XML 31 R19.htm IDEA: XBRL DOCUMENT v3.21.2
Note 14 - Equity
 9 Months Ended
Sep. 30, 2021
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]

14. Equity

 

The tables below present changes in stockholders' equity for the three and nine months ended September 30, 2021 and 2020.

 

  

Common Stock

  

Additional Paid-in

  

Accumulated

  

Other Comprehensive

  Total Stockholders' 
  

Shares

  

Amount

  

Capital

  

Deficit

  

Income

  

Equity

 

Balances at June 30, 2021

  75,389,417  $7,539  $225,678,876  $(108,965,453) $—  $116,720,962 

Net loss

      —   —   (3,113,358)  —   (3,113,358)

Repurchase of common stock

  (1,110,763)  (111)  —   (7,134,577)  —   (7,134,688)

Payment of common stock tendered for employee stock-based compensation tax obligations

  (25,203)  (2)  (160,554)  —   —   (160,556)

Issuance of common stock upon vesting of RSUs

  53,334   5   (5)  —   —   — 

Stock-based compensation

  —   —   243,502   —   —   243,502 

Balances at September 30, 2021

  74,306,785  $7,431  $225,761,819  $(119,213,388) $—  $106,555,862 

 

  

Common Stock

  

Additional Paid-in

  

Accumulated

  

Other Comprehensive

  

Total Stockholders'

 
  

Shares

  

Amount

  

Capital

  

Deficit

  

Income

  

Equity

 

Balances at December 31, 2020

  77,195,704  $7,720  $224,978,430  $(95,192,881) $—  $129,793,269 

Net loss

  —   —   —   (3,756,262)  —   (3,756,262)

Repurchase of common stock

  (3,024,690)  (302)  —   (20,264,245)  —   (20,264,547)

Payment of common stock tendered for employee stock-based compensation tax obligations

  (27,105)  (3)  (173,915)  —   —   (173,918)

Issuance of common stock upon vesting of RSUs

  162,876   16   (16)  —   —   — 

Stock-based compensation

  —   —   957,320   —   —   957,320 

Balances at September 30, 2021

  74,306,785  $7,431  $225,761,819  $(119,213,388) $—  $106,555,862 

 

  

Common Stock

  

Additional Paid-in

  

Accumulated

  

Other Comprehensive

  

Total Stockholders'

 
  

Shares

  

Amount

  

Capital

  

Deficit

  

Income

  

Equity

 

Balances at June 30, 2020

  78,618,743  $7,862  $221,380,828  $(127,255,672) $—  $94,133,018 

Net income

  —   —   —   24,187,957   —   24,187,957 

Repurchase of common stock

  (886,472)  (89)  —   (5,567,032)  —   (5,567,121)

Payment of common stock tendered for employee stock-based compensation tax obligations

  (27,143)  (3)  (174,260)  —   —   (174,263)

Issuance of common stock upon exercise of stock options

  11,822   1   (1)  —   —   — 

Issuance of common stock upon vesting of RSUs

  53,334   6   (6)  —   —   — 

Stock-based compensation

  —   —   380,823   —   —   380,823 

Balances at September 30, 2020

  77,770,284  $7,777  $221,587,384  $(108,634,747) $—  $112,960,414 

 

  

Common Stock

  

Additional Paid-in

  

Accumulated

  

Other Comprehensive

  

Total Stockholders'

 
  

Shares

  

Amount

  

Capital

  

Deficit

  

Income

  

Equity

 

Balances at December 31, 2019

  81,269,868  $8,127  $220,808,037  $(123,032,408) $—  $97,783,756 

Net income

  —   —   —   36,180,584   —   36,180,584 

Repurchase of common stock

  (3,660,247)  (366)  —   (21,782,923)  —   (21,783,289)

Payment of common stock tendered for employee stock-based compensation tax obligations

  (29,035)  (3)  (184,006)  —   —   (184,009)

Issuance of common stock upon exercise of stock options

  11,822   1   (1)  —   —   — 

Issuance of common stock upon vesting of RSUs

  177,876   18   (18)  —   —   — 

Stock-based compensation

  —   —   963,372   —   —   963,372 

Balances at September 30, 2020

  77,770,284  $7,777  $221,587,384  $(108,634,747) $—  $112,960,414 

 

On March 5, 2020, the Company announced that the Company's Board of Directors had authorized a share repurchase program under which the Company may repurchase, from time to time, up to an aggregate of $50 million of the Company's common stock through December 31, 2021.  The timing and actual number of shares repurchased will depend on a variety of factors, including: exercise of procurement options under government contracts; alternative opportunities for strategic uses of cash; the stock price of the Company’s common stock; market conditions; and other corporate liquidity requirements and priorities.  Repurchases under the program may be made from time to time at the Company’s discretion in open market transactions, through block trades, in privately negotiated transactions, and pursuant to any trading plan that may be adopted by the Company’s management in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise. During the three and nine months ended September 30, 2021, the Company repurchased 1.1 million and 3.0 million shares of common stock, respectively, for approximately $7.1 million, and $20.3 million, respectively. As of September 30, 2021, $48.8 million of shares of common stock have been cumulatively repurchased under this program.

 

On August 2, 2021, the Company's Board of Directors authorized an additional share repurchase program ("New Repurchase Authorization") under which the Company may repurchase up to $50 million of the Company's common stock through December 31, 2023. Shares can be repurchased under the New Repurchase Authorization once the maximum amount allowed to be repurchased under the program authorized in March 2020 has been repurchased, or once such program has expired. Repurchases under the New Repurchase Authorization  may be made from time to time at the Company's discretion in open market transactions, through block trades, in privately negotiated transactions and pursuant to any trading plan that may be adopted by the Company's management in accordance with Rule 10b5-1 under the Exchange Act or otherwise. The timing and actual number of shares repurchased will depend on a variety of factors, including: exercise of procurement options under government contracts; alternative opportunities for strategic uses of cash; the stock price of the Company’s common stock; market conditions; and other corporate liquidity requirements and priorities. As of September 30, 2021, no shares of common stock have been repurchased under the New Repurchase Authorization.