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Note 20 - Subsequent Events
12 Months Ended
Sep. 30, 2023
Notes to Financial Statements  
Subsequent Events, Policy [Policy Text Block]

20. SUBSEQUENT EVENTS

 

On October 4, 2023, the Company completed the acquisition of all of the membership interests in Evertel Technologies, LLC., pursuant to a Membership Interest Purchase Agreement (“Purchase Agreement”) with Word Systems Operations, LLC (“Seller”) and Evertel Technologies, LLC (“Evertel”). Evertel offers a secure and compliant mission-critical collaboration platform for the public safety market that connects public safety personnel, information, and tools in one space. Pursuant to the terms of the Purchase Agreement, the Company issued to Seller 986,486 shares of the Company’s common stock and $807 in cash as partial payment of the purchase price. The remainder of the purchase price is subject to future performance criteria and customary adjustments such as working capital and an indemnification holdback as outlined in the Purchase Agreement. The Company is in the initial stages of determining the accounting treatment for the transaction, specifically related to the fair value of earnout provisions, acquired tangible and intangible assets, liabilities assumed and the related tax impact.

 

On October 4, 2023, the Company completed an underwritten public offering of 5,750,000 shares of its common stock at a public offering price of $2.00 per share of common stock. The Company received gross proceeds of approximately $11,500 from the offering, before underwriting discounts and commissions and offering expenses of $915. The Company intends to use the net proceeds from this offering for general corporate purposes, including funding organic growth, working capital, capital expenditures, and continued research and development with respect to products and technologies, as well as costs related to post-closing integration with the Company of the Evertel business and research and development activities related to the integrated business.