Note 9 - Proposed Recapitalization

9 Months Ended

Sep. 30, 2017

Notes to Financial Statements

Recapitalization [Text Block]

9. PROPOSED RECAPITALIZATION

In

September 2017,

the Company

’s Board of Directors approved a

1

-for-

1,764,560

reverse stock split of the Company’s class B common stock followed by a

1,764,560

-for-

1

forward stock split that will cash out all holders of the Company's class B common stock, other than the Company's founder and chief executive officer.

In

September 

2017,

the Company entered into a commitment letter with First National Bank of Omaha, which expires on

December 29, 2017,

to provide a senior secured term loan of

$70

million, a senior secured delayed draw term loan facility of

$20

million and a senior secured revolving line of credit facility in an amount equal to

$10

million.

The proposed

recapitalization is subject to closing of financing and approval by the holders of the Company’s class A common stock, class B common stock and both classes of stock voting together as a group.

The Company incurred expenses related to the

proposed recapitalization of approximately

$975,000

and

$1.1

million in the

three

and

nine

months ended

September 30, 2017,

respectively, which are included in selling and administrative expenses.  These expenses include

the amount reimbursed to Mr. Hays (see Note

8

).