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As of December 31, 2025, we had 22 holders of record of our Common Stock.
−Removed: The actual number of stockholders is greater than this number of record holders and includes stockholders who are beneficial owners but whose shares are held in street name by brokers and other nominees.
+Added: The actual number of stockholders is greater than this number and includes stockholders who are beneficial owners but whose shares are held in street name by brokers and other nominees.
We have never declared or paid cash dividends on our Common Stock, and we do not anticipate paying any such dividends in the foreseeable future.
−Removed: The declaration, amount and payment of any future dividends on shares of our common stock, if any, is subject to the designations, rights and preferences of the Series A Convertible Preferred Stock and other preferred stock that we may issue in the future, and will be at the sole discretion of our Board of Directors, which may be subject to general and economic conditions, our financial condition and results of operations, our available cash and current and anticipated cash needs, capital requirements, contractual, legal, tax and regulatory restrictions, the implications of the payment of dividends by us to our stockholders or by our subsidiaries to us, and any other factors that our Board of Directors may deem relevant.
−Removed: On March 1, 2024, the Board of Directors declared a 50% common stock dividend with a record date of March 11, 2024, that was paid on March 22, 2024.
+Added: The declaration, amount and payment of any such dividends, would be subject to the designations, rights and preferences of any preferred stock that we may issue in the future, and will be at the sole discretion of our Board.
+Added: In exercising its discretion, the Board may consider general and economic conditions, our financial condition and results of operations, our available cash and current and anticipated cash needs, capital requirements, contractual, legal, tax and regulatory restrictions, the implications of the payment of dividends by us to our stockholders or by our subsidiaries to us, and any other factors that the Board may deem relevant.
+Added: On September 24, 2025, the Company declared a 50% common stock dividend with a record date of October 14, 2025, that was paid on October 28, 2025.
Settlement of fractional share interests was made by issuing one full share of Common Stock in lieu of a fractional share.
The stock dividend increased the number of issued and outstanding shares of Common Stock from 9,896,366 to 14,844,573.
−Removed: Except as otherwise noted, all references to common stock, common stock issuable upon conversion of preferred stock, and corresponding per share information throughout this Annual Report on Form 10-K have been retroactively adjusted to reflect the stock dividend, which is accounted for as a stock split effected in the form of a stock dividend.
+Added: Except as otherwise noted, all references to Common Stock, Common Stock issuable upon conversion of preferred stock, and corresponding per share information throughout this Form 10-K have been retroactively adjusted to reflect the stock dividend, which is accounted for as a stock split effected in the form of a stock dividend.
Series A Convertible Preferred Stock
−Removed: We have 200,000 shares of our Series A Convertible Preferred Stock outstanding, each of which is convertible into three shares of our common stock.
−Removed: The designations, rights and preferences of our Series A Convertible Preferred Stock provide that we will pay, when, as and if declared by our Board of Directors, monthly cumulative cash dividends at an annual rate of 8.0%, which is equivalent to $0.16667 per month and $2.00 per annum per share, based on the $25.00 liquidation preference.
−Removed: Dividends on the Series A Convertible Preferred Stock accrue daily and are payable monthly in arrears on the 15th day of each calendar month.
−Removed: Our Board of Directors has declared, and we have paid, cash dividends on the Preferred Stock each month since the Preferred Stock was issued in October 2021, and we expect that our Board of Directors will continue to declare and we will continue to pay monthly cash dividends on our Series A Convertible Preferred Stock, subject to applicable limitations under Nevada law.
+Added: In October and November, 2021, we issued 200,000 shares of our Series A Convertible Preferred Stock, each of which was convertible into 4.5 shares of our Common Stock.
+Added: The designations, rights and preferences of our Series A Convertible Preferred Stock provided that we pay cash dividends at an annual rate of 8.0%, which was equivalent to $0.16667 per month and $2.00 per annum per share, based on the $25.00 liquidation preference.
+Added: On October 15, 2025, with the closing price of the Company’s Common Stock having equaled or exceeded $6.67 (120% of the initial conversion price of $5.56, as adjusted for stock splits since the issuance) for at least 20 out of the prior 30 consecutive trading days, the Company announced the conversion all 200,000 shares of Series A Convertible Preferred Stock into 900,000 shares of Common Stock as permitted by the certificate of designations of the preferred stock.
+Added: Up to and including the October 15, 2025 conversion date, dividends declared and paid on the Series A Convertible Preferred Stock in 2025 totaled $333,333.
Purchases of Equity Securities by the Issuer and Affiliated Purchasers
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.