Note 15 - Private Offerings of Common Stock

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Equity [Text Block]

Note 15.         Private Offerings of Common Stock

On September 29, 2023, the Company sold 35,000 unregistered shares of its common stock to G. James Benoit, Jr., its chairman and chief executive officer, in a private offering at a price of $5.00 per share from which it raised $175,000 of immediately available cash proceeds. 

In August 2022 the Company sold 157,256 unregistered shares of its common stock in a private offering at a price of $12.00 per share from which it raised $1,887,000 of immediately available cash proceeds, including $600,000 from Mr. Benoit for 50,000 shares at $12.00 per share.

The total offering costs associated with the sales of unregistered shares of common stock in 2023 and 2022 were not material.

The shares in the private offering transactions in September of 2023 and August of 2022 were unregistered and subject to a holding period of up to one year under SEC Rule 144 before the securities are able to be sold in the public market.