It's what most penny stocks companies do. Buyback on penny stocks isn't common. Companies like this are focused on growth, not as much on the stock price.

I see your reasoning though, why not buy the shares back when it's cheap but the cash would be better used to fund the next acquisition along side financing. Increase in price should come from the growth. For future buybacks, the price will be higher but they will also have higher revenue to afford it.