NOTE 12 – TREASURY STOCK

In May 2022, the Board authorized a share repurchase program to acquire its outstanding common stock for up to $10 million. In January 2023, the Board authorized an additional share repurchase program to acquire up to an additional $10 million of the Company’s outstanding common stock (“the New Program”). In conjunction with the share repurchase programs, 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. During the nine months ended January 31, 2023, the Company repurchased 3,393,060 shares at a total cost, including commissions, of $9,254,005. These shares are treated as Treasury Stock using the cost method. The 3,393,060 shares repurchased are included in Treasury Stock in the accompanying Condensed Consolidated Balance Sheets. At January 31, 2023, including the New Program, $10,745,995 remains available to repurchase the Company’s common stock pursuant to the share repurchase programs.