Usio Announces Second Quarter 2022 Financial Results

SAN ANTONIO–(BUSINESS WIRE)–Usio, Inc. (Nasdaq: USIO), a leading FinTech integrated payment solutions provider, today announced financial results for the second quarter, which ended June 30, 2022.

Louis Hoch, President and Chief Executive Officer of Usio, said, “I am pleased to report another quarter of revenue growth, our eighth consecutive quarter of year-over-year revenue growth. Revenue growth in the quarter was driven by new all-time quarterly records in credit card dollars and transactions processed, strong year-over-year growth in prepaid card volumes and transactions, as well as a double-digit increase in total transaction/pieces processed at Output Solutions. While up sequentially, ACH electronic check transactions and dollars processed in the quarter were down from last year’s record volumes, while returned check transactions in the quarter increased 39%. Results once again demonstrate the strength of our diversification strategy as we achieved growth despite weakness in one of our end markets, cryptocurrency.”

“Based upon our strong year to date performance, our new business pipeline, and the prepaid card spoilage anticipated to be earned in the third and fourth quarters, offset by an anticipated 25 – 30% reduction in third quarter ACH transactions as compared to the same period in 2021, resulting from the loss of the Voyager ACH business, we are revising our expectations for full year 2022 revenue growth to 12% – 18%, conditioned on the continued enthusiasm in the fintech lending industry and favorable economic conditions. Our pipeline for ACH, like all our business lines is rich, and we believe we will be able to, over time, replace the lost revenue from Voyager through new sales. For instance, we are seeing an increase in consumer lending, which we believe could lead to as much as 50% growth in third quarter 2022 returned check transactions as compared to the same period in 2021. We expect that there are other similar opportunities, not only in ACH, but across our entire portfolio.”

“Revenues for the first three and six months of the year are up in each of our business lines except for ACH when compared to those periods last year. For the quarter, ACH was competing against an outsized year ago quarter when cryptocurrency activity was at its peak. Prepaid was our fastest growing business line for both the quarter and first half of the year on a percentage basis. We expect our strong relationships, growing number of programs served and cards in circulation to lead to continued growth over the second half of the year, as well as beginning to generate revenue from card spoilage. Output Solutions continues to outperform management’s expectations. This business is benefitting from the synergies generated within the various Usio business lines, and is set to have another strong second half. Credit card revenues were up 5%, where we achieved record volumes primarily due to the growth of our PayFac business. The PayFac business has one of our strongest new business pipelines and has the potential to dramatically change its growth trajectory.”

Over the past few months Usio has undertaken a number of strategic actions to strengthen the business and build shareholder value. During the second quarter the Board authorized a $4 million share repurchase program, and through June 30, 2022, we repurchased over 180,000 shares at a cost of approximately $450,000. In addition, we welcomed Michelle Miller to our Board of Directors, where she will serve as a member of the Company’s Audit and Compensation Committees and expand the size of the Board to six. We are pleased to welcome Mrs. Miller to the Board as we will benefit from her wealth of banking and business development experience as well as her vast knowledge that complements the skills of our existing Board members. With our strong balance sheet, aggressive marketing strategy, and growing reputation for outstanding service in all our business lines, we believe we have a plan in place that will enable us to achieve our growth objectives of continued year-over-year revenue growth.

Second Quarter 2022 Revenue Detail

Revenues for the quarter ended June 30, 2022, increased 6% to $16.2 million, reflecting growth in the Credit Card, Prepaid and Usio Output Solutions lines of business.

 

 

 

Three Months Ended June 30, 2022

 

 

 

2022

 

 

2021

 

 

$ Change

 

 

% Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ACH and complementary service revenue

 

$

3,899,612

 

 

$

4,001,897

 

 

$

(102,285

)

 

 

(3

)%

Credit card revenue

 

 

6,885,697

 

 

 

6,558,076

 

 

 

327,621

 

 

 

5

%

Prepaid card services revenue

 

 

1,388,110

 

 

 

1,077,531

 

 

 

310,579

 

 

 

29

%

Output solutions revenue

 

 

4,042,267

 

 

 

3,595,637

 

 

 

446,630

 

 

 

12

%

Total Revenue

 

$

16,215,686

 

 

$

15,233,141

 

 

$

982,545

 

 

 

6

%

 

 

Six Months Ended June 30, 2022

 

 

 

2022

 

