Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Market Information
Our Common Stock is listed on the NYSE American under the symbol “MITQ.”
Holders
As of September 26, 2024, there were 11 holders of record of our Common Stock.
Dividends
We have never declared or paid cash dividends on our capital stock. We currently intend to retain all of our future earnings, if any, to finance the growth and development of our business. In addition, the terms of any future debt agreements may preclude us from paying dividends. As a result, capital appreciation, if any, of our shares of common stock will be your sole source of gain for the foreseeable future.
Issuer’s Purchases of Equity Securities
On March 23, 2023, the Board of Directors re-authorized a stock repurchase program. Under the stock repurchase program, the Company may repurchase up to $1 million of its outstanding Common Stock over the next 12 months. For the years ended June 30, 2023 and June 30, 2024, the Company repurchased a combined total of 1,030,900 shares representing 9.64% of the 9,986,850 outstanding shares at the end of June 30, 2024 at an average price of $0.841 per share. The share repurchase plan ended on June 30, 2024.
Total Number of
Approximate
Shares
Dollar Value of
Purchased as
Shares that May
Total Number of
Part of Publicly
Yet Be Purchased
Shares
Average Price
Announced Plans
Under the Plans
Period
Purchased
Paid per Share
or Programs
or Programs
Mar 23, 2023 - Mar 31, 2023
47,467
$
1.04
47,467
$
951,000
May 18 - Jun 30, 2023
225,153
1.13
225,153
696,000
Nov 1, 2023 - Dec 31, 2023
109,135
0.93
109,135
594,000
Jan 1, 2024 - Mar 31, 2024
260,024
0.77
260,024
363,000
Apr 1, 2024 - Jun 30, 2024
389,121
0.59
389,121
133,000
Total
1,030,900
$
0.81
1,030,900
$
133,000
23
Table of Contents
Securities Authorized for Issuance Under Equity Compensation Plans
The following table summarizes our equity compensation plan information as of June 30, 2024. We have adopted a 2019 Omnibus Incentive Stock Plan (the “2019 Plan”) and on February 24, 2022, at the annual meeting, the stockholders of the Company approved an amendment increasing the number of stock-based awards available for issuance under the 2019 Plan from 750,000 shares to 1,500,000 shares. Further information about the 2019 Plan, refer to Item 11. “Executive Compensation - 2019 Omnibus Incentive Stock Plan.”
(c)
Number of
securities
remaining
(a)
(b)
available
Number of
Weighted-
for future
securities
average
issuance
to be issued
exercise
under equity
upon
price per
compensation
exercise of
share of
plans
outstanding
outstanding
(excluding
options,
options,
securities
warrants
warrants
reflected in
Plan Category
and rights
and rights
column (a))
Equity compensation plans approved by stockholders
250,000
1.10
1,220,000
Equity compensation plans not approved by stockholders
—
—
—
Total
250,000
1.10
1,220,000
Unregistered Sales of Equity Securities
For this fiscal year, except as set forth below, there were no unregistered securities to report which have not been previously included in a Quarterly Report on Form 10-Q, Annual Report on Form 10-K, or a Current Report on Form 8-K.
On February 28, 2024, the Company and Jose Delgado, Executive Vice President of Sales agreed to sell 49,586 shares of our common stock at a price of $0.667 per share (based on the closing stock price as of February 27, 2024) for a total of $33,073.35, which amount represents satisfaction of Mr. Delgado’s $25,036.52 outstanding obligation to the Company plus an estimated $8,036.83 in federal and California state income taxes incurred in connection with the sale. The were cancelled by the Company upon the purchase.
Repurchases of Equity Securities
Neither we nor any “affiliated purchaser,” as defined in Rule 10b-18(a)(3) of the Exchange Act, purchased any of our equity securities during the period covered by this annual report.
ITEM 6. RESERVED