6. TREASURY STOCK

6 Months Ended

Jun. 30, 2020

Equity [Abstract]

TREASURY STOCK

NOTE 6: TREASURY STOCK

On December 23, 2019, the Board authorized the repurchase of up to 500 shares of the Company’s outstanding common stock (the “Repurchase Program”). The Repurchase Program was funded from cash on hand and cash provided by operating activities. The Board separately authorized the repurchase of additional shares during the quarter ended March 31, 2020, in a privately negotiated transaction. As of March 31, 2020, the repurchase program has been exhausted.

For the three months ended June 30, 2020, no shares of common stock were purchased by the Company. For the six months ended June 30, 2020, the Company purchased 744 shares of common stock at an average price of approximately $0.70 per share totaling $524 in a privately negotiated transaction.

For the three months ended June 30, 2019, the Company purchased 60 shares of common stock at an average price of approximately $0.80 per share totaling $48. For the six months ended June 30, 2019, the Company purchased 288 shares of common stock at an average price of approximately $0.76 per share totaling $218.

Treasury shares are accounted for using the cost method.