0001387131-19-008754.txt : 20191114 0001387131-19-008754.hdr.sgml : 20191114 20191114163627 ACCESSION NUMBER: 0001387131-19-008754 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 57 CONFORMED PERIOD OF REPORT: 20190930 FILED AS OF DATE: 20191114 DATE AS OF CHANGE: 20191114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NANOPHASE TECHNOLOGIES Corp CENTRAL INDEX KEY: 0000883107 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS PRIMARY METAL PRODUCTS [3390] IRS NUMBER: 363687863 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-22333 FILM NUMBER: 191221023 BUSINESS ADDRESS: STREET 1: 1319 MARQUETTE DRIVE CITY: ROMEOVILLE STATE: IL ZIP: 60446 BUSINESS PHONE: 6303231200 MAIL ADDRESS: STREET 1: 1319 MARQUETTE DRIVE CITY: ROMEOVILLE STATE: IL ZIP: 60446 FORMER COMPANY: FORMER CONFORMED NAME: NANOPHASE TECHNOLOGIES CORPORATION DATE OF NAME CHANGE: 19970305 10-Q 1 nanx-10q_093019.htm QUARTERLY REPORT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended: September 30, 2019

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) of the
Securities Exchange Act of 1934

For the transition period from to

Commission File Number: 000-22333

Nanophase Technologies Corporation

(Exact name of registrant as specified in its charter)

Delaware	36-3687863
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

1319 Marquette Drive, Romeoville, Illinois 60446

(Address of principal executive offices, and zip code)

Registrant’s telephone number, including area code: (630) 771-6708

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “accelerated filer”, “large accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐		Accelerated filer ☐

Non-accelerated filer ☐		Smaller reporting company ☑

		Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

As of November 14, 2019, there were 38,136,792 shares outstanding of common stock, par value $.01, of the registrant.

NANOPHASE TECHNOLOGIES CORPORATION

QUARTER ENDED SEPTEMBER 30, 2019

INDEX

		Page

PART I - FINANCIAL INFORMATION		1
Item 1.	Unaudited Consolidated Condensed Financial Statements	1
	Balance Sheets (Unaudited Consolidated Condensed) as of September 30, 2019 and December 31, 2018	1
	Statements of Operations (Unaudited Consolidated Condensed) for the three and nine months ended September 30, 2019 and 2018	2
	Statements of Stockholders Equity (Unaudited Consolidated Condensed) for the three and nine months ended September 30, 2019 and 2018	3
	Statements of Cash Flows (Unaudited Consolidated Condensed) for the nine months ended September 30, 2019 and 2018	4
	Notes to Unaudited Consolidated Condensed Financial Statements	5
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	14
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	19
Item 4.	Controls and Procedures	19

PART II - OTHER INFORMATION		19
Item 1.	Legal Proceedings	19
Item 1A.	Risk Factors	20
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	21
Item 3.	Defaults Upon Senior Securities.	22
Item 4.	Mine Safety Disclosures.	22
Item 5.	Other Information.	22
Item 6.	Exhibits.	22

SIGNATURES		23

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

NANOPHASE TECHNOLOGIES CORPORATION

CONSOLIDATED BALANCE SHEETS

(Unaudited Consolidated Condensed)

(in thousands except share and per share data)

	September 30, 2019			December 31, 2018

ASSETS
Current assets:
Cash and cash equivalents	$	962		$	1,345
Trade accounts receivable, less allowance for doubtful accounts of $9,000 on September 30, 2019 and on December 31, 2018		1,373			829
Inventories, net		2,144			2,242
Prepaid expenses and other current assets		285			273
Total current assets		4,764			4,689

Equipment and leasehold improvements, net		2,164			1,865
Operating lease right-of-use assets		2,198			—
Other assets, net		13			15
TOTAL ASSETS	$	9,139		$	6,569

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Line of credit, related party	$	1,103		$	832
Line of credit, bank		500			—
Current portion of finance lease obligations		228			218
Current portion of operating lease obligations		361			—
Accounts payable		994			1,608
Accrued expenses		960			979
Deferred revenue		469			—
Total current liabilities		4,615			3,637

Long-term portion of finance lease obligations		334			506
Long-term portion of operating lease obligations		2,128			—
Long-term debt - Beachcorp		500			500
Long-term deferred rent		—			344
Long-term deferred revenue		125			—
Asset retirement obligations		204			198
Total long-term liabilities		3,291			1,548

Stockholders’ equity:
Preferred stock, $.01 par value, 24,088 shares authorized and no shares issued and outstanding		—			—
Common stock, $.01 par value, 42,000,000 shares authorized; 38,136,792 and 33,911,792 shares issued and outstanding on September 30, 2019 and December 31, 2018 respectively		381			339
Additional paid-in capital		100,624			98,795
Accumulated deficit		(99,772	)		(97,750	)
Total stockholders’ equity		1,233			1,384
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	9,139		$	6,569

See Notes to Consolidated Condensed Financial Statements.

NANOPHASE TECHNOLOGIES CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited Consolidated Condensed)

(in thousands except share and per share data)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Revenue:
Product revenue	$	3,043		$	3,998		$	9,797		$	10,908
Other revenue		26			24			321			128
Total revenue		3,069			4,022			10,118			11,036

Operating expense:
Cost of good sold		2,506			2,965			7,839			8,164
Gross profit		563			1,057			2,279			2,872

Research and development expense		488			416			1,450			1,513
Selling, general and administrative expense		890			765			2,711			2,299
Loss from operations		(815	)		(124	)		(1,882	)		(940	)

Interest expense		47			12			140			32
Loss before provision for income taxes		(862	)		(136	)		(2,022	)		(972	)

Provision for income taxes		—			—			—			—
Net loss	$	(862	)	$	(136	)	$	(2,022	)	$	(972	)

Net loss per basic share	$	(0.02	)	$	(0.00	)	$	(0.06	)	$	(0.03	)
Weighted average number of basic common shares outstanding		38,136,792			33,879,097			36,077,257			33,858,184
Net loss per diluted share	$	(0.02	)	$	(0.00	)	$	(0.06	)	$	(0.03	)
Weighted average number of diluted common shares outstanding		38,136,792			33,879,097			36,077,257			33,858,184

See Notes to Consolidated Condensed Financial Statements.

