Note 14 - Equity

6 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Equity [Text Block]

14. Equity

The tables below present changes in stockholders' equity for the three and six months ended June 30, 2023 and 2022.

	Common Stock						Additional Paid-in			Accumulated			Other Comprehensive		Total Stockholders'
	Shares			Amount			Capital			Deficit			Income		Equity
Balances at March 31, 2023		71,535,268		$	7,154		$	234,366,497		$	(72,280,191	)	$	—	$	162,093,460
Net loss		—			—			—			(2,875,476	)		—		(2,875,476	)
Repurchase of common stock (including excise tax)		(596,900	)		(60	)		—			(3,515,396	)		—		(3,515,456	)
Issuance of common stock upon vesting of RSUs		144,576			15			(15	)		—			—		—
Payment of common stock tendered for employee stock-based compensation tax obligations		—			—			(214,794	)		—			—		(214,794	)
Cash dividend ($0.45 per share)		—			—			—			(32,135,118	)		—		(32,135,118	)
Stock-based compensation		—			—			721,440			—			—		721,440
Balances at June 30, 2023	$	71,082,944		$	7,109		$	234,873,128		$	(110,806,181	)	$	—	$	124,074,056

	Common Stock						Additional Paid-in			Accumulated			Other Comprehensive		Total Stockholders'
	Shares			Amount			Capital			Deficit			Income		Equity
Balances at December 31, 2022		72,675,190		$	7,268		$	233,957,767		$	(63,804,993	)	$	—	$	170,160,042
Net loss		—			—			—			(3,793,733	)		—		(3,793,733	)
Repurchase of common stock (including excise tax)		(1,736,822	)		(174	)		—			(11,072,337	)		—		(11,072,511	)
Issuance of common stock upon vesting of RSUs		144,576			15			(15	)		—			—		—
Payment of common stock tendered for employee stock-based compensation tax obligations		—			—			(214,794	)		—			—		(214,794	)
Cash dividend ($0.45 per share)		—			—			—			(32,135,118	)		—		(32,135,118	)
Stock-based compensation		—			—			1,130,170			—			—		1,130,170
Balances at June 30, 2023		71,082,944		$	7,109		$	234,873,128		$	(110,806,181	)	$	—	$	124,074,056

	Common Stock						Additional Paid-in			Accumulated			Other Comprehensive		Total Stockholders'
	Shares			Amount			Capital			Deficit			Income		Equity
Balances at March 31, 2022		72,566,367		$	7,256		$	226,426,529		$	(58,696,989	)	$	—	$	167,736,796
Net income		—			—			—			2,037,062			—		2,037,062
Repurchase of common stock		(494,979	)		(49	)		—			(3,576,873	)		—		(3,576,922	)
Issuance of common stock upon vesting of RSUs		127,856			13			(13	)		—			—		—
Issuance of common stock upon exercise of warrants		824,903			82			6,120,696			—			—		6,120,778
Cash dividend ($0.45 per share)		—			—			—			(32,944,314	)		—		(32,944,314	)
Stock-based compensation		—			—			395,454			—			—		395,454
Balances at June 30, 2022		73,024,147		$	7,302		$	232,942,666		$	(93,181,114	)	$	—	$	139,768,854

	Common Stock						Additional Paid-in			Accumulated			Other Comprehensive		Total Stockholders'
	Shares			Amount			Capital			Deficit			Income		Equity
Balances at December 31, 2021		73,543,602		$	7,354		$	226,070,308		$	(51,763,255	)	$	—	$	174,314,407
Net income		—			—			—			1,676,012			—		1,676,012
Repurchase of common stock		(1,474,781	)		(147	)		—			(10,149,557	)		—		(10,149,704	)
Payment of common stock tendered for employee stock-based compensation tax obligations		(1,973	)		—			(12,533	)		—			—		(12,533	)
Issuance of common stock upon vesting of RSUs		132,396			13			(13	)		—			—		—
Issuance of common stock upon exercise of warrants		824,903			82			6,120,696			—			—		6,120,778
Cash dividend ($0.45 per share)		—			—			—			(32,944,314	)		—		(32,944,314	)
Stock-based compensation		—			—			764,208			—			—		764,208
Balances at June 30, 2022		73,024,147		$	7,302		$	232,942,666		$	(93,181,114	)	$	—	$	139,768,854

On August 2, 2021, the Company's Board of Directors authorized a share repurchase program ("New Repurchase Authorization") under which the Company may repurchase up to $50 million of the Company's common stock through December 31, 2023. The Company started repurchasing shares under this program in the fourth quarter of 2021. Repurchases under the New Repurchase Authorization  may be made from time to time at the Company's discretion in open market transactions, through block trades, in privately negotiated transactions and pursuant to any trading plan that may be adopted by the Company's management in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise. The timing and actual number of shares repurchased will depend on a variety of factors, including: timing of procurement orders under government contracts; alternative opportunities for strategic uses of cash; the stock price of the Company’s common stock; market conditions; alternative capital management uses of cash; and other corporate liquidity requirements and priorities. During the three and six months ended June 30, 2023, the Company repurchased approximately 0.6 million and 1.7 million shares of common stock under the New Repurchase Authorization for approximately $3.5 million and $11.0 million, respectively. In addition, during the three and six months ended June 30, 2023, the Company recorded approximately $0.1 million of excise tax associated with the repurchase of common stock.

On May 4, 2023, the Board of Directors declared a special dividend of $0.45 per share on the common stock of the Company, which resulted in an overall dividend payment of approximately $32 million. The special dividend was paid on June 1, 2023 to shareholders of record at the close of business on May 16, 2023.