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Note 16 - Stockholders' Equity
 3 Months Ended
Dec. 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 three months ended December 31, 2022 and the three months ended December 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, 2022

     36,611,240       366       108,551       (57,366 )     (792 )     50,393  

Share-based compensation expense

     -       -       420       -       -       420  

Issuance of common stock upon exercise of stock options, net

     20,000       -       32       -       -       32  

Issuance of common stock upon vesting of restricted stock units

     12,667       -       -       -       -       -  

Release of obligation to issue commons stock

     69,564       1       -       -               -  

Accumulated other comprehensive loss

     -       -       -       -       266       266  

Net loss

     -       -       -       (3,507 )             (3,507 )

Balance as of December 31, 2022

     36,713,471       367       109,003       (60,873 )     (526 )     47,604  

 

 

                                   

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  

 

Common stock activity

 

During the three months ended December 31, 2022, the Company issued 20,000 shares of common stock and received gross proceeds of $32 in connection with the exercise of stock options and the Company issued 12,667 shares of common stock in connection with the vesting of RSUs. 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.

 

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 year ended September 30, 2022, the Company issued 69,564 shares to the former owners of the Amika Mobile assets. During the three months ended December 31, 2022, the Company issued 69,564 shares to the former owners of the Amika Mobile assets. There are 69,564 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. In December 2022, the Board of Directors extended the Company’s share buyback program through December 31, 2024.

 

There were no shares repurchased during the three months ended December 31, 2022. During the three months ended December 31, 2021, 116,868 shares were repurchased for $441. All repurchased shares have been retired as of December 31, 2022 and $3 million was available for share repurchase under the program.

 

Dividends

 

There were no dividends declared in the three months ended December 31, 2022 and 2021.