XML 27 R16.htm IDEA: XBRL DOCUMENT v3.22.1
NOTE 10 — Subsequent Events
12 Months Ended
Dec. 31, 2021
Subsequent Events [Abstract]  
NOTE 10 — Subsequent Events

NOTE 10 — Subsequent Events

 

In January 2022, the Company’s Board of Directors authorized a share repurchase program of up to $1.8 million. The Company has entered into a share repurchase arrangement with a financial institution during the trading window.

 

In February 2022, the Company entered into an operating lease agreement for an approximately 35,913 square foot facility in Fremont, California where it will move its office and manufacturing operations. The lease agreement is for a base term of 87 months and a monthly rent obligation of $50,278.20, subject to annual increases of 3%. The lease commences on May 1, 2022 and the Company is provided with three months of free rent.

 

On February 1, 2022, 233,800 shares of restricted stocks at a price of $3.77 per share have been granted from the 2004 Equity Incentive Plan subsequent to December 31, 2021. The shares include annual refresher grants to all continuing employees with a weighting reflecting the level of responsibility and performance of the employee and initial grants to three newly hired employees.

 

As of March 25, 2022, the Company has issued 24,200 shares of common stock for the exercise of stock options.