Annual report pursuant to Section 13 and 15(d)

Stockholders??? Equity (Details Narrative)

v3.22.4
Stockholders’ Equity (Details Narrative) - USD ($)
 1 Months Ended 12 Months Ended
Sep. 15, 2022
Aug. 18, 2022
Aug. 31, 2021
Aug. 26, 2021
Aug. 23, 2021
Aug. 10, 2021
Apr. 30, 2021
Oct. 02, 2022
Oct. 03, 2021
Sep. 27, 2020
Sep. 22, 2021
Jun. 08, 2020
Sep. 29, 2019
Sep. 30, 2018
Oct. 01, 2017
Aug. 26, 2016
Accumulated Other Comprehensive Income (Loss) [Line Items]                                
Shares issued during the period, shares                 58,392              
Vested restricted stock units issued net of tax withholding, shares               33,000 83,000              
Restricted stock value shares issued net of tax withholdings               $ 19,000                
Warrants exercised         40,509 148,300                    
Exercise price of warrants         $ 1.50 $ 1.50                    
Proceeds from warrant exercised               $ 283,000              
Payment for repurchase of shares               $ 4,732,000 $ 869,000              
Shares held in treasury               0 35,555              
Tender shares repurchased price per share       $ 1.55                        
Common shares outstanding               6,716,638 8,488,149              
Warrants exercise description               Subject to limited exceptions, a holder of warrants did have the right to exercise any portion of its warrants if the holder (together with such holder’s affiliates, and any persons acting as a group together with such holder or any of such holder’s affiliates) would beneficially own a number of shares of common stock in excess of 4.99% of the shares of our common stock then outstanding after giving effect to such exercise (the “Beneficial Ownership Limitation”); provided, however, that, upon notice to the Company, the holder could increase or decrease the Beneficial Ownership Limitation, provided that in no event could the Beneficial Ownership Limitation have exceeded 9.99% and any increase in the Beneficial Ownership Limitation would not be effective until 61 days following notice of such increase from the holder to us.                
Stock Repurchase Plan [Member]                                
Accumulated Other Comprehensive Income (Loss) [Line Items]                                
Stock repurchased during the period             519,266                  
Stock repurchase program, authorized amount                     $ 1,000,000 $ 1,000,000        
Warrant [Member]                                
Accumulated Other Comprehensive Income (Loss) [Line Items]                                
Warrants exercised                 188,809 0            
Exercise price of warrants       1.50 [1],[2]         $ 1.50 $ 1.50 [1]     $ 1.50 [1] $ 1.50 [1] $ 1.50 [1] $ 1.50 [1]
Proceeds from warrant exercised         $ 283,000 $ 283,000     $ 283,000              
Fair market value of warrant exercised         $ 292,000 $ 292,000                    
Tender shares repurchased price per share [3]       $ 1.49 [2]           $ 1.96     $ 1.56 $ 1.71 $ 0.98 0.95
Class of warrant or right outstanding               4,125,200            
Warrants repurchased                 0              
Warrants expired       3,936,391                        
Common Stock [Member]                                
Accumulated Other Comprehensive Income (Loss) [Line Items]                                
Shares issued during the period, shares                 0              
Tender shares repurchased, value $ 4,250,000 $ 4,250,000           $ 4,250,000                
Tender shares repurchased, shares 1,603,773             1,603,773 [4]                
Tender shares repurchased price per share $ 2.65             $ 2.65                
Transaction costs $ 111,000             $ 111,000                
Common Stock [Member] | Stock Repurchase Plan [Member]                                
Accumulated Other Comprehensive Income (Loss) [Line Items]                                
Stock repurchased during the period               190,954 449,088              
Tender shares repurchased, value               $ 371,000 $ 869,000              
Treasury Stock [Member]                                
Accumulated Other Comprehensive Income (Loss) [Line Items]                                
Stock repurchased during the period [5]               190,954 449,088              
Shares held in treasury                 35,555              
Treasury Stock [Member] | June 2020 Stock Repurchase Plan [Member]                                
Accumulated Other Comprehensive Income (Loss) [Line Items]                                
Shares held in treasury                   105,733            
Treasury Stock [Member] | September 2021 Stock Repurchase Plan [Member]                                
Accumulated Other Comprehensive Income (Loss) [Line Items]                                
Stock repurchased during the period                 35,555              
Officer [Member]                                
Accumulated Other Comprehensive Income (Loss) [Line Items]                                
Shares issued during the period, shares               23,216                
Private Investor [Member]                                
Accumulated Other Comprehensive Income (Loss) [Line Items]                                
Stock repurchased during the period     100                          
Payment for repurchase of shares     $ 150,000                          
New Shareholders [Member] | Warrant [Member]                                
Accumulated Other Comprehensive Income (Loss) [Line Items]                                
Exercise price of warrants                               $ 1.50
Warrants issued                               4,323,135
Dividend Paid [Member]                                
Accumulated Other Comprehensive Income (Loss) [Line Items]                                
Dividends               $ 0 $ 0              
[1] Based on the terms provided in the warrant agreement to purchase common stock of Optex Systems Holdings, Inc. dated August 26, 2016.
[2] Warrants expired worthless without cashless exchange pursuant to the Warrant Agreement Section 2(c) determination that the August 26, 2021 VWAP calculation of $1.49 was below the exercise price of $1.50.
[3] Based on the trading value of common stock of Optex Systems Holdings, Inc. as of each presented period ending date. August 26, 2021 stock price based on the volume weighted average price for 618,451 share trades on that date. Closing price was $1.55 based trades of 2,400 final shares traded.
[4] Common shares repurchased pursuant to the tender offer that closed on September 15, 2022. Total tendered shares of 1,603,773 at $2.65, or $4.25 million, plus transaction costs of $111 thousand. Repurchased shares were immediately cancelled.
[5] Common shares repurchased in the open market during the twelve months ended October 3, 2021 and October 2, 2022. Shares were held in treasury using the cost method. As of October 3, 2021, there were 35,555 shares held in treasury at a cost of $69 thousand. As of October 2, 2022, all of the treasury shares have been cancelled.