12.	TREASURY STOCK TRANSACTIONS

June 2, 2020,

the Company entered into a stock purchase agreement with certain stockholders of the Company, whereby the Company purchased an aggregate of

1,858,139

shares of the Company's common stock for a negotiated purchase price of

$1.20

per share or

$2.2

million in total. The negotiated price of

$1.20

per share was less than the lowest trading price of the stock on the day of the repurchase. The consideration paid by the Company consisted entirely of an unsecured subordinated promissory note for

$2.2

million. The note accrues interest at an annual rate of

9.0%,

compounded annually, payable quarterly in arrears commencing on

September 1, 2020

and continuing on each

December 1,

March 1,

June 1

and

September 1

thereafter, and initially had a maturity date of

August 10, 2023

September 25, 2020,

the Company repaid the subordinated promissory note in the amount of

$2.2

million.

The shares repurchased on

June 2, 2020

were

not

purchased under a stock repurchase plan. The Company did

not

repurchase any shares in the comparable prior year period.

January 13, 2021,

the Company's Board of Directors authorized a program to repurchase shares of the Company's common stock constituting, in the aggregate, up to an amount

not

to exceed

$7.5

million, consistent with the maximum limitation set forth by the Company's revolving line of credit. The program is designed to provide the Company with enhanced flexibility over the long term to optimize its capital structure. Shares of the common stock

may

be repurchased in the open market or through negotiated transactions. The program

may

be terminated or suspended at any time at the discretion of the Company.