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13. TREASURY STOCK
12 Months Ended
Dec. 31, 2012
Equity [Abstract]  
13. TREASURY STOCK

NOTE 13 – TREASURY STOCK

 

In June 2011, the Company repurchased 100,500 shares of common stock of the Company at an average price of $3.46 per share for a total cost of $348,147 under the approval of the Board of Directors. In September 2011, the Company repurchased 84,099 common stock of the Company at an average price of $1.81 per share for a total cost of $151,853 under the approval of the Board of Directors. The Company recorded the entire purchase price of the treasury stock as a reduction of equity.

 

No shares of common stock were repurchased for the fiscal year 2012.