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Note 24 - Subsequent Events
12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Subsequent Events [Text Block]

24.   Subsequent Events

 

During January 2022, the Company made several announcements. Mr. Frank Cesario was hired as Chief Executive Officer, as position he previously held until he resigned from the Company during 2020. He had been the Company’s Chief Financial Officer from 2017 until 2020 when the Chief Financial Officer position was taken by Ms. Jennifer Connerty. Ms. Connerty resigned from the Company effective January 2022. Mr. Cesario is serving as Acting Chief Financial Officer. Three Directors retired from the Board of Directors – Mr. John Klimek, Ms. Wan Zhang and Ms. Yaping Zhang. Three Directors joined the Board of Directors – Messrs. Douglas Bosley, Gerald (J.D.) Roberts, Jr., and Philip Wong.

 

During 2022 the Company received two notices of deficiency from the NASDAQ.  One notice related to a failure to hold an annual meeting of shareholders during 2021.  The Company was granted until June 17, 2022 to hold an annual meeting of shareholders in order to resolve this deficiency, which the Company intends to do.  The other notice related to a failure to maintain a $1 bid price during a 30 day period.  The Company must achieve a $1 bid price for no fewer than ten (10) consecutive trading days during a 180 day grace period in order to regain compliance.  The Company may be granted an additional 180 days, if needed, in order to regain compliance with this standard.  On March 30, 2022, the NASDAQ informed the Company that it had regained compliance with the minimum bid price issue and the matter was resolved.

 

During February 2022, Engie Resources LLC filed a claim against the Company, seeking payment of $94,000 related to utilities provided during 2019.  During March 2022, the parties agreed to settle all claims for a series of payments to be made by the Company during 2022 totaling $75,000.