Shareholders' Equity

12 Months Ended

Dec. 31, 2019

Shareholders’ Equity

Issuances of Common Stock

The shares of common stock issued for the years ended December 31, 2019 and 2018 were 645,671 and 30,000, respectively, with a weighted average issue price per share of $1.60 and $0.15, respectively.

Stock Repurchases and Buybacks

Stock Repurchase Programs

On February 16, 2016, the Board authorized a one-year stock repurchase program, under which the Company was authorized to repurchase up to $15 million 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 authorized a new one-year stock repurchase program, under which the Company may repurchase up to $5 million of its outstanding common stock (the “2017 Stock Repurchase Program”). On August 6, 2018, the Board 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 December 31, 2019, and 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.