7. TREASURY STOCK

9 Months Ended

Sep. 30, 2019

Equity [Abstract]

TREASURY STOCK

NOTE 7: TREASURY STOCK

On March 26, 2018, the Board authorized the repurchase of up to $1,000 of the Company’s outstanding common stock (the “Repurchase Program”). The Repurchase Program was funded from cash on hand. During the three months ended March 31, 2019, 228 shares of our outstanding common stock were purchased at the price of $0.75 under the Repurchase Program. The Repurchase Program expired on March 31, 2019.

On May 2, 2019, the Company repurchased 60 shares from a former member of the Board. The shares were repurchased at the price of $0.80 per share, which was the average closing price for the ten trading days prior to the date of repurchase.

On September 1, 2019, the Company received 300 shares of common stock from our former CEO in exchange for certain previously impaired Company equipment ($0 carrying value at the time of exchange). No value was recorded to treasury stock because the assets had approximately $0 fair value at the time of the exchange.