NANOPHASE TECHNOLOGIES CORPORATION

CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY

(Unaudited Consolidated Condensed)

(In thousands except share data)

	Preferred Stock				Common Stock				Additional		Accumulated
Description	Shares		Amount		Shares		Amount		Paid-in-Capital		Deficit			Total
Balance on December 31, 2017		—	$	—		33,847,793	$	338	$	98,563	$	(95,669	)	$	3,232
Stock-based compensation		—		—		—		—		43		—			43
(Net loss)		—		—		—		—		—		(924	)		(924	)
Balance on March 31, 2018		—	$	—		33,847,793	$	338	$	98,606	$	(96,593	)	$	2,351
Stock-based compensation		—		—		—		—		45		—			45
Net income		—		—		—		—		—		88			88
Balance on June 30, 2018		—	$	—		33,847,793	$	338	$	98,651	$	(96,505	)	$	2,484
Stock option exercises		—		—		63,999		1		28		—			29
Stock-based compensation		—		—		—		—		58		—			58
(Net loss)		—		—		—		—		—		(136	)		(136	)
Balance on September 30, 2018		—	$	—		33,911,792	$	339	$	98,737	$	(98,910	)	$	2,435

Balance on December 31, 2018		—	$	—		33,911,792	$	339	$	98,795	$	(97,750	)	$	1,384
Stock-based compensation		—		—		—		—		57		—			57
(Net loss)		—		—		—		—		—		(513	)		(513	)
Balance on March 31, 2019		—	$	—		33,911,792	$	339	$	98,852	$	(98,263	)	$	928
Stock option exercises		—		—		36,000		—		16		—			16
Stock-based compensation		—		—		—		—		58		—			58
Issuance of Common Stock		—		—		4,189,000		42		1,634		—			1,676
(Net loss)		—		—		—		—		—		(647	)		(647	)
Balance on June 30, 2019		—	$	—		38,136,792	$	381	$	100,560	$	(98,910	)	$	2,031
Stock-based compensation		—		—		—		—		64		—			64
(Net loss)		—		—		—		—		—		(862	)		(862	)
Balance on September 30, 2019		—	$	—		38,136,792	$	381	$	100,624	$	(99,772	)	$	1,233

See Notes to Consolidated Condensed Financial Statements.

NANOPHASE TECHNOLOGIES CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited Consolidated Condensed)

	Nine Months Ended September 30,
	2019			2018
	(in thousands)
Operating activities:
Net loss	$	(2,022	)	$	(972	)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization		234			239
Loss on disposal of equipment and leasehold improvements		16			—
Share-based compensation		179			146

Changes in assets and liabilities related to operations:
Trade accounts receivable		(544	)		(802	)
Inventories		98			(706	)
Prepaid expenses and other assets		(12	)		(84	)
Accounts payable		(632	)		872
Accrued expenses		(19	)		386
Deferred revenue		594			—
Other long-term assets and liabilities		(53	)		—
Net cash used in operating activities		(2,161	)		(921	)

Investing activities:
Acquisition of equipment and leasehold improvements		(523	)		(115	)
Net cash used in investing activities		(523	)		(115	)

Financing activities:
Principal payment on finance leases		(162	)		(114	)
Proceeds from line of credit, bank		1,000			1,200
Payments to the line of credit, bank		(500	)		(1,000	)
Proceeds from line of credit, related party		8,166			—
Payments to line of credit, related party		(7,895	)		—
Proceeds from issuance of common stock		1,676			—
Proceeds from stock option exercises		16			29
Net cash provided by financing activities		2,301			115
Decrease in cash and cash equivalents		(383	)		(921	)
Cash and cash equivalents at beginning of period		1,345			1,955
Cash and cash equivalents at end of period	$	962		$	1,034

Supplemental cash flow information:
Interest paid	$	126		$	32

Supplemental non-cash investing and financing activities:
Accounts payable incurred for the purchase of equipment and leasehold improvements	$	18		$	6
Non-cash purchases of property and equipment	$	—		$	248

See Notes to Consolidated Condensed Financial Statements.

NANOPHASE TECHNOLOGIES CORPORATION

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

(Unaudited Consolidated Condensed)

(in thousands, except share and per share data or as otherwise noted herein)

(1) Basis of Presentation

The accompanying unaudited consolidated condensed interim financial statements of Nanophase Technologies Corporation (“Nanophase”, “Company”, “we”, “our”, or “us”) reflect all adjustments (consisting of normal recurring adjustments) which, in the opinion of management, are necessary for a fair presentation of our financial position and operating results for the interim periods presented. All statements include the results from both Nanophase and our wholly-owned subsidiary, Solesence, LLC (“Solésence,” or our “Solésence^® subsidiary”). Operating results for the three and nine months ended September 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019.

These financial statements should be read in conjunction with our audited financial statements and notes thereto for the year ended December 31, 2018, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, as filed with the Securities and Exchange Commission.

(2) Going Concern / Liquidity

We believe that cash from operations, cash on hand, cash from our May 13, 2019 and November 13, 2019 financings, in addition to unused borrowing capacity, should be adequate to fund our operating plans through 2019, but this is dependent on several things over which we have limited control. Our largest customer, consisting of 64% of revenue for the nine-months ended September 30, 2019, had a revenue decrease of 20% from the same time last year. This decline has limited our flexibility and required us to make cash management a top priority. The growth in our Solésence^® business increased 56% for the nine months ended September 30, 2019 compared to the same time last year. We continue to view Solésence^® as a critical strategic undertaking and may require additional investment in working capital. Our current plan is to continue to invest in Solésence^®-related operating expenses and capital equipment. Given the decline related to our largest customer, as well as our investment in Solésence^®, it is possible that we may need to seek additional funding to address working capital demands within the next twelve months. We believe that we will be able to secure additional financing, but we do not have any financing commitments in place. However, we may not be able to secure additional financing in a timely manner under commercially reasonable terms, or at all. If we are unable to secure additional financing, we would need to reevaluate the Company’s strategy, including our Solésence^® growth strategy, and lower investment and expenses accordingly. This could impede growth in 2020 and beyond.

These circumstances raise significant doubt as to the Company’s ability to operate as a going concern under U.S. GAAP. The accompanying financial statements have been prepared on a going concern basis in accordance with U.S. GAAP. As such, no adjustments have been made to the unaudited condensed consolidated financial statements for the recoverability of assets and classification of liabilities that might be necessary should the Company be unable to continue operating as a going concern.

(3) Summary of Significant Accounting Policies

Recently Adopted Financial Accounting Standards

On January 1, 2019, the Company adopted Accounting Standards Update (“ASU”) No. 2016-02, Leases, ASU No. 2018-10, Codification Improvements to Topic 842 (Leases) and ASU No. 2018-11, Targeted Improvements to Topic 842 (Leases). The guidance is intended to increase transparency and comparability among companies for leasing transactions, including a requirement for companies that lease assets to recognize on their balance sheets the assets and liabilities for the rights and obligations created by those leases. The guidance also provides for disclosures that allow the users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases.

