Quarterly report pursuant to Section 13 or 15(d)


6 Months Ended
Jun. 30, 2019
Notes to Financial Statements  

On June 11, 2019, the Board of Directors authorized an extension and increase of the Company's share repurchase program (the "Share Repurchase Program") to repurchase up to $5,000,000 of common stock over the subsequent 24 month period (for a total authorization of approximately $22,000,000 since inception of the program in August 2011).  The common stock may be repurchased from time to time in open market transactions or privately negotiated transactions in the Company's discretion.  The timing and amount of the shares repurchased is determined by management based on its evaluation of market conditions and other factors.  The Share Repurchase Program may be increased, suspended or discontinued at any time.


Since inception of the Share Repurchase Program through June 30, 2019, the Company has repurchased an aggregate of 8,294,546 shares of its common stock at an aggregate cost of $15,473,903 (exclusive of commissions) or an average per share price of $1.87.  All such repurchased shares have been cancelled.  During the six months ended June 30, 2019, the Company repurchased 140,148 shares of its common stock at a cost of $330,987 (exclusive of commissions) or an average per share price of $2.37. At June 30, 2019, the dollar value of remaining shares that may be repurchased under the Share Repurchase Program was $4,818,350.