Treasury stock	9 Months Ended
Sep. 30, 2020
Treasury stock
Treasury stock	15. Treasury stock Treasury stock represents shares repurchased by the Company that are no longer outstanding and are held by the Company. Treasury stock is accounted for under the cost method. On August 13, 2020, the Board of Directors of the Company approved a share repurchase program under which the Company is permitted to repurchase up to $5.0 million of its common stock from time to time in the open market at prevailing market prices not to exceed $3.50 per share through August 12, 2021. As of September 30, 2020, the Company had repurchased 322,269 shares of the Company’s common stock that were authorized to be repurchased under the program that was approved on August 13,2020. The repurchased shares are presented as “treasury stock” on the balance sheet.

Treasury stock

9 Months Ended

Sep. 30, 2020

15. Treasury stock

Treasury stock represents shares repurchased by the Company that are no longer outstanding and are held by the Company. Treasury stock is accounted for under the cost method. On August 13, 2020, the Board of Directors of the Company approved a share repurchase program under which the Company is permitted to repurchase up to $5.0 million of its common stock from time to time in the open market at prevailing market prices not to exceed $3.50 per share through August 12, 2021. As of September 30, 2020, the Company had repurchased 322,269 shares of the Company’s common stock that were authorized to be repurchased under the program that was approved on August 13,2020. The repurchased shares are presented as “treasury stock” on the balance sheet.