Shareholder's Equity

9 Months Ended

Sep. 30, 2022

Stockholders Equity Note [Abstract]

Shareholder's Equity

8. Shareholder’s Equity

       On August 10, 2022, the Company issued $5.0 million of equity through a private placement for 2,500,000 shares priced at $2.00 per share.  The participants in the private placement consisted of members of the Company's Board of Directors. The Company used the proceeds for growth capital in the Company's specialty core business segments.

For the three months ended September 30, 2022, the Company had no restricted stock units vest, and made no repurchases of stock.  For the three months ended September 30, 2021, the Company repurchase 1,240 shares of stock valued at approximately $4,000, related to the vesting of the Company’s restricted stock units. For the nine months ended September 30, 2022 and 2021, the Company repurchased 1,493 and 3,547 shares of stock valued at approximately $3,000 and $11,000, respectively. Upon the repurchase of the Company’s shares, the shares remain authorized, but not issued or outstanding.

As of September 30, 2022 and December 31, 2021, the Company had 12,215,324 and 9,707,817 issued and outstanding shares of common stock, respectively.  Holders of common stock are entitled to one vote per share and to receive dividends only when and if declared by the board of directors.  The holders have no preemptive, conversion or subscription rights.