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Shareholders Equity
 3 Months Ended
Mar. 31, 2023
Shareholders Equity  
Shareholders' Equity

10. Shareholders’ Equity

 

Shareholders’ Equity for the three months ended March 31, 2023:

 

(in thousands, except

 

 

 

 

 

 

 

 

 

 

Share amounts)

 

Common

 

 

Common

 

 

Additional

 

 

 

 

Total

 

 

 

Stock

 

 

Stock

 

 

Paid-in

 

 

Accumulated

 

 

Shareholders’

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Equity

 

Balance at December 31, 2022

 

 

64,801,373

 

 

$648

 

 

$74,886

 

 

$(53,888)

 

$21,646

 

Stock option expense

 

 

-

 

 

 

-

 

 

 

67

 

 

 

-

 

 

 

67

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(380)

 

 

(380)

Balance at March 31, 2023

 

 

64,801,373

 

 

$648

 

 

$74,953

 

 

$(54,268)

 

$21,333

 

 

Shareholders’ Equity for the three months ended March 31, 2022:

 

(in thousands, except

 

 

 

 

 

 

 

 

 

 

Share amounts)

 

Common

 

 

Common

 

 

Additional

 

 

 

 

Total

 

 

 

Stock

 

 

Stock

 

 

Paid-in

 

 

Accumulated

 

 

Shareholders’

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Equity

 

Balance at December 31, 2021

 

 

62,036,399

 

 

$620

 

 

$72,523

 

 

$(49,960)

 

$23,183

 

Stock option expense

 

 

-

 

 

 

-

 

 

 

13

 

 

 

-

 

 

 

13

 

Issuance of shares – ATM, net

 

 

2,650,724

 

 

 

27

 

 

 

1,996

 

 

 

-

 

 

 

2,023

 

Issuance of shares - option exercises

 

 

73,000

 

 

 

1

 

 

 

18

 

 

 

-

 

 

 

19

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(514)

 

 

(514)

Balance at March 31, 2022

 

 

64,760,123

 

 

$648

 

 

$74,550

 

 

$(50,474)

 

$24,724

 

 

At the Market Offering Agreement

 

On February 2, 2021, Solitario entered into an at-the-market offering agreement (the “ATM Agreement”) with H. C. Wainwright & Co., LLC (“Wainwright”), under which Solitario may, from time to time, issue and sell shares of Solitario’s common stock through Wainwright as sales manager in an at-the-market offering under a prospectus supplement for aggregate sales proceeds of up to $9.0 million (the “ATM Program”). The common stock is distributed at the market prices prevailing at the time of sale. As a result, prices of the common stock sold under the ATM Program may vary as between purchasers and during the period of distribution. The ATM Agreement provides that Wainwright is entitled to compensation for its services at a commission rate of 3.0% of the gross sales price per share of common stock sold.

 

During the three months ended March 31, 2023, Solitario did not sell any shares of common stock under the ATM Agreement. During the three months ended March 31, 2022, Solitario sold an aggregate of 2,650,724 shares of common stock under the ATM Agreement at an average price of $0.79 per share for net proceeds of $2,023,000 after commissions and sale expenses.