 

2021

 

 

$ Change

 

 

% Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ACH and complementary service revenue

 

$

7,742,928

 

 

$

7,080,353

 

 

$

662,575

 

 

 

9

%

Credit card revenue

 

 

13,653,919

 

 

$

12,281,785

 

 

 

1,372,134

 

 

 

11

%

Prepaid card services revenue

 

 

4,156,557

 

 

$

1,964,107

 

 

 

2,192,450

 

 

 

112

%

Output solutions revenue

 

 

8,773,625

 

 

 

7,368,446

 

 

 

1,405,179

 

 

 

19

%

Total Revenue

 

$

34,327,029

 

 

$

28,694,691

 

 

$

5,632,338

 

 

 

20

%

 

Gross profits for the quarter were $3.3 million while gross margins were 20.1%. Margins reflect revenue mix in the quarter, primarily a slight decrease in our highest margin, ACH business, and an increase in the revenue from lower margin business lines.

Other selling, general and administrative expenses were $3.8 million for the quarter ended June 30, 2022, up 35% compared to $2.8 million in the prior year period. The increase reflects continued investments in our ACH, PayFac, Prepaid and Output Solutions business lines, a substantial portion of which represents an investment in strengthening our infrastructure to not only support our current growth, but specifically to assure we can provide the service levels in customer support for anticipated new cardholders and other clients. Beginning in the third quarter, we believe expenses should start to decrease due to a reduction in customer service and other prepaid services expenses attributable to the loss of any existing or anticipated Voyager card programs.

We reported an operating loss of $1.9 million for the quarter and an Adjusted EBITDA loss of $0.6 million in the quarter. We reported a net loss of $1.9 million, or ($0.10) per share, for the quarter ended June 30, 2022, compared to a net income of $0.2 million, or $0.01 per share, for the same period in the prior year. Contributions to this loss include increased revenue contribution from lower margin lines of business and continued investments to support our current growth, customer support service levels, security and IT infrastructure, as well as staffing and employee retention.

Adjusted Operating Cash Flows (excluding merchant reserve funds, prepaid card load assets, customer deposits and net operating lease assets and obligations) used was $1.2 million for the six-month period ended June 30, 2022. Cash flows used by operating activities was ($22.1) million for the quarter, compared to cash flows provided by operating activities of $2.6 million in the same period a year ago, primarily due to timing differences between periods.

We continue to be in solid financial condition with $5.1 million in cash and cash equivalents on June 30, 2022.

Conference Call and Webcast

Usio, Inc.’s management will host a conference call on Friday, August 12, 2022, at 11:00 am Eastern time to review financial results and provide a business update. To listen to the conference call, interested parties within the U.S. should call +1-844-883-3890. International callers should call +1-412-317-9246. All callers should ask for the Usio conference call. The conference call will also be available through a live webcast, which can be accessed via the company’s website at www.usio.com/investors.

A replay of the call will be available approximately one hour after the end of the call through August 26, 2022. The replay can be accessed via the Company’s website or by dialing +1-877-344-7529 (U.S.) or 1-412-317-0088 (international). The replay conference playback code is 5469449.

About Usio, Inc.

Usio, Inc. (Nasdaq: USIO), a leading FinTech integrated payment solutions provider, offers a wide range of payment solutions to merchants, billers, banks, service bureaus, crypto exchanges, and card issuers. The Company operates credit, debit/prepaid, and ACH payment processing platforms to deliver convenient, world-class payment solutions and services to their clients. With the acquisition of the assets of IMS in December 2020, the Company now offers additional services relating to electronic bill presentment, document composition, document decomposition and printing and mailing services. The strength of the Company lies in its ability to provide tailored solutions for card issuance, payment acceptance, and bill payments as well as its unique technology in the prepaid sector. Usio is headquartered in San Antonio, Texas, and has offices in Austin, Texas and Franklin, Tennessee, just outside of Nashville.

Websites: www.usio.com, www.payfacinabox.com, www.akimbocard.com and www.usiooutput.com. Find us on Facebook® and Twitter.