The Company adopted the guidance on January 1, 2019 using the modified retrospective method without restatement of comparative periods. As such, periods prior to the date of adoption are presented in accordance with ASC 840 - Leases. The Company utilized the available practical expedient that allowed for the Company to not reassess whether existing contracts contain a lease under the new definition of a lease, lease classification for existing leases and whether previously capitalized initial direct costs would qualify for capitalization under the new guidance.

The adoption of this guidance had a material impact on the Consolidated Condensed Balance Sheet as of September 30, 2019 due to the recognition of equal right-of-use assets and lease liabilities for the Company’s portfolio of operating leases. The right-of-use asset balance was then adjusted by the reclassification of pre-existing accrued rent balances from other line items within the Consolidated Condensed Balance Sheet. The adoption had an immaterial impact to the Consolidated Condensed Statement of Cash Flows and to the Consolidated Condensed Statement of Operations for the three and nine months ended September 30, 2019. The adoption had no impact to the Consolidated Condensed Statement of Changes in Stockholders’ Equity for the three and nine months ended September 30, 2019. Additional information and disclosures required by the new standard are contained in Note 10, Leases.

(4) Description of Business

Nanophase is a skin and sun care focused company that offers engineered materials, formulation development and commercial manufacturing with an integrated family of technologies. We look at our products in three major product categories; Personal Care Ingredients, including sunscreens as active ingredients; Solésence, including full formulations of skin care products, marketed and sold by our wholly-owned subsidiary, Solesence, LLC (“Solésence,” or our “Solésence^® subsidiary”); and Advanced Materials, including architectural and industrial coating applications, abrasion-resistant additives, plastics additives, medical diagnostics, and a variety of surface finishing technologies (polishing).

Although our primary strategic focus has been the North American market, we currently sell material to customers overseas and have been working to expand our reach within foreign markets. The Company was incorporated in Illinois on November 25, 1989 and became a Delaware corporation during November 1997. Our common stock trades on the OTCQB marketplace under the symbol NANX.

While product sales comprise the majority of our revenue, we also recognize revenue from other sources from time to time. These activities are not expected to drive the long-term growth of the business. For this reason, we classify such revenue as “other revenue” in our Consolidated Condensed Statements of Operations, as it does not represent revenue directly from the sale of our products.

(5) Revenues

Revenues are recognized at a point in time, typically when control of the promised goods is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods.

Customers deposits, deferred revenue and other receipts are deferred and recognized when the revenue is realized and earned. Cash payments to customers are classified as reductions of revenue in the Company’s Consolidated Condensed Statement of Operations. Customer deposits, $344 as of September 30, 2019, have been classified as deferred revenue. At December 31, 2018, customer deposits were immaterial.

On July 31, 2019, we entered into a Joint Development Agreement, with an initial term of ten years, with Sumitomo Corporation of Americas (“SCOA”) to jointly develop certain coated materials for the use in the personal care market. In return for the Company’s exclusive efforts on SCOA’s behalf, SCOA has agreed to pay a commitment fee of $250 and two subsequent payments, of $125 each. The two subsequent payments are contingent upon the achievement of certain performance obligations as defined in the agreement.

If the Company elects to terminate the agreement within the terms allowed and prior to achieving the initial performance obligations, the original $250 must be refunded. As of September 30, 2019, the Company has not yet started fulfilling its performance obligations, and as such, the $250 received is recorded as deferred revenue, split between current and long-term, based on the Company’s estimate of the period over which the performance obligation will be completed. Revenue will be recognized proportionally to the Company’s completion of the performance obligations.

(6) Earnings Per Share

Earnings (Loss) per share is computed using the Treasury Stock Method. Options to purchase approximately 165,000 and 497,000 shares of common stock that were outstanding as of September 30, 2019 for the three and nine months ended September 30, 2019, respectively, were not included in the computation of diluted earnings (loss) per share, as the impact of such shares would be anti-dilutive. Options to purchase approximately 1,119,000 and 820,000 shares of common stock that were outstanding as of September 30, 2018 were not included in the computation of loss per share for the three and nine months ended September 30, 2018, respectively, as the impact of such shares would be anti-dilutive.

(7) Financial Instruments

We follow the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures, which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment.

Our financial instruments include cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, along with the promissory note with no related borrowings described in Note 8, and any borrowings on the working capital line of credit from Libertyville Bank and Trust and any borrowings under the Master Agreement from Beachcorp, LLC described below in Note 8. The fair values of all financial instruments were not materially different from their carrying values. There were no financial assets or liabilities adjusted to fair value on September 30, 2019 or December 31, 2018.

(8) Notes and Line of Credit

During July 2014 we entered into a bank-issued letter of credit and related promissory note for up to $30 in borrowings to support our obligations under our facility lease agreement. No borrowings have been incurred under this promissory note. Should any borrowings occur in the future, the interest rate would be the prime rate plus 1%, with the bank having the right to “set off” or apply unpaid balances against our checking account if we fail to meet our obligations under any borrowings under the note. It is our intention to renew this note annually, for as long as we need to do so pursuant to the terms of our facility lease agreement. This note was renewed through July 1, 2020. Because there were no amounts outstanding on the note at any time during 2019 or 2018, we have recorded no related liability on our balance sheet.

On March 22, 2019, we executed a New Business Loan Agreement, dated as of March 4, 2019, with Libertyville Bank and Trust Company, a Wintrust Community Bank (“Libertyville”), our primary bank, which replaces the Line of Credit Agreement with Libertyville having a maturity date of March 4, 2019. The New Business Loan Agreement matures on March 4, 2020. Under the New Business Loan Agreement, Libertyville will provide a maximum of (i) $500 or (ii) two times the sum of (a) 75% our eligible accounts receivables and (b) our cash deposited with Libertyville, whichever is less, of revolving credit to us, collateralized by a senior priority lien on our accounts receivable, inventory, equipment, general intangibles and fixtures. Interest is payable monthly on any advances at a floating interest rate of the prime rate at the time plus 1%. We must have $500 in cash, inclusive of the borrowed amount, at Libertyville on the date of any advance. Advances may only occur at the beginning or end of a fiscal quarter and must be repaid in full within five business days of the advance. As of September 30, 2019, the outstanding balance on this loan was $500. There was no outstanding balance on this loan at December 31, 2018.

