Note 9 – Subsequent Events

On August 5, 2024, the Company conducted its Annual Meeting of Stockholders in which the stockholders approved among other items, a proposal to amend the Company's Second Amended and Restated Certificate of Incorporation to effect a reverse stock split of the outstanding shares, which provided the Board of Directors with authority to effect a reverse split within a specified range of ratios. Subsequently, the Board of Directors has approved a reverse stock split of 1 for 5 shares of the Company's common stock in an attempt to regain compliance with the Nasdaq's continued listing requirements. The Company expects that the reverse stock split will become effective at 5:00 pm on Monday August 12, 2024, and its common stock will begin trading on a split-adjusted basis at the open of trading on Tuesday, August 13, 2024.

The share or per share amounts included in these financial statements or accompanying notes have not been adjusted to account for the anticipated reverse stock split. The following table reflects the pro forma effect of the stock split and Company's earnings per share computation.

Furthermore, at the Annual Meeting of Stockholders, a proposal to amend the 2016 Stock Incentive Plan was approved.  As a result the total number of shares reserved for issuance under the Amended 2016 Plan would increase from 5,100,000 to 7,100,000.  As a result of the above mentioned stock split, the total proforma number of shares reserved for issuance would adjust to 1,420,000.