v3.26.1
Equity
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Equity

Note 4: Equity

 

Dividends

 

The Company did not pay any dividends during the three and six-month periods ended June 30, 2026 and 2025.

 

Preferred stock and common stock

 

During the three and six months ended June 30, 2026, there were 2,612 and 13,872 shares, respectively, of common stock issued to consultants in exchange for services. No common stock was issued to consultants during the three and six months ended June 30, 2025. There were no other issuances of common or preferred stock during the three and six-month periods ended June 30, 2026 and 2025, other than stock awarded to employees and the Board of Directors.

  

Stock repurchase and retirement

 

On December 4, 2025, the Company’s board of directors authorized a stock repurchase program under which the Company was authorized to repurchase up to $1,000,000 of its common shares. The table below shows the shares that have been repurchased under the stock repurchase program ($ in thousands, except per share amounts):

                  
   Shares Repurchased 
Period  Total Number of Shares Repurchased   Average Price Paid Per Share   Total Number of Shares Purchased as Part of Publicly Announced Program   Maximum Dollar Value of Shares that May Yet Be Purchased Under the Program 
December 1-31, 2025   18,391   $8.89    18,391   $837 
January 1-31, 2026   –    –    –    837 
February 1-28, 2026   –    –    –    837 
March 1-31, 2026   3,532    8.27    3,532    808 
April 1-30, 2026   16,331    8.21    16,331    674 
May 1-31, 2026   14,422    7.36    14,422    568 
June 1-30, 2026   9,161    6.67    9,161    506 
Total   61,837   $7.99    61,837   $– 

 

2023 Equity Incentive Plan

 

On June 7, 2023, the shareholders of the Company approved the 2023 Equity Incentive Plan (the “2023 Plan”).  Under the terms of the 2023 Plan, the Company is authorized to issue incentive awards for common stock up to 300,000 shares to employees and other personnel. The awards may be in the form of incentive stock options, nonqualified stock options, restricted stock, restricted stock units and performance awards. The 2023 Plan is effective through April 1, 2033. As of June 30, 2026, there are 305,008 shares which remain to be granted under the 2023 Plan, including 131,826 shares assumed under the Company’s previous 2014 Equity Incentive Plan, as amended.

 

The following table summarizes information about stock options outstanding and exercisable at June 30, 2026:

        
   Options Outstanding   Options Exercisable 
Exercise Price Range  Number  

Weighted Average

Remaining Contractual

Life (in Years)

  

Weighted Average

Exercise Price

   Number 
$0.01 - 8.00   5,000    0.39   $6.80    5,000 
$8.01 - 11.00   –    –   $–    – 
$11.01 - 16.00   7,500    2.67   $13.21    7,500 
$16.01 - 27.00   30,000    6.51   $26.98    22,500 
$27.01 - 27.71   7,500    5.55   $27.71    7,500 
Total   50,000    5.18   $23.00    42,500 

 

As of June 30, 2026, the Company had unrecognized stock compensation related to the options of $53,000, which will be recognized through 2027.

 

During the three and six-month periods ended June 30, 2026, the Company granted 13,158 restricted stock units to its Board of Directors, which vest at the earlier of June 26, 2027, or the Company’s 2027 annual meeting. The average grant date fair value of these grants was $6.84. During the three and six-month periods ended June 30, 2025, the Company granted 7,662 restricted stock units to its Board of Directors which vested on June 13, 2026 and had an average grant date fair value of $11.75 per share.

 

In addition to the shares vesting for the Board of Directors, 2,000 restricted stock units issued to employees vested during the three-month period ended June 30, 2026, with an intrinsic value of $11.33 per share. During the six-month period ended June 30, 2026, 33,643 shares issued to employees vested with an average intrinsic value of $21.39 per share. During the three and six-month periods ended June 30, 2025, 21,083 and 30,083 restricted stock units with an average intrinsic value of $13.41 and $15.63, respectively, vested. As of June 30, 2026, there was $529,000 of unrecognized compensation cost related to our unvested restricted stock units, which will be recognized through 2028.