred Stock Designations and Related Matters On June 24, 2025, the Company filed Certificates of Designation with the State of Delaware authorizing up to 2,069,066 shares of Class A Redeemable Preferred Stock and 5,100 shares of Class B Convertible Preferred Stock. The Class A Redeemable Preferred Stock, which ranks senior to common stock and is redeemable upon an Asset Sale (defined as the sale of all or substantially all of the Company's current assets and operations, which the Company is required to pursue using reasonable best efforts within 180 days of issuance), was issued on July 18, 2025 as a dividend to holders of common stock and common stock equivalents of record as of July 11, 2025. Net proceeds from any Asset Sale will be distributed pro rata to holders of Class A Redeemable Preferred Stock. The Class B Convertible Preferred Stock ranks senior to common stock and other equity (except Class A Redeemable Preferred Stock), with specific rights including dividends, voting (on an as-converted basis), and liquidation preferences. Additionally, effective June 20, 2025, the Board of Directors was expanded from four to five members, with Eric Boehnke and Youngsun Park (a/k/a Sunny Park), nominees of First Finance Ltd., appointed as directors to serve until the next annual meeting or until their successors are elected and qualified. Neither appointee has any material arrangements or family relationships with the Company requiring disclosure under Item 404(a) of Regulation S-K, and they will receive standard director compensation. For additional details, refer to the Company's Current Report on Form 8-K filed with the SEC on June 25, 2025, including the Certificates of Designation attached as Exhibits 3.1 and 3.2, the Note Purchase Agreement attached as Exhibit 10.1, and the Convertible Note attached as Exhibit 10.2 thereto.

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