Note 17 - Stockholders' Equity

9 Months Ended

Jun. 30, 2021

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

17. STOCKHOLDERS’ EQUITY

Summary

The following table summarizes changes in the components of stockholders’ equity during the nine months ended June 30, 2021, and the nine months ended June 30, 2020 (amounts in thousands, except par value and share amounts):

												Accumulated
						Additional						Other			Total
	Common Stock					Paid-in			Accumulated			Comprehensive			Stockholders'
	Shares			Amount		Capital			Deficit			Loss			Equity
Balance at September 30, 2020		33,561,544		$	336	$	91,248		$	(41,858	)	$	(250	)	$	49,140
Share-based compensation expense		-			-		182			-			-			182
Issuance of common stock upon exercise of stock options, net		25,899			-		54			-			-			54
Obligation to issue common stock		-			-		3,431			-			-			3,431
Accumulated other comprehensive income		-			-		-			-			469			469
Net loss		-			-		-			(619	)		-			(619	)
Balance at December 31, 2020		33,587,443		$	336	$	94,915		$	(42,477	)	$	219		$	52,657
Share-based compensation expense		-		$	-	$	328		$	-		$	-		$	328
Issuance of common stock upon exercise of stock options, net		60,563			1		116			-			-			116
Issuance of common stock upon vesting of restricted stock units		223,633			2		-			-			-			-
Shares retained for payment of taxes in connection with net share settlement of restricted stock units		(22,073	)		-		(141	)		-			-			(141	)
Accumulated other comprehensive loss		-			-		-			-			(78	)		(78	)
Net income		-			-		-			262			-			262
Balance at March 31, 2021		33,849,566		$	339	$	95,218		$	(42,215	)	$	141		$	53,144
Share-based compensation expense		-		$	-	$	446		$	-		$	-		$	446
Issuance of common stock upon vesting of restricted stock units		5,000			-		-			-			-			-
Issuance of common stock in business combination		2,165,824			22		10,938			-			-			10,938
Release of obligation to issue commons stock		121,703			1		-			-			-			-
Accumulated other comprehensive income		-			-		-			-			183			183
Net income		-			-		-			290			-			290
Balance at June 30, 2021		36,142,093		$	362	$	106,602		$	(41,925	)	$	324		$	65,001

												Accumulated
						Additional						Other			Total
	Common Stock					Paid-in			Accumulated			Comprehensive			Stockholders'
	Shares			Amount		Capital			Deficit			Loss			Equity
Balance at September 30, 2019		32,949,987		$	330	$	89,572		$	(53,732	)	$	(459	)	$	35,381
Share-based compensation expense		-			-		158			-			-			158
Issuance of common stock upon exercise of stock options, net		83,343			1		144			-			-			144
Accumulated other comprehensive income		-			-		-			-			85			85
Net income		-			-		-			620			-			620
Balance at December 31, 2019		33,033,330		$	331	$	89,874		$	(53,112	)	$	(374	)	$	36,388
Share-based compensation expense		-			-		296			-			-			296
Issuance of common stock upon exercise of stock options, net		56,861			-		114			-			-			114
Issuance of common stock upon vesting of restricted stock units		198,106			-		-			-			-			-
Shares retained for payment of taxes in connection with net share settlement of restricted stock units		(13,063	)		-		(41	)		-			-			(41	)
Stock buyback		(156,505	)		-		(398	)		-			-			(398	)
Accumulated other comprehensive loss		-			-		-			-			(69	)		(69	)
Net loss		-			-		-			302						302
Balance at March 31, 2020		33,118,729		$	331	$	89,845		$	(52,810	)	$	(443	)	$	36,592
Share-based compensation expense		-			-		322			-			-			322
Issuance of common stock upon exercise of stock options, net		371,815			4		738			-			-			738
Accumulated other comprehensive income		-			-		-						51			51
Net income		-			-		-			1,504			-			1,504
Balance at June 30, 2020		33,490,544		$	335	$	90,905		$	(51,306	)	$	(392	)	$	39,207

Common stock activity

On March 18, 2021, the Company filed an amendment to its Certificate of Incorporation, as amended, with the Secretary of State of Delaware to increase the authorized number of shares of common stock of the Company from 50,000,000 to 100,000,000 shares (the “Amended Certificate”). The Amended Certificate was approved by the Company’s stockholders at the Company’s Annual Meeting of Stockholders on March 16, 2021.

During the nine months ended June 30, 2021, the Company issued 86,462 shares of common stock and received gross proceeds of $170 in connection with the exercise of stock options. During the nine months ended June 30, 2020, the Company issued 512,019 shares of common stock and received gross proceeds of $996 in connection with the exercise of stock options. During the nine months ended June 30, 2021, the Company issued 206,560 shares of common stock in connection with the vesting of RSUs. During the nine months ended June 30, 2020, the Company issued 185,043 shares of common stock in connection with the vesting of RSUs. 

In connection with the Amika Mobile asset purchase, the Company agreed to issue 191,267 shares of the Company’s common stock to the former owner of the Amika Mobile assets on each of the first, second and third anniversaries of the closing date. The total number of shares of common stock the Company is obligated to issue is 573,801. The fair value of the Company’s common stock on the closing date was $5.98, resulting in the addition of $3,431 to additional paid-in-capital. During the three months ended June 30, 2021, the Company accelerated the issuance of 121,703 of such shares of common stock to a former owner of Amika Mobile. 452,098 shares of the Company’s common stock remain subject to issuance under this obligation.

In connection with the Zonehaven acquisition, the Company issued 2,165,824 shares of the Company’s common stock to the former owners of Zonehaven. The fair value of the Company’s stock on the closing date was $5.05, resulting in the addition of $10,938 to additional-paid-in-capital.

Share buyback program

In December 2018, the Board of Directors approved a new share buyback program beginning January 1, 2019 and expiring on December 31, 2020, under which the Company was authorized to repurchase up to $5 million of its outstanding common shares. In December 2020, the Board of Directors extended the buyback program until December 31, 2022. The previous program expired on December 31, 2018.

During the nine months ended June 30, 2021, no shares were repurchased by the Company. During the nine months ended June 30, 2020, the Company repurchased 156,505 shares for $398.

Dividends

There were no dividends declared in the nine months ended June 30, 2021 and 2020.