On November 16, 2018, we entered into a Business Loan Agreement (the “Master Agreement”) with Beachcorp, LLC. Beachcorp, LLC is managed by Bradford T. Whitmore, who, together with his affiliates Grace Brothers, Ltd. and Grace Investments, Ltd., beneficially owned approximately 53% of our common stock as of May 13, 2019, pursuant to our 2019 financing. The Master Agreement relates to two loan facilities, each evidenced by separate promissory notes, each dated November 16, 2018: a term loan to the Company of up to $500 to be disbursed in a single advance (the “Term Loan”) with a fixed annual interest rate of 8.25%, payable quarterly, accruing from the date of such advance and with principal due on December 31, 2020; and an asset-based revolving loan facility for the Company of up to $2,000 (the “Revolver Facility”), with floating interest accruing at the prime rate plus 3% (8.25% minimum) per year, with a borrowing base consisting of qualified accounts receivable of the Company, and with all principal and accrued interest due March 31, 2020. The Term Loan and Revolver Facility are secured by all the unencumbered assets of the Company and subordinated to Libertyville’s secured interest under the New Business Loan Agreement. The Master Agreement substantially restricts the Company’s ability to incur additional indebtedness during the terms of both the Term Loan and the Revolver Facility. On September 30, 2019, the balance on the term loan was $500 and the balance on the Revolver Facility was $1,103. For the three months and nine months ended September 30, 2019, interest expense was $47 and $140, respectively, compared to the same periods in 2018 of $12 and $32, respectively. For the nine months ended September 30, 2019, $14 was accrued and $126 paid. As Beachcorp, LLC is an affiliate of one of our shareholders, $91 is interest with a related party, of which $77 was paid and $14 was owed. There was a one-time amendment to the credit agreement allowing a 30 day extended Account Receivable eligibility for one of our largest customers. With this amendment, September 30, 2019 borrowings were within the amended credit agreement line, with an additional $233 available. The balance of borrowing base, loan amount, and any excess payments required over the available borrowing base will change as frequently as daily, given the operational nature of the elements of the Revolver Facility.

(9) Inventories

Inventories consist of the following:

	September 30, 2019			December 31, 2018
Raw materials	$	1,151		$	1,086
Finished goods		1,050			1,243
		2,201			2,329
Allowance for excess inventory quantities		(57	)		(87	)
	$	2,144		$	2,242

(10) Leases

The Company’s operating lease portfolio is comprised of operating leases for office, warehouse space and equipment. Certain of the Company’s leases include one or more options to renew or terminate the lease at the Company’s discretion. The Company regularly evaluates the renewal and termination options and when they are reasonably certain of exercise, includes the renewal or termination option in our lease term.

The adoption of Topic 842 resulted in the Company recognizing operating lease liabilities totaling $2,556 with a corresponding right-of-use (“ROU”) asset of $2,212 based on the present value of the minimum rental payments of such leases. The variance between the ROU asset balance and the lease liability is deferred rent liability that existed prior to the adoption of the ASC 842 and was offset against the ROU asset balance during the adoption. As of September 30, 2019, the ROU asset had a balance of $2,198 which is included in the “Operating lease right-of-use assets” line item of these condensed consolidated financial statements and current and non-current lease liabilities related to the ROU asset of $361 and $2,128 respectively, and are included in the “Current portion of operating lease obligations” and “Long-term portion of operating lease obligations” line items of these condensed consolidated financial statements. The discount rates used for leases accounted for under ASC 842 are based on an interest rate yield curve developed for the leases in the Company’s portfolio.

The office leases contain variable lease payments which consist primarily of rent escalations based on an established index or rate and taxes, insurance, and common area or other maintenance costs, which are paid based on actual costs incurred by the lessor. The Company has elected to utilize the available practical expedient to not separate lease and non-lease components.

Quantitative information regarding the Company’s leases is as follows:


	Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
Components of lease cost
Finance lease cost components:
Amortization of finance lease assets	$	18	$	52
Interest on finance lease liabilities		14		44
Total finance lease costs		32		96
Operating lease cost components:
Operating lease cost		129		375
Variable lease cost		27		81
Short-term lease cost		16		68
Total operating lease costs		172		524

Total lease cost	$	204	$	620

Supplemental cash flow information related to leases is as follows for the nine months ended September 30, 2019:

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflow from operating leases	$	509
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	205

Weighted-average remaining lease term-finance leases (in years)		2.2
Weighted-average remaining lease term-operating leases (in years)		3.3
Weighted-average discount rate-finance leases		9.1	%
Weighted-average discount rate-operating leases		14.4	%

The future maturities of the Company’s finance and operating leases as of September 30, 2019 is as follows:

	Finance			Operating
	Leases			Leases			Total
2019	$	69		$	184		$	253
2020		255			676			931
2021		196			687			883
2022		109			705			814
2023		5			690			695
2024 and thereafter		—			580			580
Total payments	$	634		$	3,522		$	4,156
Less amounts representing interest		(72	)		(1,033	)		(1,105	)
Present value of lease obligations	$	562		$	2,489		$	3,051

(11) Share-Based Compensation

We follow FASB ASC Topic 718, Compensation – Stock Compensation, in which compensation expense is recognized only for share-based payments expected to vest. We recognized compensation expense related to stock options of $64 and $179 for the three and nine months ended September 30, 2019, respectively, compared to $58 and $146 for the three and nine months ended September 30, 2018, respectively.

As of September 30, 2019, there was approximately $422 of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under our stock option plans. That cost is expected to be recognized over a remaining weighted-average period of 1.8 years.

Stock Options and Stock Grants

During the nine months ended September 30, 2019, 36,000 stock options were exercised for $16. During the nine months ended September 30, 2018, 63,999 shares of common stock were issued pursuant to stock option exercises for proceeds of $29. During the nine months ended September 30, 2019, 547,500 stock options were granted, compared to 570,500 stock options granted during the same period in 2018. During the nine months ended September 30, 2019, 130,500 stock options expired compared to 188,504 for the same period in 2018. For the nine months ended September 30, 2019, 48,600 stock options were forfeited compared to 31,601 for the same period in 2018. We had 3,747,400 stock options outstanding at a weighted average exercise price of $0.64 on September 30, 2019, compared to 3,415,000 stock options outstanding at a weighted average exercise price of $0.67 on December 31, 2018.

No stock options were granted in the three-month periods ending September 30, 2019 and 2018.

