Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Purchases of Equity Securities
The Board of Directors
authorized the Company to repurchase up to 5,000,000 outstanding shares of common stock from time to time either in open market
or privately negotiated transactions. On April 5, 2022, in accordance with the Board of Directors’ prior authorization, the Company
purchased 192,750 shares of its common stock in a privately negotiated transaction at a price of $0.25 per share for an amount of approximately
$48,000. At June 30, 2022, the Company had repurchased 2,234,721 shares of its common stock and a total of 2,765,279 of
the authorized shares, remained available for repurchase as of June 30, 2022.
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