Note 13 - Convertible Preferred Stock

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Preferred Stock [Text Block]

13. Convertible Preferred Stock

In connection with the private placement, as of April 12, 2023, the Company had received $6.0 million in aggregate proceeds in such private placement. The private placement resulted in gross proceeds of at least $4.0 million which triggered the mandatory conversion of all the Company’s outstanding Series E Preferred Stock and related accrued dividends into shares of common stock at a conversion price of $6.00 per share. The conversion resulted in 674,693 shares of common stock being issued to the holder of the Series E Preferred Stock. Following such conversion, there are no shares of Series E Preferred Stock outstanding.

There were no shares of any of the classes of preferred stock outstanding as of December 31, 2024. There were no changes to authorized shares for the years ending December 31, 2023 and 2024. Authorized shares for each preferred stock class are as follows:

	Authorized
Undesignated Preferred Stock		979,000
Series B Convertible Preferred Stock		1,000,000
Series C Convertible Preferred Stock		4,000
Series D Convertible Preferred Stock		12,000
Series E Convertible Preferred Stock		5,000