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Subsequent Events
12 Months Ended
Dec. 31, 2018
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events

Conversions of Series B Preferred Stock and Series C Preferred Stock

During February 2019, 75 shares of Series B Preferred Stock were converted to 267,857 shares of the Company’s common stock and 50 shares of Series C Preferred Stock were converted to 166,667 shares of the Company’s common stock. As of the filing of this Report, no shares of Series B Preferred Stock remain issued and outstanding and 475 shares, or $475,000 of stated value, of Series C Preferred Stock remain issued and outstanding.

Reverse Stock Split

As of the filing of this Report, the Company’s board of directors has approved, and the holders of a majority of the Company’s issued and outstanding shares of common stock have approved by written consent (the “Written Consent”), an amendment to the Company’s Amended & Restated Certificate of Incorporation to implement a reverse stock split of the Company’s issued and outstanding shares of common stock at a ratio of one-for-ten (the “Stock Split”) as soon as practicable following the delivery of an Information Statement pursuant to Rule 14c-2 of the Exchange Act to the Company’s stockholders. The intended purpose of the Stock Split is to increase the per share trading value of the Company’s common stock, and, by doing so, regain compliance with the continued listing standards of the NYSE American.

The Written Consent is the only stockholder approval required to effect the Stock Split, and no consent or proxies will be requested from the Company’s stockholders in connection therewith. The Stock Split will only become effective if and when the Company's board of directors determines to effect it, but, in any event, not sooner than 20 calendar days after an Information Statement is first mailed or otherwise delivered to the Company's stockholders. The Company is currently preparing an Information Statement for delivery to its stockholders and expects to do so in the near future. The Company's board of directors reserves its right to elect to abandon the Stock Split if it determines, in its sole discretion, that the Stock Split is no longer in the best interest of the Company and its stockholders. There can be no assurance that the Company will implement the Stock Split, that the Stock Split will be successful in increasing the trading value of the Company's common stock or that the NYSE American will deem the Company to be in compliance with its continued listing standards following the completion of the Stock Split. The Information Statement to be delivered to the Company's stockholders in connection with the Written Consent and the Stock Split will contain important information regarding the Stock Split, and you are urged to read it carefully and in its entirety.