About Non-GAAP Financial Measures

This press release includes non-GAAP financial measures, EBITDA and adjusted EBITDA, as defined in Regulation G of the Securities and Exchange Act of 1934, as amended. The Company reports its financial results in compliance with GAAP, but believes that also discussing non-GAAP measures provides investors with financial measures it uses in the management of its business. The Company defines EBITDA as operating income (loss), before interest, taxes, depreciation and amortization of intangibles. The Company defines adjusted EBITDA as EBITDA, as defined above, plus non-cash stock option costs and certain non-recurring items, such as acquisitions. These measures may not be comparable to similarly titled measures reported by other companies. Management uses EBITDA and adjusted EBITDA as indicators of the Company’s operating performance and ability to fund acquisitions, capital expenditures and other investments and, in the absence of refinancing options, to repay debt obligations.

Management believes EBITDA and adjusted EBITDA are helpful to investors in evaluating the Company’s operating performance because non-cash costs and other items that management believes are not indicative of its results of operations are excluded. EBITDA and adjusted EBITDA are supplemental non-GAAP measures, which have limitations as an analytical tool. Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. Non-GAAP financial measures do not reflect a comprehensive system of accounting, may differ from GAAP measures with the same names, and may differ from non-GAAP financial measures with the same or similar names that are used by other companies. For a description of our use of EBITDA and adjusted EBITDA, and a reconciliation of EBITDA and adjusted EBITDA to operating income (loss), see the section of this press release titled “Non-GAAP Reconciliation.”

FORWARD-LOOKING STATEMENTS DISCLAIMER

Except for the historical information contained herein, the matters discussed in this release include forward-looking statements which are covered by safe harbors. Those statements include, but may not be limited to, all statements regarding management’s intent, belief and expectations, such as statements concerning our future and our operating and growth strategy. These forward-looking statements are identified by the use of words such as “believe,” “intend,” “look forward,” “anticipate,” “continue,” “potential,” and “expect” among others. Forward-looking statements in this press release are subject to certain risks and uncertainties inherent in the Company’s business that could cause actual results to vary, including such risks related to an economic downturn as a result of the COVID-19 pandemic, or overall economic challenges including performance of the cryptocurrency industry, supply chain disruptions, risks related to retaining and hiring qualified employees, the realization of opportunities from the IMS acquisition, the management of the Company’s growth, the loss of key resellers, the relationships with the Automated Clearinghouse network, bank sponsors, third-party card processing providers and merchants, the security of our software, hardware and information, the volatility of the stock price, the need to obtain additional financing, risks associated with new legislation, and compliance with complex federal, state and local laws and regulations, and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission including its annual report on Form 10-K for the fiscal year ended December 31, 2021. One or more of these factors have affected, and in the future, could affect the Company’s businesses and financial results in the future and could cause actual results to differ materially from plans and projections. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the objectives and plans will be achieved. All forward-looking statements made in this release are based on information presently available to management. The Company assumes no obligation to update any forward-looking statements, except as required by law.

 

USIO, INC.

CONSOLIDATED BALANCE SHEETS

 

 

 

June 30, 2022

 

 

December 31, 2021

 

 

 

(Unaudited)

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

5,102,061

 

 

$

7,255,321

 

Accounts receivable, net

 

 

3,854,077

 

 

 

4,979,493

 

Settlement processing assets

 

 

36,927,255

 

 

 

63,824,646

 

Prepaid card load assets

 

 

15,104,808

 

 

 

36,590,893

 

Customer deposits

 

 

1,471,214

 

 

 

1,364,193

 

Inventory

 

 

488,382

 

 

 

434,532

 

Prepaid expenses and other

 

 

829,902

 

 

 

426,963

 

Current assets before merchant reserves

 

 

63,777,699

 

 

 

114,876,041

 

Merchant reserves

 

 

6,815,073

 

 

 

6,381,153

 

Total current assets

 

 

70,592,772

 

 

 

121,257,194

 

 

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

3,432,039

 

 

 

3,607,157

 

 

 

 

 

 

 

 

 

 

Other assets:

 

 

 

 

 

 

 

 

Intangibles, net

 

 

3,227,962

 

 

 

4,163,894

 

Deferred tax asset, net

 

 

1,504,000

 

 

 

1,504,000

 

Operating lease right-of-use assets

 

 

3,083,555

 

 

 

2,802,113

 

Other assets

 

 

345,357

 

 

 

345,357

 

Total other assets

 

 

8,160,874

 

 

 

8,815,364

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

82,185,685

 

 

$

133,679,715

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

719,379

 

 

$

1,400,100

 

Accrued expenses

 

 

2,177,000

 

 

