Usio, Inc. 10-Q

Item 1A. RISK FACTORS.   There have been no material changes from risk factors previously disclosed in our annual report on Form 10-K for the fiscal year ended December 31, 2021, as filed with the Securities and Exchange Commission on March 17, 2022.   14 Table of Contents   Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.   Recent Sales of Unregistered Securities   We did not issue unregistered securities during the quarter ended September 30, 2022.   Purchases of Equity Securities by the Issuer and Affiliated Purchasers   On November 2, 2016, we announced that our Board of Directors authorized the repurchase of up to $1 million of our common shares from time to time on the open market, in block transactions, or in privately negotiated transactions. On January 9, 2018, the Board of Directors added an additional $2 million to the buyback plan. The program began on November 16, 2016 and ended on September 29, 2019. At September 29, 2019 when the program ended, $1,374,049 was available under the repurchase plan. On November 7, 2019, the Board of Directors approved the renewal of the share buy-back program. The Board approved a limit of $1,420,000 which was rolled over from the prior buy-back program with a three-year duration. On May 13, 2022, the Board of Directors authorized a renewal of the buy-back program, with a limit up to $4 million of the Company's common stock with a three year duration. The new buyback program terminates on the earliest of May 15, 2025, the date the funds are exhausted, or the date the Board of Directors, at its sole discretion, terminates or suspends the program. The program is used for the purchase of stock from employees and directors, and for open-market purchases through a broker. During the three months ended September 30, 2022, we made the following stock repurchases:   Period   (a) Total number of shares (or units) purchased     (b) Average price paid per share (or unit)     (c) Total number of shares (or units) purchased as part of publicly announced plans or programs     (d) Maximum number (or approximate dollar value) of shares (or units) that may yet be purchased under the plans or programs                                     July 1 - July 31, 2022     69,925     $ 2.32       1,267,466     $ 3,352,324   August 1 - August 31, 2022     73,667     $ 2.16       1,341,133     $ 3,194,312   September 1 - September 30, 2022     12,776     $ 1.34       1,353,909     $ 3,177,280   Total     156,368                     $ 3,177,280     Item 3. Defaults Upon Senior Securities.   None.   Item 4. MINE SAFETY DISCLOSURES.   Not applicable.