The following table illustrates the various assumptions used to calculate the Black-Scholes option pricing model for stock options granted during the three months and nine months periods presented:

For the nine months ended	September 30, 2019			September 30, 2018
Weighted-average risk-free interest rates		2.3	%		2.9	%
Dividend yield		0.00	%		0.00	%
Weighted-average expected life of the option		7 years			7 years
Weighted-average expected stock price volatility		94	%		94	%
Weighted-average fair value of the options granted	$	0.64		$	0.64

As of September 30, 2019, we did not have any unvested restricted stock or performance shares outstanding.

(12) Significant Customers and Contingencies

Revenue from three customers constituted approximately 75%, 5% and 4%, respectively, of our total revenue for the three months ended September 30, 2019. For the nine months ended September 30, 2019, revenue from the same three customers was approximately 64%, 3% and 9%, respectively. Amounts included in accounts receivable on September 30, 2019 relating to these three customers were approximately $1,042, $116 and $122, respectively. Revenue from these three customers constituted approximately 73%, 4% and 12%, respectively, for the three months ended September 30, 2018. For the nine months ended September 30, 2018, revenue from the same three customers was approximately 73%, 3% and 8%, respectively. Amounts included in accounts receivable on September 30, 2018 relating to these three customers were approximately $1,171, $120 and $388, respectively. The loss of one of these significant customers, a significant decrease in revenue from one or more of these customers, or the failure to attract new customers could have a material adverse effect on our business, results of operations and financial condition.

We currently have exclusive supply agreements with BASF Corporation (“BASF”), our largest customer, that have contingencies outlined which could potentially result in the license of technology and/or the sale of production equipment from the Company to the customer intended to provide capacity sufficient to meet the customer’s production needs. This outcome may occur if we fail to meet certain performance requirements, certain other obligations and/or certain financial condition covenants. The financial condition covenants in one of our supply agreements with BASF “trigger” a technology transfer right (license and equipment sale at BASF’s option) in the event (a) that earnings for the twelve-month period ending with our most recently published quarterly financial statements are less than zero and a minimum of $1 million in total of certain assets of which at least $500 must be in cash, cash equivalents and certain investments, with the balance being composed of certain inventory and receivables, is not maintained or (b) of an acceleration of any debt maturity having a principal amount of more than $10 million. There are certain minimum finished goods inventory requirements with the 2019 amendment to the supply agreement. This agreement also requires Nanophase to maintain certain finished goods inventory levels as “safety stock,” beginning in the first quarter of 2019, and increasing through the third quarter of 2019 to a negotiated level based on agreed demand metrics, in order to maintain the $500 non-cash component discussed above. After September 30, 2019, should our safety stock fall below the prescribed amount of material, the quarter-end cash requirement would revert to $1,000 in cash, cash equivalents, and certain investments. As of September 30, 2019, safety stock did not meet the prescribed amount of material. However, cash, cash equivalents, and eligible accounts receivable exceeded the minimum $1,000 required as of September 30, 2019. The safety stock requirement may be adjusted upon mutual agreement.

Our supply agreements with BASF also “trigger” a technology transfer right in the event of our insolvency, as further defined within the agreements. In the event of an equipment sale, upon incurring a triggering event, the equipment would be sold to the customer at either 115% of the equipment’s net book value or the greater of 30% of the original book value of such equipment, and any associated upgrades to it, or 115% of the equipment’s net book value, depending on the equipment and related products.

Current cash and credit availability should be sufficient (see the description of our New Line of Credit Agreement with Libertyville and the Master Agreement with Beachcorp, LLC (described in Note 8) to operate our business through the balance of 2019. If a triggering event were to occur and BASF elected to proceed with the license and related equipment sale mentioned above, we would receive royalty payments from this customer for products sold using our technology; however, we would lose both significant revenue and the ability to generate significant revenue to replace that which was lost in the near term. Replacement of necessary equipment that could be purchased and removed by the customer pursuant to this triggering event could take in excess of twelve months. Any additional capital outlays required to rebuild capacity would probably be greater than the proceeds from the purchase of the assets as dictated by our agreement with the customer. Similar consequences would occur if we were determined to have materially breached certain other provisions of the supply agreement with BASF. Any such event would also likely result in the loss of many of our key staff and line employees due to economic realities. We believe that our employees are a critical component of our success and it could be difficult to replace them quickly. Given the occurrence of any such event, we might not be able to hire and retain skilled employees given the stigma relating to such an event and its impact on us. Finally, any shortfall in capital needed to operate the business as management intends, including with respect to avoiding this triggering event as described above, may result in a curtailment of certain activities or anticipated investments.

We expect to expend resources on research, development and product testing, and in expanding current capacity or capability for new business. In addition, we may incur significant costs in preparing, filing, prosecuting, maintaining and enforcing our patents and other proprietary rights. We may need additional financing if we were to lose an existing customer or suffer a significant decrease in revenue from one or more of our customers or because of currently unknown capital requirements, new regulatory requirements or the need to meet the cash requirements discussed above to avoid a triggering event under our BASF agreement. Given our expected growth in our Solésence^® business, we may also have temporary working capital demands that we cannot fund with existing capital, while remaining in compliance with the covenants included in our BASF agreement described above. If necessary, we may seek funding through public or private financing and through contracts with governmental entities or other companies. Additional financing may not be available on acceptable terms or at all, and any such additional financing could be dilutive to our shareholders. If we are unable to obtain adequate funds, we may be required to delay, scale-back or eliminate some of our manufacturing and marketing operations or we may need to obtain funds through arrangements on less favorable terms. Such circumstances could raise doubt as to our ability to continue as a going concern. If we obtain funding on unfavorable terms, we may be required to relinquish rights to some of our intellectual property.

(13) Business Segmentation and Geographical Distribution

Revenue from international sources approximated $34 and $734 for the three and nine months ended September 30, 2019, respectively, compared to $152 and $335 for the three and nine months ended September 30, 2018, respectively. All of this revenue was product revenue.

Our operations comprise a single business segment and all our long-lived assets are located within the United States. We categorize our revenue stream into three main product categories, Personal Care Ingredients, Advanced Materials and Solésence^®. The revenues for the three months and nine months ended September 30, 2019 and 2018, by category, are as follows:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Product Category	2019		2018		2019		2018
Personal Care Ingredients	$	2,304	$	2,982	$	6,464	$	8,210
Advanced Materials		388		483		1,988		1,757
Solésence^®		377		557		1,666		1,069
Total Sales	$	3,069	$	4,022	$	10,118	$	11,036

(14) Subsequent Events

On November 13, 2019, we entered into a Securities Purchase Agreement (the “SPA”) with Mr. Whitmore pursuant to which he agreed to purchase a Convertible Note from the Company for $2,000,000 and otherwise including representations, warranties and covenants which are customary for similar transactions. The transactions contemplated by the SPA are expected to close on November 20, 2019.

