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Share Repurchase Program | 3 Months Ended
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Mar. 31, 2024
Share Repurchase Program [Abstract] |
SHARE REPURCHASE PROGRAM | 17. SHARE REPURCHASE PROGRAM On May 17, 2023, the Board of Directors authorized a share repurchase program to acquire up to $2 million of the Company’s common stock. The Company may purchase common stock on the open market, through privately negotiated transactions, or by other means including through the use of trading plans intended to qualify under Rule 10b-18 under the Securities Exchange Act of 1934, as amended, in accordance with applicable securities laws and other restrictions. The timing and total amount of stock repurchases will depend upon business, economic and market conditions, corporate and regulatory requirements, prevailing stock prices, and other considerations. The share repurchase program will have a term of 18 months and may be suspended or discontinued at any time and does not obligate the company to acquire any amount of common stock. The objective of this program is to repurchases shares of common stock opportunistically when management believes that the Company’s stock is trading below the Company’s determination of long-term fair value. The shares of common stock when repurchased by the Company will become treasury shares. The Company purchased under the share repurchase program 5,418 shares of common stock for a net cost of $6,098 for the three month ended March 31, 2024.

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