STOCKHOLDERS’ EQUITY

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

STOCKHOLDERS’ EQUITY

STOCKHOLDERS’ EQUITY

On May 24, 2021, the Board authorized a stock repurchase program to purchase up to $5.0 million of the currently outstanding shares of the Company’s common stock, over a period of 12 months through open market purchases, in compliance with Rule 10b-18 under the Securities Exchange Act of 1934. On January 18, 2022, the Board authorized a $2.0 million increase to the stock repurchase program, to a total of $7.0 million. On February 2, 2022, the Board authorized an additional $1.5 million increase to the stock repurchase, to a total of $8.5 million. On September 12, 2022, the Board authorized an additional $2 million increase to the stock repurchase, to a total of $10.5 million. In total, the Company has repurchased 1,099,833 shares of common stock at an average price per share of $8.25 for a total of $9.1 million, under this program.

The Company did not repurchase shares of common stock either during the six months ended June 30, 2024 or during the three months ended June 30, 2023. As of June 30, 2024, we have $1.4 million remaining under the repurchase program.

In February 2021, the Company repurchased 350,000 shares of common stock with an average price per share of $8.50, for a total of $3.0 million, outside of any stock repurchase or publicly announced program.

WARRANTS

The following table shows warrant activity for the six months ended June 30, 2024.

	Number of Shares	Weighted Average Exercise Price
Warrants outstanding as of December 31, 2023	511,681	$	8.74
Issued	—	$	—
Exercised	—	$	—
Expired	(25,650)	$	14.46
Warrants outstanding as of June 30, 2024	486,031	$	8.44
Warrants exercisable as of June 30, 2024	486,031	$	8.44

The aggregate intrinsic value of the warrants outstanding and exercisable as of June 30, 2024 is $13,456.