NOTE 11 – 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. 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. The shares are treated as Treasury Stock using the cost method. As of April 2025, the Company has paused the repurchase program.

On December 11, 2025, the Company granted the directors of the Company 875,000 shares of common stock in a restricted stock unit (“RSU”) transaction. The RSUs vested immediately and the Company withheld 393,750 shares valued at $401,625 to cover the expected income tax effect of the grants. The Company recorded stock based compensation expense to general and administrative expenses of $892,500 related to the RSU grants.

As of January 31, 2026 and April 30, 2025, the total number of shares held in Treasury Stock was 15,270,066 and 14,876,316, respectively, shares at total costs of $45,009,541 and $44,607,916, respectively.