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 March 31, 2020, the Company has repurchased an aggregate of 8,562,070 shares of its common stock at an aggregate cost of $16,058,472 (exclusive of commissions) or an average per share price of $1.88. All such repurchased shares have been cancelled. During the three months ended March 31, 2020, the Company repurchased 72,300 shares of its common stock at a cost of $151,626 (exclusive of commissions) or an average per share price of $2.10. At March 31, 2020, the dollar value of remaining shares that may be repurchased under the Share Repurchase Program was $4,293,632.