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Note 16 - Stockholders' Equity
 3 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]

16. STOCKHOLDERS’ EQUITY

 

Summary

 

The following table summarizes changes in the components of stockholders’ equity during the three months ended December 31, 2021 and the three months ended December 31, 2020 (amounts in thousands, except par value and share amounts):

 

                  

Accumulated

     
  

Common Stock

  

Additional

      

Other

  

Total

 
  

Shares

  

Par Value

Amount

  

Paid-in

Capital

  

Accumulated

Deficit

  

Comprehensive

Loss

  

Stockholders'

Equity

 

Balance as of September 30, 2021

  36,403,833  $364  $107,110  $(41,154) $2  $65,958 

Share-based compensation expense

  -   -   558   -   -   558 

Issuance of common stock upon exercise of stock options, net

  15,000   -   46   -   -   46 

Stock buyback

  (116,868)  (1)  (441)  -   -   (441)

Release of obligation to issue commons stock

  69,564   -   -   -   -   - 

Accumulated other comprehensive loss

  -   -   -   -   (85)  (85)

Net loss

  -   -   -   (1,305)  -   (1,305)

Balance as of December 31, 2021

  36,371,529  $363  $107,273  $(42,459) $(83) $64,731 

 

                  

Accumulated

     
  

Common Stock

  

Additional

      

Other

  

Total

 
  

Shares

  

Par Value

Amount

  

Paid-in

Capital

  

Accumulated

Deficit

  

Comprehensive

Loss

  

Stockholders'

Equity

 

Balance as of September 30, 2020

  33,561,544  $336  $91,248  $(41,858) $(250) $49,140 

Share-based compensation expense

  -   -   182   -   -   182 

Issuance of common stock upon exercise of stock options, net

  25,899   -   54   -   -   54 

Obligation to issue common stock

  -   -   3,431   -   -   3,431 

Accumulated other comprehensive income

  -   -   -   -   469   469 

Net loss

  -   -   -   (619)  -   (619)

Balance as of December 31, 2020

  33,587,443  $336  $94,915  $(42,477) $219  $52,657 

 

 

Common stock activity

 

During the three months ended December 31, 2021, the Company issued 15,000 shares of common stock and received gross proceeds of $46 in connection with the exercise of stock options. During the three months ended December 31, 2020, the Company issued 25,899 shares of common stock and received gross proceeds of $54 in connection with the exercise of stock options.

 

In connection with the Amika Mobile asset purchase, the Company agreed to issue 191,267 shares of the Company’s common stock to the former owners of Amika Mobile 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 a former owner of the Amika Mobile assets. During the three months ended December 31, 2021, the Company issued 69,564 shares to the former owners of the Amika Mobile assets. There are 139,128 remaining shares of the Company’s common stock subject to issuance under this obligation.

 

Share buyback program

 

In December 2018, the Board of Directors approved a new share buyback program beginning January 1, 2019 and expiring on December 31, 2020, under which the Company was authorized to repurchase up to $5 million of its outstanding common shares. In December 2020, the Board of Directors extended the buyback program until December 31, 2022. The previous program expired on December 31, 2018.

 

During the three months ended December 31, 2021, 116,868 shares were repurchased for $441. There were no shares repurchased during the three months ended December 31, 2020.

 

Dividends

 

There were no dividends declared in the three months ended December 31, 2021 and 2020.