Equity Rights Offering

12 Months Ended

Dec. 31, 2024

Warrants and Rights Note Disclosure [Abstract]

Equity Rights Offering

NOTE 13 – EQUITY RIGHTS OFFERING:

In September 2020, the Corporation completed an equity rights offering, issuing 5,507,889 shares of its common stock and 12,339,256 Series A warrants to existing shareholders. The shares of common stock and warrants are classified as equity instruments in the consolidated statements of shareholders’ equity. Additional proceeds may be received from the future exercise of the Series A warrants. Each Series A warrant provides the holder with the right to purchase 0.4464 shares of common stock at an exercise price of $2.5668, or $5.75 per whole share of common stock, and expires on August 1, 2025.

The Corporation received no proceeds from shareholders from the exercise of warrants in 2024 or 2023.

The following summarizes outstanding warrants as of December 31, 2024 and 2023 and activity for the years then ended.

	Number of Warrants
Outstanding as of January 1, 2023		10,941,869
Converted to common stock		—
Outstanding as of December 31, 2023		10,941,869
Converted to common stock		—
Outstanding as of December 31, 2024		10,941,869