Shareholders' Equity

9 Months Ended

Sep. 30, 2019

Shareholders’ Equity

Issuances of Common Stock

For the nine months ended September 30, 2019, there were 499,671 shares of the Company’s common stock issued as a result of the exercise of stock options with a weighted average issue price of $1.62 per share. For the nine months ended September 30, 2018, no shares were issued.


	Nine Months Ended September 30, 2019 (Unaudited)
	Common Stock		Treasury Stock		Additional Paid-In Capital		Accumulated Deficit		Total
January 1, 2019	$	38,967	$	(18,929,915)	$	94,385,230	$	(33,043,113)	$	42,451,169
Stock-based compensation	—		—		309,563		—		309,563
Net loss	—		—		—		(2,175,258)		(2,175,258)
March 31, 2019	38,967		(18,929,915)		94,694,793		(35,218,371)		40,585,474
Stock issued	398		—		148,782		—		149,180
Stock-based compensation	—		—		580,603		—		580,603
Net loss	—		—		—		(2,695,792)		(2,695,792)
June 30, 2019	39,365		(18,929,915)		95,424,178		(37,914,163)		38,619,465
Stock issued	102		—		179,308		—		179,410
Stock-based compensation	—		—		144,180		—		144,180
Net loss	—		—		—		(1,698,384)		(1,698,384)
September 30, 2019	$	39,467	$	(18,929,915)	$	95,747,666	$	(39,612,547)	$	37,244,671


	Nine Months Ended September 30, 2018 (Unaudited)
	Common Stock		Treasury Stock		Additional Paid-In Capital		Accumulated Deficit		Total
January 1, 2018	$	38,937	$	(16,625,873)	$	93,913,557	$	(27,351,357)	$	49,975,264
Stock repurchased	—		(374,820)		—		—		(374,820)
Stock-based compensation	—		—		269,596		—		269,596
Net loss	—		—		—		(2,043,292)		(2,043,292)
March 31, 2018	38,937		(17,000,693)		94,183,153		(29,394,649)		47,826,748
Stock-based compensation	—		—		73,425		—		73,425
Net loss	—		—		—		(1,596,637)		(1,596,637)
June 30, 2018	38,937		(17,000,693)		94,256,578		(30,991,286)		46,303,536
Stock repurchased			(1,929,222)				—		(1,929,222)
Stock-based compensation	—				70,619		—		70,619
Stock issued	30		—		4,470				4,500
Net loss	—		—		—		(1,539,495)		(1,539,495)
September 30, 2018	$	38,967	$	(18,929,915)	$	94,331,667	$	(32,530,781)	$	42,909,938

Stock Repurchase Programs

On February 16, 2016, the Board of Directors authorized a one-year stock repurchase program, under which the Company was authorized to repurchase up to $15,000,000 of its outstanding common stock (the “2016 Stock Repurchase Program”). The 2016 Stock Repurchase Program ended on February 15, 2017.

On August 16, 2017, the Board of Directors authorized a new one-year stock repurchase program, under which the Company may repurchase up to $5,000,000 of its outstanding common stock (the “2017 Stock Repurchase Program”). On August 6, 2018, the Board of Directors authorized an extension of this stock repurchase program through August 15, 2019. The 2017 Stock Repurchase Program ended on August 15, 2019.

The following table summarizes the Company’s stock repurchase activities:


Period	Total Number of Shares Purchased	Average Price Paid per Share		Amount		Total Number of Treasury Shares Purchased as Part of Publicly Announced Plan	Maximum Dollar Value of Shares that May Yet Be Purchased Under the Plan
Privately Negotiated Transactions:
January 12, 2016 - Abengoa repurchased and retired shares	2,136,752	$	1.35	$	2,884,615	—	N/A
January 11, 2017 - Pinnacle Family Office Investments L.P. repurchased shares	2,363,590	1.54		3,639,929		2,363,590	N/A
							$	15,000,000
2016 Stock Repurchase Program:
January through February 2017	7,863,980	1.58		12,448,283		7,863,980	$	2,551,717

2017 Stock Repurchase Program:							$	5,000,000
September through December 2017	381,607	1.41		537,661		381,607	$	4,462,339
January through August 2018	1,644,325	1.40		2,304,042		1,644,325	$	2,158,297
Total open market and privately negotiated purchases	14,390,254	$	1.52	$	21,814,530	12,253,502

Treasury Stock

As of September 30, 2019 and December 31, 2018, there were 12,253,502 shares of common stock held in treasury, at a cost of approximately $18.9 million, representing the purchase price on the date the shares were surrendered to the Company.