• Filing Date: 2019-08-13
  • Form Type: 10-Q
  • Description: Quarterly report
v3.19.2
Shareholders' Equity
6 Months Ended
Jun. 30, 2019
Equity [Abstract]  
Shareholders' Equity
Shareholders’ Equity
Issuances of Common Stock
For the six months ended June 30, 2019, there were 397,671 shares of the Company’s common stock issued as a result of the exercise of stock options with a weighted average issue price of $1.59 per share. For the six months ended June 30, 2018, no shares were issued.
Changes in Shareholders’ Equity
 
 
Six Months Ended June 30, 2019 (Unaudited)
 
 
Common Stock
 
Treasury Stock
 
Additional Paid-In Capital
 
Accumulated Deficit
 
Total
January 1, 2019
 
$
38,967

 
$
(18,929,915
)
 
$
94,385,230

 
$
(33,043,113
)
 
$
42,451,169

Stock-based compensation
 

 

 
309,563

 

 
309,563

Net loss
 

 

 

 
(2,175,258
)
 
(2,175,258
)
March 31, 2019
 
38,967

 
(18,929,915
)
 
94,694,793

 
(35,218,371
)
 
40,585,474

Stock issued
 
398

 

 
148,782

 

 
149,180

Stock-based compensation
 

 

 
580,603

 

 
580,603

Net loss
 

 

 

 
(2,695,792
)
 
(2,695,792
)
June 30, 2019
 
$
39,365

 
$
(18,929,915
)
 
$
95,424,178

 
$
(37,914,163
)
 
$
38,619,465

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Six Months Ended June 30, 2018 (Unaudited)
 
 
Common Stock
 
Treasury Stock
 
Additional Paid-In Capital
 
Accumulated Deficit
 
Total
January 1, 2018
 
$
38,937

 
$
(16,625,873
)
 
$
93,913,557

 
$
(27,351,357
)
 
$
49,975,264

Stock repurchased
 

 
(374,820
)
 

 

 
(374,820
)
Stock-based compensation
 

 

 
269,596

 

 
269,596

Net loss
 

 

 

 
(2,043,292
)
 
(2,043,292
)
March 31, 2018
 
38,937

 
(17,000,693
)
 
94,183,153

 
(29,394,649
)
 
47,826,748

Stock-based compensation
 

 

 
73,425

 

 
73,425

Net loss
 

 

 

 
(1,596,637
)
 
(1,596,637
)
June 30, 2018
 
$
38,937

 
$
(17,000,693
)
 
$
94,256,578

 
$
(30,991,286
)
 
$
46,303,536


Stock Repurchase Programs
On February 16, 2016, the Board of Directors authorized a one-year stock repurchase program, under which the Company was authorized to repurchase up to $15,000,000 of its outstanding common stock (the “2016 Stock Repurchase Program”). The 2016 Stock Repurchase Program ended on February 15, 2017.
On August 16, 2017, the Board of Directors authorized a new one-year stock repurchase program, under which the Company may repurchase up to $5,000,000 of its outstanding common stock (the “2017 Stock Repurchase Program”). On August 6, 2018, the Board of Directors authorized an extension of this stock repurchase program through August 15, 2019.
Under the 2017 Stock Repurchase Program, the Company is authorized to repurchase shares in open-market purchases in accordance with all applicable securities laws and regulations, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The extent to which the Company repurchases its shares, and the timing of such repurchases, is dependent upon a variety of factors, including market conditions, regulatory requirements and other corporate considerations, as determined by the Company’s management. The repurchase program may be extended, suspended or discontinued at any time. The Company expects to finance the program from its existing cash resources. All repurchased shares are held in treasury.
The following table summarizes the Company’s stock repurchase activities:    
Period
 
Total Number of Shares Purchased
 
Average Price Paid per Share
 
Amount
 
Total Number of Treasury Shares Purchased as Part of Publicly Announced Plan
 
Maximum Dollar Value of Shares that May Yet Be Purchased Under the Plan
Privately Negotiated Transactions:
 
 
 
 
 
 
 
 
 
 
January 12, 2016 - Abengoa repurchased and retired shares
 
2,136,752

 
$
1.35

 
$
2,884,615

 

 
N/A
January 11, 2017 - Pinnacle Family Office Investments L.P. repurchased shares
 
2,363,590

 
1.54

 
3,639,929

 
2,363,590

 
N/A
 
 
 
 
 
 
 
 
 
 
$
15,000,000

2016 Stock Repurchase Program (1):
 
 
 
 
 
 
 
 
 
 
January through February 2017
 
7,863,980

 
1.58

 
12,448,283

 
7,863,980

 
$
2,551,717

 
 
 
 
 
 
 
 
 
 
 
2017 Stock Repurchase Program:
 
 
 
 
 
 
 
 
 
$
5,000,000

September through December 2017
 
381,607

 
1.41

 
537,661

 
381,607

 
$
4,462,339

January through August 2018
 
1,644,325

 
1.40

 
2,304,042

 
1,644,325

 
$
2,158,297

Total open market and privately negotiated purchases
 
14,390,254

 
$
1.52

 
$
21,814,530

 
12,253,502

 
 
_________________
Notes:
(1) The 2016 Stock Repurchase Program ended on February 15, 2017.

Treasury Stock
As of June 30, 2019 and December 31, 2018, there were 12,253,502 shares of common stock held in treasury, at a cost of approximately $18.9 million, representing the purchase price on the date the shares were surrendered to the Company.