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STOCK REPURCHASE PLAN | 9 Months Ended
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Sep. 30, 2021
STOCK REPURCHASE PLAN |
Stock Repurchase Plan | 16. STOCK REPURCHASE PLAN The Company entered into a repurchase plan (the “Plan”) dated June 4, 2021 with an independent broker for the purchase of up to $10 million of the Company’s Common Stock. Under the Plan, open market purchases of the Company’s Common Stock commenced June 18, 2021 and 231,321 shares were purchased in the quarterly period ended September 30, 2021 for an aggregate purchase price of $2,684,902. A total of 244,821 shares have been repurchased for $2,839,326 as of September 30, 2021. These treasury share purchases are accounted for under the cost method and are included as a component of treasury stock in the Company’s balance sheets. The Plan terminates on the earliest of: June 18, 2022, the completion of all purchases contemplated by the Plan, termination by either party, the existence of a legal or regulatory restriction, certain fundamental business transactions, liquidation or reorganization, or failure of the Company to adhere to the representations and warranties in the Plan. The Plan is structured to comply with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934. The purchases under the Plan are subject to Rule 10b-18 limitations as well as certain price and market volume constraints specified in the Plan. As of November 10, 2021, 362,854 shares were purchased for a total of $4.0 million. ​

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