 

2,325,665

 

Operating lease liabilities, current portion

 

 

579,442

 

 

 

504,027

 

Equipment loan, current portion

 

 

43,386

 

 

 

54,760

 

Settlement processing obligations

 

 

36,927,255

 

 

 

63,824,646

 

Prepaid card load obligations

 

 

15,104,808

 

 

 

36,590,893

 

Customer deposits

 

 

1,471,214

 

 

 

1,364,193

 

Deferred revenues

 

 

 

 

 

17,647

 

Current liabilities before merchant reserve obligations

 

 

57,022,484

 

 

 

106,081,931

 

Merchant reserve obligations

 

 

6,815,073

 

 

 

6,381,153

 

Total current liabilities

 

 

63,837,557

 

 

 

112,463,084

 

 

 

 

 

 

 

 

 

 

Non-current liabilities:

 

 

 

 

 

 

 

 

Equipment loan, non-current portion

 

 

55,698

 

 

 

71,434

 

Operating lease liabilities, non-current portion

 

 

2,690,378

 

 

 

2,476,291

 

Total liabilities

 

 

66,583,633

 

 

 

115,010,809

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Preferred stock, $0.01 par value, 10,000,000 shares authorized; -0- shares outstanding at June 30, 2022 (unaudited) and December 31, 2021, respectively

 

 

 

 

 

 

Common stock, $0.001 par value, 200,000,000 shares authorized; 26,837,978 and 26,807,145 issued, and 25,295,875 and 25,473,453 outstanding at June 30, 2022 (unaudited) and December 31, 2021, respectively

 

 

195,250

 

 

 

195,235

 

Additional paid-in capital

 

 

93,468,139

 

 

 

93,100,129

 

Treasury stock, at cost; 1,542,103 and 1,333,692 shares at June 30, 2022 (unaudited) and December 31, 2021, respectively

 

 

(2,951,047

)

 

 

(2,404,458

)

Deferred compensation

 

 

(6,167,870

)

 

 

(6,842,195

)

Accumulated deficit

 

 

(68,942,420

)

 

 

(65,379,805

)

Total stockholders’ equity

 

 

15,602,052

 

 

 

18,668,906

 

 

 

 

 

 

 

 

 

Total Liabilities and Stockholders’ Equity

 

$

82,185,685

 

 

$

133,679,715

 

 

USIO, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

16,215,686

 

 

$

15,233,141

 

 

$

34,327,029

 

 

$

28,694,691

 

Cost of services

 

 

12,955,782

 

 

 

11,105,696

 

 

 

27,557,996

 

 

 

21,660,009

 

Gross profit

 

 

3,259,904

 

 

 

4,127,445

 

 

 

6,769,033

 

 

 

7,034,682

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

473,701

 

 

 

317,285

 

 

 

1,024,383

 

 

 

645,000

 

Other SG&A expenses

 

 

3,848,696

 

 

 

2,845,213

 

 

 

7,643,842

 

 

 

5,505,247

 

Depreciation and amortization

 

 

807,934

 

 

 

627,149

 

 

 

1,522,869

 

 

 

1,249,356

 

Total selling, general and administrative expenses

 

 

5,130,331

 

 

 

3,789,647

 

 

 

10,191,094

 

 

 

7,399,603

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

 

(1,870,427

)

 

 

337,798

 

 

 

(3,422,061

)

 

 

(364,921

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income and (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

1,166

 

 

 

2,169

 

 

 

1,747

 

 

 

4,636

 

Interest expense

 

 

(1,084

)

 

 

(1,484

)

 

 

(2,301

)

 

 

(1,484

)

Other income and (expense), net

 

 

82

 

 

 

685

 

 

 

(554

)

 

 

3,152

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (Loss) before income taxes

 

 

(1,870,345

)

 

 

338,483

 

 

 

(3,422,615

)

 

 

(361,769

)

Income tax expense

 

 

70,000

 

 

 

120,000

 

 

 

140,000

 

 

 

140,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (Loss)

 

$

(1,940,345

)

 

$

218,483

 

 

$

(3,562,615

)

 

$

(501,769

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (Loss) Per Share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic income (loss) per common share:

 

$

(0.10

)

 

$

0.01

 

 

$

(0.18

)

 

$

(0.03

)

Diluted income (loss) per common share:

 

$

(0.10

)

 

$

0.01

 

