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NOTE 21 - SUBSEQUENT EVENTS:
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a. |
The Company evaluates events or transactions that occur after the balance sheet date but prior to the
issuance of the consolidated financial statements to identify matters that require additional disclosure. For its annual consolidated
financial statements as of December 31, 2022, and for the year then ended, the Company evaluated subsequent events through March 29, 2023,
the date that the consolidated financial statements were issued. The Company has concluded that no subsequent event has occurred that
require disclosure other than the below. |
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b. |
On November 17, 2022, the Company’s Board of Directors authorized a stock repurchase program pursuant
to which the Company intend to repurchase up to $1.0 million of its outstanding common stock. The Board authorized the Company to purchase
its common stock from time to time on a discretionary basis through open market or private transactions, through block trades, and pursuant to any trading plan that may be adopted in
accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, and other applicable legal requirements. |
Repurchases under the share repurchase
program will be made at management’s discretion at prices management considers to be attractive and in the best interests of both
the Company and its stockholders, subject to the availability of stock, general market conditions, the trading price of the stock, alternative
uses for capital, and our financial performance. The repurchase program may be suspended, terminated, or modified at any time for any
reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity,
and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases. The repurchase program
does not obligate us to purchase any particular number of shares.
During January and February 2023, the Company purchased
79,195 shares of its common stock, for a total price of $50. There were no repurchases under the stock repurchase plan during the year
ended December 31, 2022.
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c. |
On or about February 28, 2023, the Company deposited an additional $2 million to a Company-owned bank
account. See Note 9(b) for further information. |
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