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7. TREASURY STOCK
12 Months Ended
Dec. 31, 2019
Equity [Abstract]  
TREASURY STOCK

NOTE 7: TREASURY STOCK

 

On March 26, 2018, the Board of Directors authorized a repurchase program (the “2018 Repurchase Program”) under which the Company could repurchase up to $1,000 of outstanding stock. The 2018 Repurchase Program was funded from cash on hand and cash provided by operating activities.

 

During the year ended December 31, 2018, the Company repurchased 25 shares of common stock at a total cost of $22 under the 2018 Repurchase Program. The average price per share of treasury stock purchased in 2018 was $0.86.

 

On December 31, 2018, the Company had 2,027 shares of common stock held in treasury.

 

On December 23, 2019, the Board of Directors authorized a new repurchase program (the “2019 Repurchase Program”) under which the Company could repurchase up to 500 shares of outstanding stock. The 2019 Repurchase Program will be funded from cash on hand and cash provided by operating activities.

 

During the year ended December 31, 2019, the Company repurchased 588 shares of common stock at a total cost of $218 under the 2018 Repurchase Program and repurchased 6 shares of common stock at a total cost of $4 under the 2019 Repurchase Program. The average price per share of treasury stock purchased in 2019 was $0.37.

 

On December 31, 2019, the Company had 2,621 shares of common stock held in treasury. An additional 744 shares of common stock were repurchased in the first quarter of 2020 for an aggregate amount of $524.

 

Treasury shares are accounted for using the cost method.