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SUBSEQUENT EVENTS | 12 Months Ended
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Dec. 31, 2023
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS | NOTE 14—SUBSEQUENT EVENTS On January 2, 2024, 4,400 options were issued to the CEO and CFO in the aggregate with an exercise price of $6.09 and that vest in equal increments on January 2, 2024, April 1, 2024, July 1, 2024 and October 1, 2024 with a fair value of $1,000 in the aggregate. On January 1, 2024, 2,500 options in the aggregate were issued to directors with an exercise price of $6.09 and that vest in equal increments on January 1, 2024, April 1, 2024, July 1, 2024 and October 1, 2024 with a fair value of $600 in the aggregate. On January 31, 2024, 1,000 options were issued to the Company’s Director of Business Development with an exercise price of $6.00 and that vest in equal increments over three years on the anniversary date of the issuance with the last tranche vesting on January 31, 2027 with a fair value of $700. On January 1, 2024, 625 options that were set to expire on January 1, 2024 were exercised at an exercise price of $2.88 per share by one of the Company’s directors. The transaction was a cashless exercise in which 296 shares were deposited to treasury stock in payment of the exercise price and 329 shares were issued to the director. On February 21, 2024, 2,187 options that were set to expire that day were exercised at an exercise price of $5.76 per share by the CEO. On January 12, 2024, we entered into a new contract with our current primary data provider for Internet of Things (IoT) wireless services for a 36-month contract term with automatic one-year extensions, subject to termination notice. The pricing structure involves account setup, SIM charges, monthly revenue obligations, and various rate plans based on data usage and regions along with other optional services. The monthly revenue obligation is $10,000 for the first 6 months and $15,000 thereafter. We will also be eligible for volume discounts based on total monthly service revenue. Additionally, the agreement includes an IoT Enhanced Support and Priority Care Services Rate Plan with various support service types and pricing tiers based on the number of devices and terms for SIM migrations, including tiered pricing and conditions for waiver of certain charges during migration. This new agreement will allow us to migrate our customers to higher tier data plans for nominal additional cost.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483399/855-10-50-2 + Details
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