Note 16 - Stockholders' Equity

3 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Equity [Text Block]

16. STOCKHOLDERS’ EQUITY

Summary

The following table summarizes changes in the components of stockholders’ equity during the three months ended December 31, 2023 and the three months ended December 31, 2022 (amounts in thousands, except par value and share amounts):

	Common Stock				Additional					Accumulated Other			Total
			Par Value		Paid-in		Accumulated			Comprehensive			Stockholders'
	Shares		Amount		Capital		Deficit			Loss			Equity
Balance as of September 30, 2023		37,211,071	$	372	$	110,379	$	(76,062	)	$	(505	)	$	33,812
Share-based compensation expense		-		-		446		-			-			446
Issuance of common stock upon offering, net of issuance costs		5,750,000		57		10,449		-			-			10,449
Issuance of common stock upon vesting of restricted stock units		10,000		-		-		-			-			-
Issuance of common stock in business combination		986,486		10		1,924		-			-			1,924
Obligation to issue common stock		-		-		527		-			-			527
Release of obligation to issue common stock		69,564		1		-		-			-			-
Accumulated other comprehensive loss		-		-		-		-			119			119
Net loss		-		-		-		(6,724	)		-			(6,724	)
Balance as of December 31, 2023		44,027,121	$	440	$	123,725	$	(82,786	)	$	(386	)	$	40,553

										Accumulated
	Common Stock				Additional					Other			Total
			Par Value		Paid-in		Accumulated			Comprehensive			Stockholders'
	Shares		Amount		Capital		Deficit			Loss			Equity
Balance as of September 30, 2022		36,611,240		366		108,551		(57,366	)		(792	)		50,393
Share-based compensation expense		-		-		420		-			-			420
Issuance of common stock upon exercise of stock options, net		20,000		-		32		-			-			32
Issuance of common stock upon vesting of restricted stock units		12,667		-		-		-			-			-
Release of obligation to issue common stock		69,564		1		-		-						-
Accumulated other comprehensive loss		-		-		-		-			266			266
Net loss		-		-		-		(3,507	)					(3,507	)
Balance as of December 31, 2022		36,713,471		367		109,003		(60,873	)		(526	)		47,604

Common stock activity

During the three months ended December 31, 2023, there were no exercises of stock options and the Company issued 10,000 shares of common stock in connection with the vesting of RSUs. During the three months ended December 31, 2022, the Company issued 20,000 shares of common stock and received gross proceeds of $32 in connection with the exercise of stock options and the Company issued 12,667 shares of common stock in connection with the vesting of RSUs.

On October 4, 2023, the Company completed an underwritten offering of 5,750,000 shares of its common stock at a public offering price of $2.00 per share of common stock. The Company received gross proceeds of approximately $11,500 from the offering, before underwriting discounts and commissions and offering expenses of $1,051. The Company intends to use the net proceeds from this offering for general corporate purposes, including funding organic growth, working capital, capital expenditures, and continued research and development with respect to products and technologies, as well as costs related to post-closing integration with the Evertel business and research and development activities related to the integrated business.

In connection with the Evertel acquisition, the Company issued 986,486 shares of common stock to the former owners of Evertel. The fair value of the Company’s stock on the closing date was $1.95 which resulted in the addition of $1,924 to additional-paid-in-capital.

Also, in connection with the Evertel acquisition, the Company agreed to issue 270,270 shares of the Company’s common stock to the seller of Evertel twelve months from the closing date. The fair value of the Company’s common stock on the closing date was $1.95, resulting in the addition of $527 to additional paid-in-capital.

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 owners of Amika Mobile on each of the first, second and third anniversaries of the closing date. The total number of shares of common stock the Company was obligated to issue was 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 year ended September 30, 2021, the Company accelerated the issuance of 365,109 of such shares of common stock to a former owner of the Amika Mobile assets. The Company issued 69,564 shares to the former owners of the Amika Mobile assets during each the years ended September 30, 2023 and 2022. During the three months ended December 31, 2023, the Company issued the final 69,564 shares to the former owners of the Amika Mobile assets.

Share buyback program

In December 2022, the Board of Directors extended the Company’s share buyback program through December 31, 2024. Under the program, the Company was authorized to repurchase up to $5,000 of its outstanding common shares.

There were no shares repurchased during the three months ended December 31, 2023 and 2022. All repurchased shares have been retired.

Dividends

There were no dividends declared in the three months ended December 31, 2023 and 2022.