Shareholders' Equity

3 Months Ended

Mar. 31, 2024

Shareholders' Equity

Shareholders' Equity

8. Shareholders' Equity

	Three months ended March 31,
	2024			2023
Common stock and additional paid-in capital
Balance, beginning of period	$	46,071		$	74,934
Dividends declared		(14,496	)		—
Issuance of common stock and warrants, net		—			1
Share-based compensation expense		26			22
Proceeds from employee stock purchase plan		7			—
Balance, end of period	$	31,608		$	74,957
Accumulated other comprehensive loss
Balance, beginning of period	$	(310	)	$	(288	)
Unrealized loss on available-for-sale securities, net of tax		22			—
Foreign currency translation adjustment		(2	)		5
Balance, end of period	$	(290	)	$	(283	)
Accumulated deficit
Balance, beginning of period	$	(1,076	)	$	(516	)
Net loss		(1,898	)		(832	)
Balance, end of period	$	(2,974	)	$	(1,348	)
Total shareholders' equity	$	28,344		$	73,326

Issue of Common Stock and Warrants

On September 12, 2021, the Company entered into a securities purchase agreement with certain purchasers named therein, pursuant to which the Company issued 3,623,189 shares of the Company's common stock, par value $0.001 per share at an offering price of $2.76 per share. The Company received gross proceeds of approximately $10,000 and net proceeds of $9,288 after deducting placement agent fees and related offering expenses. In a concurring private placement the Company also issued to the same purchasers warrants exercisable for an aggregate of 3,623,189 shares of common stock at an exercise price of $2.76 per share. Each warrant became immediately exercisable and will expire on March 15, 2027.

On January 4, 2022, the Company entered into a Securities Purchase Agreement with Edward D. Bagley, an affiliate of the Company, pursuant to which the Company agreed to issue and sell, in a private placement 1,538,461 shares (the “Shares”) of the Company’s common stock, par value $0.001 per share, at a purchase price of $1.30 per share of Common Stock. The consideration for the Shares is the cancellation and termination of Mr. Bagley’s outstanding bridge loan to the Company in the principal amount of $2,000 originally issued on July 2, 2021 and amended and restated on September 11, 2021. Mr. Bagley is an affiliate of the Company and the Company’s single largest stockholder.