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

Subsequent Events

v3.25.4
Subsequent Events
 12 Months Ended
Dec. 31, 2025
Subsequent Events [Abstract]  
Subsequent Events

Note O – Subsequent Events

[1] On February 5, 2026, ILiAD completed a $115,000,000 preferred stock financing. As part of the financing, ILiAD converted from a limited liability company to a corporation. As a result of the financing, the Company’s percentage ownership of ILiAD was reduced to approximately 3.1% on a non-fully diluted basis and approximately 2.5% on a fully diluted basis and our Chairman and Chief Executive officer no longer serves on the Board of Directors of ILiAD. As a result of the closing of the financing and the conversion to a corporation, the Company will no longer account for its investment in ILiAD using the equity method and will use the fair value method of accounting (see Note H hereof).
[2] On February 18, 2026, the Company’s Board of Directors approved aggregate grants of 55,000 RSUs under the Company’s 2022 Plan, 25,000 of such RSUs were granted to the Company’s Executive Vice President and Secretary, and 15,000 RSUs were granted to each of the Company’s Chief Financial Officer and a consultant. The RSUs vest 50% on the one year anniversary of the date of grant and 50% on the two year anniversary of the date of grant.

[3] On February 27, 2026, the Company’s Board of Directors declared a semi-annual cash dividend of $0.05 per share with a payment date of March 30, 2026 to all common shareholders of record as of March 16, 2026.
[4] On February 27, 2026, the Company’s Board of Directors approved the grant of 15,000 RSUs to each of the Company’s two non-management directors. The RSUs vest over a one year period in equal quarterly installments of 3,750 shares of common stock on each of March 15, 2026, June 15, 2026, September 15, 2026 and December 15, 2026.