Pursuant to the Convertible Note, we have agreed to reserve sufficient shares of our common stock for the conversion of the Convertible Note. Our Board of Directors has proposed, and has summited to our stockholders for adoption at our 2019 annual meeting, an amendment to our certificate of incorporation to increase the number of authorized shares of common stock (the “Certificate Amendment”). If the Certificate Amendment is adopted by our stockholders and filed with the Delaware Secretary of State, we will be able to reserve a sufficient number of shares for the conversion of the Convertible Note. If the Certificate Amendment is not so filed on or before December 31, 2019, an amount equal to 105% of the outstanding principal amount of the Convertible Note (plus all accrued and unpaid interest, if any) will be immediately due and payable.

If there is a change in control transaction, Mr. Whitmore shall have the right to require the Company or its successor to the Convertible Note, in whole or in part, at a redemption price equal to 105% of the outstanding Principal Amount (plus any accrued interest or applicable late charges) being redeemed.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

(Dollars are presented in thousands except per share data or unless otherwise stated)

Overview

Nanophase is an advanced materials and applications developer and commercial manufacturer with an integrated family of materials technologies. We produce engineered nano and “non-nano” materials for use in a variety of diverse markets: personal care including sunscreens as active ingredients and in fully formulated cosmetics of our own design, architectural coatings, industrial coating applications, abrasion-resistant additives, plastics additives, medical diagnostics, energy (including solar control) and a variety of surface finishing technologies (polishing) applications, including optics. Finally, we have expanded our offerings beyond active ingredients to include targeted full formulations of skin care products, marketed and sold by our wholly-owned subsidiary, Solesence, LLC (“Solésence,” or our “Solésence® subsidiary”).

We target markets in which we believe practical solutions may be found using our products. We work closely with current and potential customers in these target markets to identify their material and performance requirements and market our materials to various end-use applications manufacturers, and our Solésence® solutions to cosmetics and skin care brands. Recently developed technologies have made certain new products possible and opened potential new markets. For example, we have applied our skills at producing precisely defined nanomaterials to now create and sell larger, “non-nano” material products. Our focus is on customer need where we believe we have an advantage, as opposed to finding uses for one particular technology. We expect growth in end-user (manufacturing customers, including customers of our customers) adoption in 2019 and beyond. Our initiatives in targeted market areas are progressing at differing rates of speed, but we have been broadly moving through testing and development cycles, and in a number of cases believe we are approaching first revenue or next stage revenue with particular customers in the industries referenced above. For example, during 2015 we were granted a patent on a new type of particle surface treatment (coating), which became the cornerstone of our new product development in personal care, with first revenue recognized during 2016. In addition, through the creation of our Solésence® subsidiary, we use this particle surface treatment to manufacture and sell fully developed solutions to targeted customers in the cosmetics and skin care industry, in addition to the additives we have traditionally sold in the personal care area. During 2015 and 2016 we developed and began to sell solutions in the energy management (particularly solar control) industry. We believe that the products that we have designed for this industry remain valuable to the market, although we are currently focusing the greatest part of our business development efforts on building and expanding our Solésence® brand and product suite. We believe that successful introduction of our finished skin care products and materials with manufacturers may lead to follow-on orders for other finished products and materials in their applications. We expect that we will both work more deeply with current customers and attract additional customers, which should help us achieve growth in these markets in 2019 and beyond.

Results of Operations

Total revenue decreased to $3,069 for the three months ended September 30, 2019, compared to $4,022 for the same period in 2018. Total revenue decreased to $10,118 for the nine months ended September 30, 2019 from $11,036 for the same period 2018. A substantial majority of our revenue for both periods was from our largest customers, in particular, sales to our largest customer in personal care and sunscreen applications. Revenue from our top three customers was approximately 75%, 5% and 4%, respectively, of our total revenue for the three months ended September 30, 2019 and approximately 64%, 3% and 9%, respectively, for the nine months ended September 30, 2019. Revenue from these three customers constituted approximately 73%, 4% and 12%, respectively for the three months ended September 30, 2018 and approximately 73%, 3% and 8%, respectively, for the nine months ended September 30, 2018. Product revenue, the primary component of our total revenue, decreased to $3,043 for the three months ended September 30, 2019, compared to $3,998 for the same period in 2018. The decrease was primarily due to reduced order flow from several of our larger customers, including our largest customer in personal care. Product revenue decreased to $9,797 for the nine months ended September 30, 2019, compared to $10,908 for the same period in 2018. Solésence^® product revenue increased approximately 56% for the nine months ended September 30, 2019 compared to the same period for 2018. The total decrease in product revenue is attributed to order flow from our largest personal care customer.

Other revenue increased to $26 for the three months ended September 30, 2019, compared to $24 for the same period in 2018. Other revenue increased to $321 for the nine months ended September 30, 2019, compared to $128 for the same period in 2018. Other revenue is typically comprised of royalties and shipping costs paid by customers. For the nine months ended September 30, 2019, other revenue included a unique bulk buyout of $211 in Q1 of 2019.

Cost of revenue generally includes costs associated with commercial production and customer development arrangements. Cost of revenue decreased to $2,506 for the three months ended September 30, 2019, compared to $2,965 for the same period in 2018. Cost of revenue decreased to $7,839 for the nine months ended September 30, 2019, compared to $8,164 for the same period in 2018. The decrease in cost of revenue was primarily driven by decreased volume coupled with price inflation on materials and manufacturing inefficiencies related to Solésence^® product launches. While we typically pass through costs to our customers, we sometimes cannot pass through 100% of pricing increases on raw materials. Even with pass throughs, our gross margin percentage is negatively impacted by higher material costs. We expect to continue new advanced material development relating to personal care ingredients and for our formulated Solésence^® products during 2019 and beyond. At current revenue levels, we have generated a positive gross margin, though margins have been impeded by not having enough revenue to efficiently absorb manufacturing overhead. We believe that our current fixed manufacturing cost structure is sufficient to support higher levels of revenue volume. The extent to which margins may grow, as a percentage of total revenue, will be dependent upon revenue mix, revenue volume, our ability to manage costs and pass commodity market-driven raw materials increases on to customers, and the speed and efficiency with which we are able to scale up production for our Solésence^® products. We expect that product revenue volume increases would result in our fixed manufacturing costs being more efficiently absorbed, which should lead to increased margins. We expect to continue to focus on reducing controllable variable product manufacturing costs, with potential variability related to the commodity metals markets, but may or may not realize absolute dollar gross margin growth through 2019 and beyond, dependent upon the factors discussed above.

