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
Our common stock trades on the Pink Market operated by OTC Markets Group under the symbol “TLFA.”
There were approximately 286 stockholders of record on February 25, 2022.
We did not sell any shares of our equity securities during our fiscal year ended December 31, 2021 that were not registered under the Securities Act.
Our Board of Directors did not authorize any dividends during the fiscal years ended December 31, 2021 or 2020. Our Board of Directors may consider future cash dividends after giving consideration to our
profitability, cash flow, capital requirements, current and forecasted liquidity, as well as financial and other business conditions existing at the time. This policy is subject to change based on future industry and market conditions, as well as
other factors.
The following table summarizes repurchases of our common stock occurring in fourth quarter 2021:
Period (2)
(a) Total number of shares purchased
(b) Average price paid per share
(c) Total number of
shares purchased as
part of publicly
announced plans or
programs
(d) Dollar value of
shares that may yet be
purchased under the
plans or programs (1)
October 1 – October 31, 2021
-
$
-
-
$
5,000,000
November 1 – November 30, 2021
-
$
-
-
$
5,000,000
December 1 – December 31, 2021
214,581
$
5.00
-
$
5,000,000
Total
214,581
$
5.00
-
(1) On August 9, 2020, the Company’s Board of Directors approved a new stock repurchase program allowing the Company to repurchase up to $5 million value of shares of our common stock on or
prior to July 31, 2022.
(2) The Company suspended repurchasing any shares under its program beginning in July 2019, because of the lack of publicly-available financial information of the Company during this period.
Management expects to resume the Company’s repurchase program (as conditions allow) following completion of our financial restatement and making all outstanding periodic filings with the SEC.
(3) On Decmber 8, 2021, we entered into an agreement with an institutional shareholder of the Company to repurchase 212,690 shares of our common stock in a private transaction separate from our
share repurchase program. The purchase price was $5.00 per share for a total of $1.1 million. The closing of the repurchase took place on December 17, 2021, and these shares were subsequently cancelled. Prior to the repurchase, the shares
represented approximately 2.4% of our outstanding common stock.
ITEM 6.
SELECTED FINANCIAL DATA
We are a smaller reporting company as defined in Item 10(f)(1) of SEC Regulation S-K and are not required to provide information under this item.
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