XML 38 R27.htm IDEA: XBRL DOCUMENT v3.25.3
Note 18 - Shareholders' Equity
 9 Months Ended
Sep. 30, 2025
Notes to Financial Statements  
Equity [Text Block]

NOTE 18 Shareholders' Equity

 

(a)

Common Stock Sale

 

On June 24, 2025, the Company entered into a Stock Purchase Agreement (the “Purchase Agreement”) with certain third-parties. Pursuant to the Purchase Agreement, the Company sold an aggregate of 1,336,264 shares of its Common Stock, par value $0.01 per share for aggregate gross proceeds of $15.7 million.  The purchase price for each share of Common Stock was $11.75 per share.  Net proceeds to the Company were $15.6 million after deducting offering expenses. 

 

(b)

Notes Payable Exchanged for Common Shares

 

As described in Note 10, "Debt," as part of the acquisition of Bud's Plumbing on March 14, 2025, KPH borrowed from the seller of Bud's Plumbing a principal amount of $1.25 million in the form of a promissory note.  On  August 7, 2025, the KPH Note was repaid in full to the seller of Bud's Plumbing in exchange for 82,738 shares of the Company's Common Stock at a price per share of $13.90 per share. 

  

 

(c)

Preferred Stock

 

Declared dividends to be paid to the holders of the Company's Preferred Stock for the three and nine months ended September 30, 2025 and September 30, 2024 is as follows:

 

(in thousands)

  Three months ended September 30,  Nine months ended September 30, 
  

2025

  

2024

  

2025

  

2024

 
                 

Class B Preferred

 $166  $13  $494  $13 

Class C Preferred

  121   —   300   — 

Class D Preferred

  40   —   61   — 

Total

 $327  $13  $855  $13 

 

Cash dividends paid during the three and nine months ended September 30, 2025 were $0.3 million and $0.7 million, respectively.   

 

(d)

Security Repurchases

 

On March 21, 2023, the Company's Board of Directors approved a security repurchase program under which the Company is authorized to repurchase up to $10.0 million of its currently issued and outstanding securities through March 22, 2024.  On March 22, 2024, the Company entered into a one year extension of its existing share repurchase program. As amended, the share repurchase program expired on March 21, 2025; however, in January 2025 the Company fully utilized the authorized amount.  The timing and amount of any repurchases were determined based on market and economic conditions, share price and other factors, and the program could have been be terminated, modified or suspended at any time at the Company's discretion. During the three and nine months ended September 30, 2025, the Company repurchased zero and 42,900 shares, respectively, of common stock for an aggregate purchase price of zero and $0.3 million, respectively (194,300 and 312,850 shares, respectively, of common stock for an aggregate purchase price of $1.5 million and $2.5 million, respectively during the three and nine months ended  September 30, 2024, respectively), including fees and commissions. The repurchased common stock will be held as treasury stock at cost and has been removed from common shares outstanding as of   September 30, 2025.