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Subsequent Events
6 Months Ended
Jun. 30, 2019
Subsequent Events [Abstract]  
Subsequent Events

Note 12. Subsequent Events

 

In July 2019, the Company redeemed 3,750 previously awarded expiring stock options from a related party for cash totaling $6,413, of which $3,766 had previously been expensed in 2012, with the balance of $2,647 being recognized as additional compensation costs in July 2019. See Note 8 and Note 9.

 

In July 2019, the Company redeemed 9,225 previously awarded expiring stock options from an employee for cash totaling $13,930, of which $7,976 had previously been expensed in 2012, with the balance of $5,954 being recognized as additional compensation costs in July 2019. Additionally, in July, the employee exercised 5,775 expiring stock options at an exercise price of $1.00 per share.

 

In July 2019, the Company announced its annual meeting of stockholders to be held on Friday, September 6, 2019. Stockholders of record at the close of business on July 18, 2019 will be entitled to vote at and attend the meeting.

 

On July 31, 2019, the Company executed the First Amendment to Convertible Promissory Note with TEC to extend the note’s maturity date for one additional year to August 1, 2020 and to reaffirm TEC will remit a payment of 20% of its net proceeds from its recent public offering within ten (10) days of the note’s amendment date. All other terms and conditions of the Note remain unchanged.