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Subsequent Events
12 Months Ended
Dec. 31, 2019
Subsequent Events [Abstract]  
Subsequent Events

NOTE 16 – SUBSEQUENT EVENTS

 

On February 10, 2020, Messrs. Ison and Morrison, each received restricted stock unit (RSU’s) grants of 15,000 of shares of our common stock.   The RSU’s vest over three years, with equal semi-annual installments over a period of three years, subject to continued employment with the Company on each vesting date.

 

 

On February 15, 2020, Steve Cooper was terminated from his officer positions with the Company and exercised 611,250 options or RSU’s on a net exercise after tax basis which resulted in the issuance of 203,669 shares of common stock.  Mr. Cooper remains on the board of directors. On March 6, 2020, Mr. Cooper executed a waiver and release of the Company as a condition to receiving certain severance benefits as provided in his employment agreement. In connection therewith, 3,750 shares of common stock underlying an option to purchase common stock accelerated and became fully vested and exercisable and 20,000 shares of common stock underlying restricted stock units accelerated and became fully vested and exercisable.

 

In March 2020, the Company signed a term sheet with a lender for a $5.0 million non-interest bearing convertible note with a 10% original issue discount.  The first tranche of $3.0 million is available upon closing with $2.0 million available seven months from the date of closing at the option of the Company.  The note is repayable in twenty-two installments beginning three month after closing.

The Company has evaluated subsequent events after the consolidated balance sheet date of December 31, 2019 through the date of filing.  Based upon the Company’s evaluation, management has determined that, other than as disclosed in the accompanying notes, no subsequent events have occurred that would require recognition in the accompanying consolidated financial statements or disclosure in the notes thereto.