Equity

3 Months Ended

Mar. 31, 2026

Note 4: Equity

Dividends

The Company did not pay any dividends during the three-month periods ended March 31, 2026 and 2025.

Preferred stock and common stock

During the three months ended March 31, 2026, there were 11,260 shares of common stock issued to consultants in exchange for services. No common stock was issued to consultants during the three months ended March 31, 2025. There were no other issuances of common or preferred stock during the three-month periods ended March 31, 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):

Schedule of stock repurchase program
	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
Total		21,923	$	8.79		21,923	$	–

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 March 31, 2026, there are 318,166 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 March 31, 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		0.64	$	6.80		5,000
$ 8.01 – 11.00		–		–	$	–		–
$ 11.01 - 16.00		7,500		2.91	$	13.21		7,500
$ 16.01 - 27.00		30,000		6.76	$	26.98		22,500
$ 27.01 - 27.71		7,500		5.80	$	27.71		7,500
Total		50,000		5.43	$	23.00		42,500

As of March 31, 2026, the Company had unrecognized stock compensation related to the options of $79,000, which will be recognized through 2027.

The Company did not grant any restricted stock units during the three months ended March 31, 2026 and 2025. During the three months ended March 31, 2026, 23,981 restricted stock units with an intrinsic value of $25.45, vested. During the three months ended March 31, 2025, 9,000 restricted stock units with an intrinsic value of $20.81, vested. As of March 31, 2026, there was $539,000 of unrecognized compensation cost related to our unvested restricted stock units, which will be recognized through 2028.

- Definition

The entire disclosure for equity.

+ References

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