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Note 16 - Stockholders' Equity
 12 Months Ended
Sep. 30, 2022
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]

16. STOCKHOLDERS’ EQUITY

 

Common Stock Activity

 

On March 18, 2021, the Company filed an amendment to its Certificate of Incorporation, as amended, with the Secretary of State of Delaware to increase the authorized number of shares of common stock of the Company from 50,000,000 to 100,000,000 shares (the “Amended Certificate”). The Amended Certificate was approved by the Company’s stockholders at the Company’s Annual Meeting of Stockholders on March 16, 2021.

 

During the year ended September 30, 2022, the Company issued 145,235 shares of common stock and obtained gross proceeds of $282 in connection with the exercise of stock options. During the year ended September 30, 2021, the Company issued 104,796 shares of common stock and obtained gross proceeds of $210 in connection with the exercise of stock options. During the year ended September 30, 2022, the Company issued 270,262 shares of common stock upon full vesting of RSUs. During the year ended September 30, 2021, the Company issued 228,633 shares of common stock upon full vesting of RSUs.

 

In connection with the Amika Mobile asset purchase, the Company also agreed to issue 191,267 shares of the Company’s common stock to the seller of the Amika Mobile assets on each of the first, second and third anniversaries of the closing date. The total number of shares of common stock the Company is obligated to issue is 573,801. The fair value of the Company’s common stock on the closing date was $5.98, resulting in the addition of $3,431 to additional paid-in-capital. During the year ended September 30, 2021, the Company accelerated the issuance of 365,109 of such shares of common stock to the Seller of the Amika Mobile assets. During the year ended September 30, 2022, the Company issued 69,564 shares of common stock to the Seller of the Amika Mobile assets. There are 139,128 remaining shares of the Company’s common stock subject to issuance under this obligation.

 

Preferred Stock

 

The Company is authorized under its certificate of incorporation and bylaws to issue 5,000,000 shares of preferred stock, $0.00001 par value, without any further action by the stockholders. The board of directors has the authority to divide any and all shares of preferred stock into series and to fix and determine the relative rights and preferences of the preferred stock, such as the designation of series and the number of shares constituting such series, dividend rights, redemption and sinking fund provisions, liquidation and dissolution preferences, conversion or exchange rights and voting rights, if any. Issuance of preferred stock by the board of directors could result in such shares having dividend and or liquidation preferences senior to the rights of the holders of common stock and could dilute the voting rights of the holders of common stock.

 

No shares of preferred stock were outstanding during the fiscal years ended September 30, 2022 or 2021.

 

Share Buyback Program

 

In December 2022, the Board of Directors extended the Company’s share buyback program through December 31, 2024. Under the program, the Company was authorized to repurchase up to $5 million of its outstanding common shares.

 

During the year ended September 30, 2022, 259,310 shares were repurchased for $998. There were no shares repurchased during the year ended September 30, 2021. As of September 30, 2022, all repurchased shares were retired.