 

$

(0.18

)

 

$

(0.03

)

Weighted average common shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

20,316,572

 

 

 

19,993,387

 

 

 

20,298,573

 

 

 

19,962,661

 

Diluted

 

 

20,316,572

 

 

 

24,962,389

 

 

 

20,298,573

 

 

 

19,962,661

 

 

USIO, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

 

 

Six Months Ended

 

 

 

June 30, 2022

 

 

June 30, 2021

 

Operating Activities

 

 

 

 

 

 

 

 

Net (loss)

 

$

(3,562,615

)

 

$

(501,769

)

Adjustments to reconcile net (loss) to net cash provided (used) by operating activities:

 

 

 

 

 

 

 

 

Depreciation

 

 

586,936

 

 

 

313,423

 

Amortization

 

 

935,933

 

 

 

935,933

 

Bad debt

 

 

 

 

 

86,402

 

Non-cash stock-based compensation

 

 

1,024,383

 

 

 

645,000

 

Amortization of warrant costs

 

 

17,970

 

 

 

17,970

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

1,125,416

 

 

 

(383,213

)

Prepaid expenses and other

 

 

(402,939

)

 

 

(130,662

)

Operating lease right-of-use assets

 

 

(281,442

)

 

 

(367,654

)

Other assets

 

 

(53,850

)

 

 

(38,452

)

Inventory

 

 

 

 

 

(45,883

)

Accounts payable and accrued expenses

 

 

(829,390

)

 

 

177,315

 

Operating lease liabilities

 

 

289,502

 

 

 

377,957

 

Prepaid card load obligations

 

 

(21,486,085

)

 

 

1,547,277

 

Merchant reserves

 

 

433,920

 

 

 

(164,402

)

Customer deposits

 

 

107,021

 

 

 

105,311

 

Deferred revenue

 

 

(17,647

)

 

 

(22,454

)

Net cash provided (used) by operating activities

 

 

(22,112,887

)

 

 

2,552,099

 

 

 

 

 

 

 

 

 

 

Investing Activities

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

 

(411,818

)

 

 

(533,854

)

Net cash (used) by investing activities

 

 

(411,818

)

 

 

(533,854

)

 

 

 

 

 

 

 

 

 

Financing Activities

 

 

 

 

 

 

 

 

Proceeds from equipment loan

 

 

 

 

 

165,996

 

Payments on equipment loan

 

 

(27,110

)

 

 

(13,221

)

Purchases of treasury stock

 

 

(546,589

)

 

 

(79,264

)

Net cash provided (used) by financing activities

 

 

(573,699

)

 

 

73,511

 

 

 

 

 

 

 

 

 

 

Change in cash, cash equivalents, prepaid card loads, customer deposits and merchant reserves

 

 

(23,098,404

)

 

 

2,091,756

 

Cash, cash equivalents, prepaid card loads, customer deposits and merchant reserves, beginning of year

 

 

51,591,560

 

 

 

22,192,225

 

 

 

 

 

 

 

 

 

 

Cash, Cash Equivalents, Prepaid Card Loads, Customer Deposits and Merchant Reserves, End of Period

 

$

28,493,156

 

 

$

24,283,981

 

 

 

 

 

 

 

 

 

 

Supplemental disclosures of cash flow information

 

 

 

 

 

 

 

 

Cash paid during the period for:

 

 

 

 

 

 

 

 

Interest

 

$

2,301

 

 

$

 

Income taxes

 

 

 

 

 

92,850

 

Non-cash transactions:

 

 

 

 

 

 

 

 

Issuance of deferred stock compensation

 

 

12,330

 

 

 

 

 

USIO, INC.

STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

(UNAUDITED)

 

 

 

Common Stock

 

 

Additional Paid- In

 

 

Treasury

 

 

Deferred

 

 

Accumulated

 

 

Total Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Stock

 

 

Compensation

 

 

Deficit

 

 

Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2021

 

 

26,807,145

 

 

$

195,235

 

 

$

93,100,129

 

 

$

(2,404,458

)

 

$

(6,842,195

)

 

$

(65,379,805

)

 

$

18,668,906

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock under equity incentive plan

 

 

61,600

 

 

 

62

 

 

 

267,856

 

 

 

 

 

 

(12,330

)

 

 

 

 

 

255,588

 

Warrant compensation costs

 

 

 

 

 

