XML 31 R21.htm IDEA: XBRL DOCUMENT v3.22.1
STOCKHOLDERS’ EQUITY
 3 Months Ended
Mar. 31, 2022
Equity [Abstract]  
STOCKHOLDERS’ EQUITY

NOTE 14. STOCKHOLDERS’ EQUITY

 

2022 Issuance of Restricted Common Stock

 

On January 7, 2022, the board of directors approved the grant of 525,000 shares of common stock to officers of the Company. Such shares will generally vest over a period of one to five years on their respective anniversary dates in January through January 2027, provided that each grantee remains an officer or employee on such dates.

 

On March 23, 2022, the board of directors approved the grant of 190,000 restricted common shares to certain new employees of the Company. A total of 5,000 shares vested immediately upon issuance and the remainder vest over a period of one to five years. Such shares will generally vest over a period of one to five years on their respective anniversary dates in January through January 2027, provided that each grantee remains an employee on such dates.

 

Cancellation of Restricted Stock

 

During the quarter ended March 31, 2022, the Company cancelled 15,000 restricted shares of common stock due to forfeiture reasons.

 

Stock Repurchase Program

 

On December 6, 2021, the board of directors of the Company authorized the repurchase of up to $10.0 million of the Company’s outstanding common stock under the specified terms of a share repurchase program (the “Program”). During the three months ended March 31, 2022, the Company repurchased 1,876,034 shares of its common stock for $2,063,768, in accordance with the Program. The Program does not obligate the Company to acquire any specific number of shares and shares may be repurchased in privately negotiated and/or open market transactions, including under plans complying with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

 

Period  Total Number of
Shares
Purchased		   Average Price
Paid per
Shares		   Total Number of
Shares Purchased as
Part of Publicly
Announced
Program		   Maximum Approximate Dollar Value of
Shares that May Yet Be
Purchased Under the
Program		 
December 2021   1,734,838   $1.14    1,734,838    — 
January 2022   697,093    1.11    697,093    — 
February 2022   692,984    1.12    692,984    — 
March 2022   485,957    1.06    485,957    — 
Total all plans   3,610,872   $1.12    3,610,872   $5,961,153 

 

Noncontrolling Interests

 

The Company owns a 51% equity interest in its consolidated subsidiary, Nobility Healthcare. As a result, the noncontrolling shareholders or minority interest is allocated 49% of the income/loss of Nobility Healthcare which is reflected in the statement of (income) loss as “net (income) loss attributable to noncontrolling interests of consolidated subsidiary”. We reported net loss attributable to noncontrolling interests of consolidated subsidiary of $98,094 and $-0- for the three months ended March 31, 2022 and 2021, respectively.