XML 41 R30.htm IDEA: XBRL DOCUMENT v3.25.3
SUBSEQUENT EVENT
9 Months Ended
Sep. 30, 2025
Subsequent Events [Abstract]  
SUBSEQUENT EVENT

NOTE 22 - SUBSEQUENT EVENT

 

As previously disclosed, at the 2025 Annual Meeting of Stockholders of the Company held on September 9, 2025, the stockholders of the Company approved a proposal to authorize the Company’s Board of Directors (the “Board”) to amend the Company’s Articles of Incorporation with the Secretary of State of the State of Nevada to effect a reverse stock split of the outstanding shares of the Company’s common stock, par value $0.0005 (“Common Stock”) at a reverse split ratio of between 1-for-2 and 1-for-10 as determined by the Board.

 

On October 10, 2025, pursuant to the authority granted by the Company’s stockholders, the Board effectuated and approved a one-for-ten (1:10) reverse stock split ratio (the “Reverse Stock Split”) of the Common Stock. The Reverse Stock Split became effective at 12:01 am Eastern Time on October 27, 2025 (the “Effective Time”). When the Reverse Stock Split became effective, every ten (10) shares of the Company’s issued and outstanding Common Stock immediately prior to the Effective Time automatically be reclassified into one (1) share of Common Stock, without any change in the par value per share. The Reverse Stock Split reduced the number of issued and outstanding shares of Common stock from approximately 13.3 million to approximately 1.3 million. The Reverse Stock Split did not change the total number of authorized shares of Common Stock.

 

No fractional shares were issued as a result of the Reverse Stock Split. Stockholders who otherwise be entitled to receive a fractional share in connection with the Reverse Stock Split received one full share of the post-reverse stock split Common Stock in lieu of such fractional share.

 

Commencing on October 27, 2025, trading of the Company’s Common Stock continues The Nasdaq Capital Market on a Reverse Stock Split-adjusted basis. The new CUSIP number for the Company’s Common Stock following the Reverse Stock Split is 40251W507.

 

On November 12, 2025, the Company issued a press release providing certain updates on its hearing scheduling process with the Nasdaq Hearings Panel. The Company has received a hearing notification letter from Nasdaq scheduling an oral hearing for December 9, 2025. As of November 10, 2025, the Company’s common stock had maintained the requisite closing bid price in compliance with Listing Rule 5550(a)(2). In light of the above and in accordance with the instructions provided by the hearing notification letter, the Company has submitted a request to cancel the hearing, subject to the Company’s Listing Analyst review and confirmation.