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Treasury Stock

12 Months Ended

Dec. 31, 2018

(8)	Treasury Stock

In August 2017, the Company’s Board of Directors approved a share repurchase program pursuant to which the Company may purchase up to $7 million of shares of its common stock over the twelve month period following the establishment of the program. The repurchases under the share repurchase program are made from time to time in the open market or in privately negotiated transactions and are funded from the Company’s working capital. Repurchases will be made in compliance with Rule 10b-18 of the Securities Exchange Act of 1934, as amended, subject to market conditions, available liquidity, cash flow, applicable legal requirements and other factors. All shares of common stock repurchased under the Company’s share repurchase program will be returned to the status of authorized but unissued shares of common stock. On August 7, 2018, the Board approved an extension to the existing share repurchase program for an additional twelve month period ending August 14, 2019.

In the year ended December 31, 2017, the Company has repurchased an aggregate of 135,000 share of common stock under the repurchase program at an average price per share of $9.40, for a total cost of $1,257,100. In the year ended December 31, 2018, the Company further repurchased additional 222,314 shares of common stock under the repurchase program. These shares were repurchased at an average price per share of $9.92, for a total cost of $2,174,430.

As of December 31, 2018, the Company has repurchased an aggregate of 357,314 shares of common stock under the repurchase program at an average price per share of $9.60, for a total cost of $3,431,530.