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STOCKHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2018

Equity [Abstract]

STOCKHOLDERS' EQUITY

(5) STOCKHOLDERS’ EQUITY

Treasury Stock

From December 6, 2017 through March 6, 2018, we had the ability through our stock purchase program to re-purchase our common stock at prevailing market prices either in the open market or through privately negotiated transactions up to $2.0 million. On March 6, 2018, we reached the limit of $2.0 million and share re-purchases were ceased. From the inception of the plan through March 6, 2018, we purchased 495,091 shares of our common stock for $2.0 million or an average price of $4.04 per share.

On May 14, 2018, our Board of Directors approved a new program to buy back an additional $2.0 million of our common stock at prevailing market prices either in the open market or through privately negotiated transactions through May 13, 2019. For the three months ending September 30, 2018, the Company purchased 334,414 shares of our common stock for $1.1 million for an average price of $3.22 per share, related to the new program. For the nine months ending September 30, 2018 the Company purchased 400,927 shares of our common stock for $1.3 million or an average price $3.21 per share.

Warrants

In October 2017, 150,000 common stock warrants were issued in exchange for professional services.

The Company previously had a revolving line of credit with Triumph Healthcare Finance. This credit facility was paid in full on June 30, 2017. In connection with the forbearance agreement with Triumph entered into on March 28, 2016, the lender suspended monthly payment requirements for February, March and April of 2016 in exchange for the issuance of a common stock warrant of 50,000.

A summary of stock warrant activity for the nine months ended September 30, 2018 are presented below:

		Number of Warrants (in thousands)				Weighted Average Exercise Price				Weighted Average Remaining Contractual Life (Years)				Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2017			200			$	1.86				5.87			$	264
Granted			-			$	-
Exercised			(50	)		$	0.20
Forfeited			-			$	-
Outstanding at September 30, 2018			150			$	2.42				6.02			$	85

There were no warrants granted during the three or nine months ended September 30, 2018 or 2017.

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- References

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- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI http://asc.fasb.org/topic&trid=2208762

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