 

 

 

8,985

 

 

 

 

 

 

 

 

 

 

 

 

8,985

 

Deferred compensation amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

295,092

 

 

 

 

 

 

295,092

 

Purchase of treasury stock costs

 

 

 

 

 

 

 

 

 

 

 

(66,494

)

 

 

 

 

 

 

 

 

(66,494

)

Net (loss) for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,622,270

)

 

 

(1,622,270

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at March 31, 2022

 

 

26,868,745

 

 

$

195,297

 

 

$

93,376,970

 

 

$

(2,470,952

)

 

$

(6,559,433

)

 

$

(67,002,075

)

 

$

17,539,807

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock under equity incentive plan

 

 

54,233

 

 

 

52

 

 

 

258,636

 

 

 

 

 

 

 

 

 

 

 

 

258,687

 

Warrant compensation costs

 

 

 

 

 

 

 

 

8,985

 

 

 

 

 

 

 

 

 

 

 

 

8,985

 

Reversal of deferred compensation amortization that did not vest

 

 

(85,000

)

 

 

(85

)

 

 

(176,465

)

 

 

 

 

 

97,621

 

 

 

 

 

 

(78,929

)

Deferred compensation amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

293,942

 

 

 

 

 

 

293,942

 

Purchase of treasury stock costs

 

 

 

 

 

 

 

 

 

 

 

(480,095

)

 

 

 

 

 

 

 

 

(480,095

)

Net (loss) for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,940,345

)

 

 

(1,940,345

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at June 30, 2022

 

 

26,837,978

 

 

$

195,264

 

 

$

93,468,126

 

 

$

(2,951,047

)

 

$

(6,167,870

)

 

$

(68,942,420

)

 

$

15,602,052

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2020

 

 

26,260,776

 

 

$

194,692

 

 

$

89,659,433

 

 

$

(2,165,721

)

 

$

(5,926,872

)

 

$

(65,058,171

)

 

$

16,703,361

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock under equity incentive plan

 

 

51,000

 

 

 

51

 

 

 

120,484

 

 

 

 

 

 

 

 

 

 

 

 

120,535

 

Warrant compensation costs

 

 

 

 

 

 

 

 

8,985

 

 

 

 

 

 

 

 

 

 

 

 

8,985

 

Cashless warrant exercise

 

 

19,795

 

 

 

19

 

 

 

(19

)

 

 

 

 

 

 

 

 

 

 

 

 

Reversal of deferred compensation amortization that did not vest

 

 

(17,111

)

 

 

(17

)

 

 

(48,599

)

 

 

 

 

 

5,994

 

 

 

 

 

 

(42,622

)

Deferred compensation amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

249,801

 

 

 

 

 

 

249,801

 

Purchase of treasury stock costs

 

 

 

 

 

 

 

 

 

 

 

(49,454

)

 

 

 

 

 

 

 

 

(49,454

)

Net (loss) for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(720,252

)

 

 

(720,252

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at March 31, 2021

 

 

26,314,460

 

 

$

194,745

 

 

$

89,740,284

 

 

$

(2,215,175

)

 

$

(5,671,077

)

 

$

(65,778,423

)

 

$

16,270,354

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock under equity incentive plan

 

 

61,556

 

 

 

61

 

 

 

150,481

 

 

 

 

 

 

 

 

 

 

 

 

150,542

 

Warrant compensation costs

 

 

 

 

 

 

 

 

8,985

 

 

 

 

 

 

 

 

 

 

 

 

8,985

 

Reversal of deferred compensation amortization that did not vest

 

 

(115,000

)

 

 

(115

)

 

 

(237,085

)

 

 

 

 

 

158,096

 

 

 

 

 

 

(79,104

)

Deferred compensation amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

245,847

 

 

 

 

 

 

245,847

 

Purchase of treasury stock costs

 

 

 

 

 

 

 

 

 

 

 

(29,810

)

 

 

 

 

 

 

 

 

(29,810

)

Net income for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

218,483

 

 

 

218,483

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at June 30, 2021

 

 

26,261,016

 

 

$

194,691

 

 

$

89,662,665

 

 

$

(2,244,985

)

 

$

(5,267,134

)

 

$

(65,559,940

)

 

$

16,785,297

 

 

Contacts

Joe Hassett, Investor Relations

joeh@gregoryfca.com
484-686-6600

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