6. TREASURY STOCK

9 Months Ended

Sep. 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 had been exhausted.

For the three months ended September 30, 2020, the Company purchased 3 shares of common stock at an average price of approximately $0.43 per share totaling $1 in a privately negotiated transaction. For the nine months ended September 30, 2020, the Company purchased 746 shares of common stock at an average price of approximately $0.70 per share totaling $525 in privately negotiated transactions.

For the three months ended September 30, 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. For the nine months ended September 30, 2019, the Company purchased 588 shares of common stock at an average price of approximately $0.37 per share totaling $218.

Treasury shares are accounted for using the cost method.