Annual report pursuant to Section 13 and 15(d)

Note 15 - Private Offerings of Common Stock

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Note 15 - Private Offerings of Common Stock
 12 Months Ended
Dec. 31, 2023
Notes to Financial Statements  
Equity [Text Block]

Note 15.         Private Offerings of Common Stock

 

On September 29, 2023, the Company sold 35,000 unregistered shares of its common stock to G. James Benoit, Jr., its chairman and chief executive officer, in a private offering at a price of $5.00 per share from which it raised $175,000 of immediately available cash proceeds. 

 

In August 2022 the Company sold 157,256 unregistered shares of its common stock in a private offering at a price of $12.00 per share from which it raised $1,887,000 of immediately available cash proceeds, including $600,000 from Mr. Benoit for 50,000 shares at $12.00 per share.

 

The total offering costs associated with the sales of unregistered shares of common stock in 2023 and 2022 were not material.

 

The shares in the private offering transactions in September of 2023 and August of 2022 were unregistered and subject to a holding period of up to one year under SEC Rule 144 before the securities are able to be sold in the public market.