Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2024

Stockholders' Equity [Abstract]

Authorized Common Stock

Authorized common stock consists of the following:

(shares in thousands)	December 31, 2024		December 31, 2023
Par value	$	0.01	$	0.01
Authorized shares		200,000		85,000
Issued shares		84,938		46,410
Outstanding shares		84,938		40,738

Authorized cumulative preferred stock consists of the following:

(shares in thousands)	December 31, 2024		December 31, 2023
Par value	$	0.01	$	0.01
Authorized shares		20,000		20,000
Issued shares		-		-
Outstanding shares		-		-

Changes in the Outstanding Shares of Common Stock

Changes in the outstanding shares of Common Stock of the Company are as follows:

(in thousands)	Year Ended December 31, 2024		Year Ended December 31, 2023
Common stock outstanding at beginning of period		40,738		40,738
Common stock repurchased for treasury		-		-
Issuance of common stock		38,528		-
Sale of treasury stock		5,672		-
Common stock outstanding at end of period		84,938		40,738

Changes in Treasury Shares of Common Stock

Changes in the treasury shares of Common Stock of the Company are as follows:

(in thousands)	Year Ended December 31, 2024			Year Ended December 31, 2023
Treasury stock held at beginning of period		5,672			5,672
Common stock repurchased for treasury		-			-
Issuance of treasury stock		(5,672	)		-
Treasury stock held at end of period		-			5,672

Private Placement Equity Offering

Summary information of private placement Equity Offering is as follows:

($ in thousands, except per share data)
Number of Shares purchased by BARC		42,950,460
Number of Shares purchased by others		1,250,000
Total number of Shares offered and purchased		44,200,460
Equity Offering – purchase price per Share	$	0.20
Total proceeds received from the Equity Offering	$	8,840

Information Relating to Common Stock Repurchase Plan

Information relating to the Repurchase Plan is as follows:

(in thousands)	Year Ended December 31, 2024
Common shares repurchased to treasury during the period		-
Aggregate cost of shares repurchased during the period	$	-

(in thousands)	December 31, 2024
Total number of common shares authorized for repurchase		10,000
Total number of common shares repurchased to date		6,226
Total number of shares that may yet be repurchased		3,774