Research and development expense, which includes all expenses relating to the technology and advanced engineering groups, primarily consists of costs associated with the development or acquisition of new product applications, and finished product formulations for our Solésence^® business. As an example, we have been, and continue to be, engaged in product development work for our new fully-formulated finished skincare products marketed through Solésence^®. Much of this work has led to several new products and additional potential new products. We are also engaged in a series of in-vitro, ex-vivo, and in-vivo tests to determine the efficacy of our Solésence^® products, as well as to provide our customers with support for a consumer claims set. We are not certain when or if any significant revenue will be generated from the production of the materials described above.

Research and development expense increased to $488 for the three months ended September 30, 2019, compared to $416 for the same period in 2018. For the nine months ended September 30, 2019 research and development expense decreased to $1,450, compared to $1,513 for the same period in 2018. The primary reasons for this decrease were timing related to outside product testing and evaluation costs related to our Solésence^® products. We expect quarterly research and development expense to increase during the remainder of 2019.

Selling, general and administrative expense increased to $890 for the three months ended September 30, 2019, compared to $765 for the same period in 2018. For the nine months ended September 30, 2019, selling, general and administrative expense increased to $2,711, compared to $2,299 for the same period in 2018. Expenses associated with launching the Solésence^® brand contributed to the increase. We expect selling, general and administrative expense to remain at current levels during the remainder of 2019.

Inflation

We believe inflation has not had a material effect on our operations or financial position. However, supplier price increases and wage and benefit inflation, both of which represent a significant component of our costs of operations, may have a material effect on our operations and financial position in 2019 and beyond if we are unable to pass through any applicable increases under our present contracts or through to our markets in general.

Liquidity and Capital Resources

Our cash and cash equivalents amounted to $962 on September 30, 2019, compared to $1,345 on December 31, 2018 and $1,034 on September 30, 2018. The net cash used in our operating activities was $2,161 for the nine months ended September 30, 2019, compared to $921 for the same period in 2018. The net use of cash during the period ended September 30, 2019 was driven primarily by an increase in accounts receivable coupled with a decrease in accounts payables, compared to the same period in 2018 which had significant increases in accounts receivable and inventory with a decrease in accounts payable. Net cash used in investing activities, specifically capital expenditures, was $523 during the nine months ended September 30, 2019, compared to $115 for the nine months ended September 30, 2018. Net cash provided by financing activities was $2,301 during the nine months ended September 30, 2019, compared to $115 net cash provided for the same time period for 2018. We paid $162 for capital lease obligations during the nine months ended September 30, 2019 compared to $114 in the same period in 2018. On March 22, 2019 we entered a New Business Loan agreement with Libertyville for $500 which replaced the expiring prior year agreement. We paid the outstanding balance for the prior agreement of $300, on January 9, 2018 and had borrowings under our line of credit of $200 on March 30, 2018, which was subsequently repaid on April 4, 2018. Under the new agreement, we borrowed $500 on March 30, 2019, which was subsequently repaid on April 3, 2019 and we borrowed $500 on September 28, 2019 which was subsequently repaid on October 2, 2019. During the nine months ending September 30, 2019, we drew 19 times from the Master Agreement with Beachcorp, LLC totaling $8,166 with repayment of $7,895. The net borrowings for the nine months ended September 30, 2019 was $271. On May 13, 2019, we sold approximately 4.2 million shares of our common stock to our largest investor for approximately $1,700 in proceeds. No selling commission or other remuneration was paid in connection with this transaction. We have used the proceeds for general corporate purposes.

Our supply agreements with our largest customer, BASF, contain certain financial covenants which could potentially impact our liquidity. The most restrictive financial covenants under these agreements require that we maintain a minimum of $1 million in total of certain assets of which at least $500 must be in cash, cash equivalents, and certain investments, with the balance being composed of certain inventory and receivables, and that we not have the acceleration of any debt maturity having a principal amount of more than $10 million, in order to avoid triggering the customer’s potential right to transfer certain technology and equipment to that customer at a contractually-defined price. We had approximately $962 in cash and approximately $122 in BASF Accounts Receivables over 30 days, totaling $1,084, on September 30, 2019. During March 2019, we entered into a new line of credit, which expires in April 2020. This supply agreement and its covenants are more fully described in Note 12, and our line of credit is more fully described in Note 8, to our Financial Statements in Part I, Item 1 of this Form 10-Q.

We believe that cash from operations, proceeds from our May 13, 2019 and November 13, 2019 equity financing, and cash on hand, in addition to unused borrowing capacity should be adequate to fund our operating plans through 2019. Given our expected growth in our Solésence^® business, we are monitoring the temporary working capital demands that this could create, with timing being the most critical variable. Our actual future capital requirements in 2019 and beyond will depend on many factors, including customer acceptance of our current and potential advanced materials, applications and product, continued progress in research and development activities and product testing programs, the magnitude of these activities and programs, and the costs necessary to increase and expand our manufacturing capabilities and to market and sell our advanced materials, applications and products. Other important issues that will drive future capital requirements will be the development of new markets and new customers as well as the potential for significant unplanned growth with existing customers. Depending on the success of certain projects, we expect that capital spending relating to currently known capital needs for the remainder of 2019 will be between $60 and $100, and we could enter into one or more financing leases to finance these acquisitions, subject to the provisions of our new Line of Credit Agreement with Libertyville and our Master Agreement relating to our business loans with Beachcorp, LLC. If those projects are delayed or ultimately prove unsuccessful, or if we fail to obtain financing on terms acceptable to us, we would expect our capital spending to be below the lower end of that range. Similarly, substantial success in business development projects may cause the actual capital investment for the remainder of 2019 to exceed the top of this range.

Events may arise that require us to seek additional financing. Financing may not be available on acceptable terms or even at all, and any such additional financing could be dilutive to our stockholders. Such financing could be necessitated by such things as the loss of one or more existing customers; a significant decrease in revenue from one or more of our customers; temporary working capital demands resulting from our expected growth in our Solésence^® business that we cannot fund with existing capital; currently unknown capital requirements in light of the factors described above; new regulatory requirements that are outside our control; the need to meet previously discussed cash requirements to avoid a triggering event under our BASF agreement, or various other circumstances coming to pass that we currently do not anticipate. The failure to have access to sufficient capital to fund our business plans may result in a curtailment or other change in those plans, and under such circumstances, may raise doubt as to our ability to continue as a going concern.

