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Note 18 - Subsequent Events
12 Months Ended
Dec. 31, 2022
Notes to Financial Statements  
Subsequent Events [Text Block]

(18) Subsequent Events

 

On February 13, 2023, the Company committed to a reduction in force plan (the “Plan”) as part of the Company’s measures to streamline operations, remove redundancies, and improve operating margins. The Plan involves a reduction in the Company’s current workforce by approximately 17%. The Company currently estimates that it will incur one-time cash charges of approximately $1.5 million, primarily consisting of an estimated $1.3 million in cash severance payments, and $0.2 million in other cash related costs. The Company estimates an additional stock compensation charge of approximately $0.6 million.  The Company expects that most of these charges will be incurred and the reduction in force will be substantially complete in the first quarter of 2023.

 

In aggregate, over the next twelve months, the reduction in force is expected to result in approximately $7.4 million in annual cash savings for the Company, comprising salaries of $6.1 million and payroll taxes and benefits of $1.3 million. The Company also estimates annual stock compensation savings of approximately $0.7 million.

 

The Company may incur other charges or cash expenditures not currently contemplated due to unanticipated events that may occur as a result of or in connection with the implementation of the Plan.