On August 22, 2011, the Company established a share repurchase program (“Share Repurchase Program”). On June 11, 2019, the Company’s Board of Directors authorized an extension and increase of the Share Repurchase Program to repurchase up to $5,000,000 of the Company’s common stock over the subsequent 24-month period. 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 are determined by management based on its evaluation of market conditions and other factors. The repurchase program may be increased, suspended or discontinued at any time.

During the year ended December 31, 2020, the Company repurchased an aggregate of 115,889 shares of its common stock pursuant to the Share Repurchase Program at a cost of approximately $249,158 (exclusive of commissions) or an average price per share of $2.15 per share.

Since inception of the Share Repurchase Program (August 2011) through December 31, 2020, the Company has repurchased an aggregate of 8,605,659 shares of its common stock at a cost of approximately $16,156,005 (exclusive of commissions) or an average per share price of $1.88 per share.