Quarterly report pursuant to Section 13 or 15(d)

Equity

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Equity
 9 Months Ended
Sep. 30, 2023
Equity  
Equity

17.   Equity

On August 24, 2022, the Company filed a prospectus supplement to its Form S-3 Registration Statement covering the sale of up to $75,000,000 of its common shares and its Series A Preferred Stock (as defined in Note 20 below) having an aggregate liquidation preference of up to $25,000,000 in an “at-the market” offering, which is ongoing. During the nine months ended September 30, 2023, under this offering, the Company sold an aggregate of 4,140,503 common shares, realizing gross proceeds of approximately $15.6 million, and sold an aggregate of 92,879 shares of its Series A Preferred Stock having an aggregate liquidation preference of $2,321,975, realizing gross proceeds of approximately $1,933,900 representing a discount of approximately 16.7% to the liquidation preference.

In October 2022, the Board adopted a stock repurchase plan (the “Repurchase Program”), pursuant to which the Company could repurchase up to an aggregate of $7,500,000 of its common shares. Under the Repurchase Program, share repurchases are made from time to time on the open market at prevailing market prices or in negotiated transactions off the market in accordance with applicable federal securities laws, including Rule 10b-18 and 10b5-1 of the Exchange Act. During the nine month period ended September 30, 2023, the Company repurchased 71,000 common shares under the Repurchase Program at a total cost of approximately $226,000. Following the repurchase, such shares were returned to authorized but unissued shares of the Company. As of September 30, 2023, there were approximately $7,277,000 available under the Repurchase Program. On September 7, 2023, the Company’s Board of Directors extended the Repurchase Program. The new Repurchase Program will expire on October 9, 2024.

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