Stockholders' Equity |
12 Months Ended |
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Sep. 30, 2024 | |
| Equity [Abstract] | |
| Stockholders' Equity |
Note 13: Stockholders’ Equity
Series E Convertible Preferred Stock
As of September 30, 2024 and 2023, there were 47,840 shares of Series E Convertible Preferred Stock issued and outstanding. 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, 2024 and 2023, the Company accrued dividends of approximately $720 and $720, respectively. As of September 30, 2024 the Company had approximately $180 in accrued dividends payable to holders of Series E preferred stock and as of September 30, 2023, the Company had no accrued dividends payable to holders of Series E preferred stock.
Common Stock
As of September 30, 2024 and 2023, there were 3,131,360 and 3,164,330 shares of Common Stock issued and outstanding, respectively.
Treasury Stock
For years ended September 30, 2024 and 2023, the Company purchased 34,624 and 39,092 shares of its common stock on the open market (treasury shares), respectively, for approximately $866,000 and $991,000, 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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