14.         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 November 12, 2024, the Board of Directors of the Company approved a share repurchase program under which the Company was permitted to repurchase up to $5.0 million of its common stock from time to time in the open market at prevailing markets prices not to exceed $5.50 per share through November 15, 2025. As of June 30, 2025 and December 31, 2024, the Company had cumulatively repurchased 15,000 and 15,000 shares, respectively, of the Company’s common stock under the program and the total number of shares held in treasury was 2,167,600 as of June 30, 2025. The repurchased shares are presented as “treasury stock” on the balance sheet.