Stockholders' Equity |
12 Months Ended |
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Sep. 30, 2023 | |
| Equity [Abstract] | |
| Stockholders' Equity |
Note 13: Stockholders’ Equity
Series B Convertible Preferred Stock
In March 2022, the existing 315,790 shares of Series B Convertible Preferred Stock were converted into 1,578,950 common shares, in accordance with Series B Convertible Preferred Stock agreements. Of the 315,790 existing shares of Series B Convertible Preferred Stock converted, Isaac Capital Group, LLC (“ICG”) held 259,902 of these shares, and converted them into 1,299,510 common shares. Jon Isaac, the Company's President and Chief Executive Officer, is the President and sole member of ICG, and, accordingly, has sole voting and dispositive power with respect to these shares. As of September 30, 2023 and 2022, there were no shares of Series B Convertible Preferred Stock issued and outstanding.
Series E Convertible Preferred Stock
As of September 30, 2023 and 2022, there were 47,840 shares of Series E Convertible Preferred Stock issued and outstanding. During the year ended September 30, 2021, the Company repurchased 30,000 shares of Series E Convertible Preferred Stock for an aggregate purchase price of $3. The shares accrue dividends at the rate of 5% per annum on the liquidation preference per share, payable quarterly from legally available funds. The shares carry a cash liquidation preference of $0.30 per share, plus any accrued but unpaid dividends. If such funds are not available, dividends shall continue to accumulate until they can be paid from legally available funds. Holders of the preferred shares are entitled to convert them into shares of our common stock on a 1:0.005 basis together with payment of $85.50 per converted share.
During the years ended September 30, 2023 and 2022, the Company accrued dividends of approximately $720 and $720, respectively. As of September 30, 2023 and 2022, the Company had no accrued dividends payable to holders of Series E preferred stock.
Common Stock
As of September 30, 2023 and 2022, there were 3,164,330 and 3,074,833 shares of Common Stock issued and outstanding, respectively.
Treasury Stock
For year ended September 30, 2023 and 2022, the Company purchased 39,092 and 86,451 shares of its common stock on the open market (treasury shares), respectively, for approximately $991,000 and $3 million, respectively. Such shares are recorded on the Company’s Consolidated Balance Sheets as treasury stock. On June 13, 2023, Tony Isaac, a member of the Company's board of directors, and father of the Company's CEO, Jon Isaac, exercised stock options for which he received 9,904 shares of the Company's common stock. On June 30, 2023, the Company repurchased Mr. Isaac's 9,904 shares of the Company's common stock for $25.85 per share, the closing market price on June 28, 2023, or approximately $256,000 (see Note 16).
2014 Omnibus Equity Incentive Plan
On January 7, 2014, our Board of Directors adopted the 2014 Omnibus Equity Incentive Plan (the “2014 Plan”), which authorizes issuance of distribution equivalent rights, incentive stock options, non-qualified stock options, performance stock, performance units, restricted ordinary shares, restricted stock units, stock appreciation rights, tandem stock appreciation rights and unrestricted ordinary shares to our directors, officer, employees, consultants and advisors. The Company has reserved up to 300,000 shares of common stock for issuance under the 2014 Plan. The Company’s stockholders approved the 2014 Plan on July 11, 2014.
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