Usio, Inc. 10-Q

Item 1A. RISK FACTORS.   There have been no material changes from risk factors previously disclosed in the 2022 Annual Report.   16 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, 2023.   Purchases of Equity Securities by the Issuer and Affiliated Purchasers   On November 2, 2016, we announced that our Board of Directors authorized the buyback program, pursuant to which the Company may repurchase up to $1 million in shares of our common stock from time to time in the open market, in block transactions, or in privately negotiated transactions. On January 9, 2018, our Board of Directors added an additional $2 million to the buyback program. The buyback 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 buyback program. On November 7, 2019, our Board of Directors approved the renewal of the buyback program. The Board approved a limit of $1,420,000, which was rolled over from the buyback program prior to renewal, with a three-year duration. On May 13, 2022, our Board of Directors authorized another renewal of the buyback program, with a limit equal to $4 million of the Company's common stock and a three year duration. The buyback program, as renewed most recently, terminates on the earliest of May 15, 2025, the date the funds are exhausted, or the date our Board of Directors, at its sole discretion, terminates or suspends the buyback program. The buyback program is used for the repurchase of stock from employees and directors, and for open-market purchases through a broker. During the three months ended September 30, 2023, 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, 2023     1,039     $ 1.76       1,039     $ 2,708,843   August 1 - August 31, 2023     89     $ 1.63       89     $ 2,708,698   September 1 - September 30, 2023     27,673     $ 1.76       27,673     $ 2,660,124   Total     28,801               28,801     $ 2,660,124     Item 3. Defaults Upon Senior Securities.   None.   Item 4. MINE SAFETY DISCLOSURES.   Not applicable.