Quarterly report pursuant to Section 13 or 15(d)

Note 15 - Stockholders' Equity

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Note 15 - Stockholders' Equity
 3 Months Ended
Feb. 28, 2022
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]

15.

STOCKHOLDERS’ EQUITY

 

Stock Buyback Plan

On February 16, 2022, the Company's Board of Directors approved a plan to buy back up to $10 million worth of shares of our common stock from the open market (“Stock Buyback Plan”).  The Company's Stock Buyback Plan has and will be used to return capital to shareholders and to minimize the dilutive impact of stock options and other share-based awards.  The Company's Board of Directors specified an expiration date of the sooner of April 30, 2022 or until we reach the aggregate limit of $10 million for the repurchases under the Stock Buyback Plan.  The repurchased shares are recorded as part of treasury stock and are accounted for under the cost method.  

 

The following table summarizes the treasury stock activity during the three months ended February 28, 2022:

 

                         
                         
   

Number of

    

 

    

Average Cost

  
   

Shares

    

Cost of Shares

    

per Share

  

Shares purchased - December 2021

     —     $ —     $ —  

Shares purchased - January 2022

     —       —     $ —  

Shares purchased - February 2022

     296,168       2,653,571     $ 8.96  

Total

     296,168     $ 2,653,571     $ 8.96  

 

Reverse Stock Split

On April 27, 2021, the Company effected a 1-for-10 reverse stock split. All owners of record as of April 27, 2021 received one issued and outstanding share of the Company’s common stock in exchange for 10 outstanding shares of the Company’s common stock. No fractional shares were issued in connection with the reverse stock split. All fractional shares created by the one-for-ten exchange were rounded down to the next whole share, with cash paid in lieu of fractional shares. The reverse stock split had no impact on the par value per share of the Company’s common stock, which remains at $0.001. All share and per share information has been retroactively adjusted to reflect the impact of the Reverse Stock Split.