Annual report [Section 13 and 15(d), not S-K Item 405]

STOCKHOLDERS??? EQUITY

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STOCKHOLDERS’ EQUITY
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
STOCKHOLDERS’ EQUITY

NOTE 7 – STOCKHOLDERS’ EQUITY

 

Preferred Stock

 

The Company’s board of directors is authorized to issue up to 5,000,000 shares of preferred stock in one or more series and to fix the rights, preferences, privileges, qualifications, limitations and restrictions thereof, including dividend rights and rates, conversion rights, voting rights, terms of redemption, redemption prices, liquidation preferences and the number of shares constituting any series or the designation of such series, without any vote or action by the Company’s stockholders. Any preferred stock to be issued could rank prior to the Company’s common stock with respect to dividend rights and rights on liquidation. The Company’s board of directors, without stockholder approval, may issue preferred stock with voting and conversion rights which could adversely affect the voting power of holders of common stock and discourage, delay or prevent a change in control of the Company. At December 31, 2024 and 2023, no shares of preferred stock were issued.

 

Common Stock

 

  ● Issuance of common stock during 2023 in underwritten Public Offering of Common Stock

 

On December 5, 2023, the Company issued and sold 657,143 shares of common stock in an underwritten public offering. The Company received at the closing of the offering net proceeds of approximately $1,556 after deducting underwriting discounts and commissions and other offering expenses paid by the Company. The Company is using the net proceeds from the Offering for general corporate purposes.

 

  ● Issuance of common stock during 2023 upon exchange of warrants

 

On November 9, 2023, warrants to purchase an aggregate of 3,446 shares of the Company’s common stock, originally issued July 7, 2020, were exchanged on a cashless basis for 1,723 shares of Common Stock in accordance to a warrant exchange agreement. Upon issuance of such shares and cancellation of the warrants, the Company no longer has any warrants outstanding as of December 31, 2024.

 Treasury Stock

 

At December 31, 2024 and 2023, the Company had 2,497 shares of common stock held as treasury stock at a cost of $40.