Stockholders’ Equity |
9 Months Ended |
|---|---|
Sep. 30, 2023 | |
| Stockholders’ Equity [Abstract] | |
| STOCKHOLDERS’ EQUITY |
NOTE 6 – STOCKHOLDERS’ EQUITY
Common Stock
The Company had 20,836,623 and 26,548,688 shares of its Common Stock issued and outstanding at September 30, 2023 and 2022, respectively.
Common Stock Issuances for the Three and Nine Months Ended September 30, 2023
During the three and nine months ended September 30, 2023, the Company issued 16,667 and 116,668 shares of common stock, respectively, due to the vesting of restricted stock units (“RSUs”), and recognized approximately $24,175 and $71,736, respectively, of stock-based compensation expense related to its outstanding restricted stock units. Stock-based compensation expense related to the Company’s restricted stock units is recognized within selling, general and administrative expense.
As of September 30, 2023, the remaining unamortized RSU stock-based compensation expense was approximately $117,000.
The Company did not grant any RSUs or restricted stock awards during the three and nine months ended September 30, 2023.
Tender Offer (Common Stock Repurchase)
On July 20, 2023, the Company announced that its Board of Directors authorized the repurchase, through a $4.0 million tender offer of up to approximately 5.7 million shares of the Company’s outstanding common stock at a cash purchase price of $0.70 per share (the “Tender Offer”). The Company launched the Tender Offer on August 9, 2023 and it expired on September 8, 2023.
On September 14, 2023, the Company disclosed the results of the Tender Offer. A total of 5,323,451 shares of the Company’s common stock (the “Tender Offer Shares”) were validly tendered and not properly withdrawn at a purchase price of $0.70 per for an aggregate purchase price of $3,726,416, including fees and expenses relating to the Tender Offer. The Company had 20,819,956 shares of common stock outstanding following payment for the shares of common stock purchased in the Tender Offer. The Tender Offer Shares were retired and cancelled following the closing of the Tender Offer. |