Quarterly report pursuant to Section 13 or 15(d)


9 Months Ended
Sep. 30, 2021
Other Liabilities Disclosure [Abstract]  


On June 8, 2021, 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. 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 September 30, 2021, the Company has repurchased an aggregate of 8,645,659 shares of its common stock at an aggregate cost of $16,286,805 (exclusive of commissions) or an average per share price of $1.88. Except for the Company’s repurchase in May 2021 of 40,000 shares of its common stock from one of its directors at a price of $3.27 per share or an aggregate consideration of $130,800 in a privately negotiated transaction (see Note M below), the Company did not repurchase any shares of its common stock during the nine months ended September 30, 2021. At September 30, 2021, the dollar value of remaining shares that may be repurchased under the Share Repurchase Program was $4,869,200.