Item 2. Unregistered Sales of Equity Securities
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds.
Purchases
of Equity Securities by the Issuer
On
December 6, 2021, the board of directors of the Company authorized the repurchase of up to $10.0 million of the Company’s outstanding
common stock under the specified terms of a share repurchase program (the “Program”). During the three months ended March
31, 2022, the Company repurchased 1,876,034 shares of its common stock for $2,063,768, in accordance with the Program. The Program does
not obligate the Company to acquire any specific number of shares and shares may be repurchased in privately negotiated and/or open market
transactions, including under plans complying with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”).
Period
Total Number of
Shares
Purchased
Average Price
Paid per
Shares
Total Number of
Shares Purchased as
Part of Publicly
Announced
Program
Maximum Approximate
Dollar Value of
Shares that May Yet Be
Purchased Under the
Program
January 2022
697,093
1.11
697,093
—
February 2022
692,984
1.12
692,984
—
March 2022
485,957
1.06
485,957
—
Total all plans
1,876,034
$
1.10
1,876,034
$
5,961,153
58
Item
3. Defaults upon Senior Securities.
Not
applicable.
Item
4. Mine Safety Disclosures.
Not
applicable.
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