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Note 13 - Subsequent Events
12 Months Ended
Mar. 31, 2022
Notes to Financial Statements  
Subsequent Events [Text Block]

(13)         Subsequent Events

 

Subsequent to March 31, 2022 the Company issued 7,450 restricted shares to certain employees of the Company under the 2016 Employee Plan, with a fair value of $23.50 per share. In April 2022, the Company issued 1,875 restricted shares to Diana Garvis Purcell, a newly appointed director on our Board of Directors, with a fair value of $25.53 per share. In connection with Ms. Purcel’s appointment on the Board, the Board voted to increase the size of the Board by one director to seven persons effective April 4, 2022.

 

On April 19, 2022, the Company engaged in a three-year partnership agreement with Vetster Inc. (“Vetster”), a veterinary telehealth Canadian company. The Company also purchased a 5% minority interest in Vetster in the amount of $5.0 million The Company also received warrants for additional equity in Vetster, which are tied to future performance milestones. Under the terms of the agreement, the Company becomes the exclusive e-commerce provider for Vetster, and Vetster becomes the exclusive provider of telehealth and telemedicine services to the Company.

 

On May 9, 2022, the Company’s Board of Directors declared a quarterly dividend of $0.30 per share on its common stock. The $6.3 million dividend will be payable on May 27, 2022, to shareholders of record at the close of business on May 20, 2022.