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Note 16 - Stockholders' Equity
 6 Months Ended
Mar. 31, 2022
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 six months ended March 31, 2022 and the six months ended March 31, 2021 (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 
                         

Share-based compensation expense

  -   -   737   -   -   737 

Issuance of common stock upon exercise of stock options, net

  55,000   1   124   -   -   124 

Issuance of common stock upon vesting of restricted stock units

  262,342   2   -   -   -   - 

Shares retained for payment of taxes in connection with net share settlement of restricted stock units

  (18,344)  -   (70)  -   -   (70)

Stock buyback

  (142,442)  (1)  (557)  -   -   (557)

Accumulated other comprehensive loss

  -   -   -   -   (1)  (1)

Net loss

  -   -   -   (492)  -   (492)

Balance as of March 31, 2022

  36,528,085  $365  $107,507  $(42,951) $(84) $64,472 

 

 

                  

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 
                         

Share-based compensation expense

  -  $-  $328  $-  $-  $328 

Issuance of common stock upon exercise of stock options, net

  60,563   1   116   -   -   116 

Issuance of common stock upon vesting of restricted stock units

  223,633   2   -   -   -   - 

Shares retained for payment of taxes in connection with net share settlement of restricted stock units

  (22,073)  -   (141)  -   -   (141)

Accumulated other comprehensive loss

  -   -   -   -   (78)  (78)

Net income

  -   -   -   262   -   262 

Balance at March 31, 2021

  33,849,566  $339  $95,218  $(42,215) $141  $53,144 

 

Common stock activity

 

During the six months ended March 31, 2022, the Company issued 70,000 shares of common stock and received gross proceeds of $170 in connection with the exercise of stock options and the Company issued 243,998 shares of common stock in connection with the vesting of RSUs. During the six months ended March 31, 2021, the Company issued 86,462 shares of common stock and received gross proceeds of $170 in connection with the exercise of stock options and the Company issued 201,560 shares of commons stock in connection with the vesting of RSUs.

 

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 six months ended March 31, 2022, 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 six months ended March 31, 2022, 259,310 shares were repurchased for $998. There were no shares repurchased during the six months ended March 31, 2021. As of March 31, 2022, all repurchased shares were retired.

 

Dividends

 

There were no dividends declared in the six months ended March 31, 2022 and 2021.