NOTE 12 – TREASURY STOCK

In May 2022, the Company’s Board of Directors authorized a share repurchase program to acquire its outstanding Common Stock for up to $10,000,000. In conjunction with the share repurchase program, the Company selected a broker to repurchase shares on behalf of the Company. The amount of Common Stock repurchased on any given trading day is determined by a formula, which is based on the market price of the Common Stock and average daily volumes. Shares repurchased are held in treasury for general corporate purposes. In July 2022, the Company repurchased 851,981 shares at a total cost, including commissions, of $2,090,847. These shares are treated as Treasury Stock using the cost method. The 851,981 shares repurchased are included in Treasury Stock in the accompanying Condensed Consolidated Balance Sheets. At July 31, 2022, $7,909,153 remains available to repurchase the Company’s Common Stock pursuant to the share repurchase program.