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Note 16 - Stockholders' Equity
 9 Months Ended
Jun. 30, 2023
Notes to Financial Statements  
Equity [Text Block]

16. STOCKHOLDERS’ EQUITY

 

Summary

 

The following table summarizes changes in the components of stockholders’ equity during the nine months ended June 30, 2023, and the nine months ended June 30, 2022 (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 income

     -       -       -       -       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  
                                                 

Share-based compensation expense

     -       -       513       -       -       513  

Issuance of common stock upon exercise of stock options, net

     33,765       1       54       -       -       54  

Issuance of common stock upon cashless exercise of stock options, net

     15,914       -       -       -       -       -  

Issuance of common stock upon vesting of restricted stock units

     232,761       2       (2 )     -       -       (2 )

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

     (11,616 )     -       (45 )     -       -       (45 )

Accumulated other comprehensive income

     -       -       -       -       81       81  

Net loss

     -       -       -       (3,403 )     -       (3,403 )

Balance as of March 31, 2023

     36,984,295     $ 370     $ 109,523     $ (64,276 )   $ (445 )   $ 44,802  
                                                 

Share-based compensation expense

     -       -       396       -       -       396  

Issuance of common stock upon exercise of stock options, net

     1,000       -       1       -       -       1  

Issuance of common stock upon cashless exercise of stock options, net

     372,286       4       -       -       -       -  

Issuance of common stock upon vesting of restricted stock units

     7,584       -       -       -       -       -  

Retirement of common stock

     (109,488 )     (1 )     300       (300 )             -  

Shares retained for payment of taxes in connection with net share settlement upon exercise of stock options

     (74,606 )     (1 )     (207 )     -       -       (207 )

Accumulated other comprehensive income

     -       -       -       -       21       21  

Net loss

     -       -       -       (1,423 )     -       (1,423 )

Balance as of June 30, 2023

     37,181,071     $ 372     $ 110,013     $ (65,999 )   $ (424 )   $ 43,590  

 

                                   

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  
                                                 

Share-based compensation expense

     -       -     $ 355       -       -       355  

Issuance of common stock upon exercise of stock options, net

     60,000       1       83       -       -       83  

Issuance of common stock upon vesting of restricted stock units

     7,920       -       -       -       -       -  

Accumulated other comprehensive loss

     -       -       -       -       (452 )     (452 )

Net loss

     -       -       -       (589 )     -       (589 )

Balance as of June 30, 2022

     36,596,005     $ 366     $ 107,945     $ (43,540 )   $ (536 )   $ 63,869  

 

Common stock activity

 

During the nine months ended June 30, 2023, the Company issued 258,871 shares of common stock and received gross proceeds of $87 in connection with the exercise of stock options, and the Company issued 253,012 shares of common stock in connection with the vesting of RSUs. During the three months ended June 30, 2023, an employee exercised 786,747 stock options in a net share settlement transaction. 565,214 shares were used as consideration for the exercise of these options and 74,606 shares were retained for taxes associated with this option exercise, resulting in 146,927 shares being issued to the employee. Also, during the three months ended June 30, 2023, an employee used 109,488 shares of common stock as consideration for the exercise of 150,753 incentive stock options. All shares of common stock surrendered for options exercises have been retired. During the nine months ended June 30, 2022, the Company issued 130,000 shares of common stock and received gross proceeds of $253 in connection with the exercise of stock options, and the Company issued 251,918 shares of common 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 per share, 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 nine months ended June 30, 2023, 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 nine months ended June 30, 2023. During the nine months ended June 30, 2022, 259,310 shares were repurchased for $998. All repurchased shares have been retired as of June 30, 2023, and $3 million was available for share repurchase under the program.

 

Dividends

 

There were no dividends declared in the nine months ended June 30, 2023 and 2022.