On September 30, 2019, we had a net operating loss carryforward of approximately $79 million for income tax purposes. Because we may have experienced “ownership changes” within the meaning of the U.S. Internal Revenue Code in connection with our various prior equity offerings, future utilization of this carryforward may be subject to certain limitations as defined by the Internal Revenue Code. If not utilized, the carryforward will expire at various dates. $77 million will expire between January 1, 2019 and December 31, 2037, while $2 million does not expire. Under recent changes in the Internal Revenue Code, losses incurred after January 1, 2018 carry forward indefinitely. As a result of the annual limitation and uncertainty as to the amount of future taxable income that will be earned prior to the expiration of the carryforward, we have concluded that it is likely that a substantial portion of this carryforward will expire before ultimately becoming available to reduce income tax liabilities. Changes in Illinois state law that began in 2011 will impact net loss carryforward duration and utilization on the state tax level.

Off−Balance Sheet Arrangements

We have not created, and are not party to, any special-purpose or off-balance sheet entities for the purposes of raising capital, incurring debt or operating our business. We do not have any off-balance sheet arrangements or relationships with entities that are not consolidated into our financial statements that are reasonably likely to materially affect our liquidity or the availability of capital resources.

As more fully described in Note 8 to our Financial Statements, in Part I, Item I of this Form 10-Q, during 2014 we entered into a letter of credit and promissory note for up to $30 supporting our obligations under our facility lease agreement. No borrowings have been incurred under this promissory note.

Safe Harbor Provision

We want to provide investors with more meaningful and useful information. As a result, this Quarterly Report on Form 10-Q (the “Form 10-Q”) contains and incorporates by reference certain “forward-looking statements”, as defined in Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These statements reflect our current expectations of the future results of our operations, performance and achievements. Forward-looking statements are covered under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We have tried, wherever possible, to identify these statements by using words such as “anticipates”, “believes”, “estimates”, “expects”, “plans”, “intends” and similar expressions. These statements reflect management’s current beliefs and are based on information now available to it. Accordingly, these statements are subject to certain risks, uncertainties and contingencies that could cause our actual results, performance or achievements in 2019 and beyond to differ materially from those expressed in, or implied by, such statements. These risks, uncertainties and factors include, without limitation: our ability to be consistently profitable despite the losses we have incurred since our incorporation; a decision by a customer to cancel a purchase order or supply agreement in light of our dependence on a limited number of key customers; the terms of our supply agreements with BASF, which could trigger a requirement to transfer technology and/or sell equipment to that customer; our potential inability to obtain working capital when needed on acceptable terms or at all; our ability to obtain materials at costs we can pass through to our customers, including Rare Earth elements, specifically cerium oxide, as well as high purity zinc; uncertain demand for, and acceptance of, our nanocrystalline materials and Solésence^® products; our manufacturing capacity and product mix flexibility in light of customer demand; our limited marketing experience, including with our suite of Solésence^® products; changes in development and distribution relationships; the impact of competitive products and technologies; our dependence on patents and protection of proprietary information; the resolution of litigation or other legal proceedings in which we may become involved; our ability to maintain an appropriate electronic trading venue for our securities; and the impact of any potential new governmental regulations that could be difficult to respond to or costly to comply with. In addition, our forward-looking statements could be affected by general industry and market conditions and growth rates. Readers of this Quarterly Report on Form 10-Q should not place undue reliance on any forward-looking statements. Except as required by federal securities laws, we undertake no obligation to update or revise these forward-looking statements to reflect new events or uncertainties.

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Not required for a smaller reporting company.

Item 4.

Controls and Procedures

Disclosure controls

We are responsible for establishing and maintaining disclosure controls and procedures that are designed to ensure that information required to be disclosed by us in the reports filed by us under the Exchange Act is: (a) recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms; and (b) accumulated and communicated to our management, including our principal executive and principal financial officers, to allow timely decisions regarding required disclosures. It should be noted that in designing and evaluating our disclosure controls and procedures, we recognize that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and that our management necessarily was required to apply its judgment regarding the design of our disclosure controls and procedures. As of the end of the period covered by this report, we conducted an evaluation, under the supervision (and with the participation) of our management, including our Chief Executive Officer (principal executive officer, and principal financial officer), of the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Rules 13a-15(e) and 15d-15(e) of the Exchange Act. Based on that evaluation, our Chief Executive Officer concluded that our disclosure controls and procedures were effective at reaching that level of reasonable assurance.

Internal control over financial reporting

The Company’s management, including the CEO (who is also currently acting as both the Company’s principal executive officer and the Company’s principal financial officer), confirm that there was no change in the Company’s internal control over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II – OTHER INFORMATION

Item 1.

Legal Proceedings

We are not a party to any pending legal proceedings or claims that we believe will result in a material adverse effect on our business, financial condition, or operating results.

Item 1A. Risk Factors

In addition to the information set forth in this Quarterly Report on Form 10-Q and before deciding to invest in, or retain, shares of our common stock, you also should carefully review and consider the information contained in our other reports and periodic filings that we make with the Securities and Exchange Commission, including, without limitation, the information contained under the caption Part I, Item 1A “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2018. Those risk factors could materially affect our business, financial condition and results of operations. Additional risks and uncertainties that we do not currently know about, we currently believe are immaterial or we have not predicted may also harm our business operations or adversely affect us. If any of these risks or uncertainties actually occurs, our business, financial condition, results of operations, cash flows or stock price could be materially adversely affected.

In addition to the risk factors previously disclosed in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2018, investors should consider the following risk factors:

Our Ability to Continue as a Going Concern is in Doubt Absent Obtaining Adequate New Financing

Cash from operations, cash on hand, cash from our May 13, 2019 and November 13, 2019 financing, in addition to unused borrowing capacity, should be adequate to fund our operating plans through 2019. Our largest customer, consisting of 64% of revenue for the nine-months ended September 30, 2019, had a revenue decrease of 20% from the same time last year. This decline has limited our flexibility and required us to make cash management a top priority. The growth in our Solésence^® business increased 56% for the nine-months ended September 30, 2019 compared to the same time last year. We continue to view Solésence^®as a critical strategic undertaking and may require additional investment in working capital. Our current plan is to continue to invest in Solésence^®-related operating expenses and capital equipment. Given the decline related to our largest customer, as well as our growth strategy for Solésence^®, we may need to seek additional funding to address working capital demands within the next twelve months. We believe that we will be able to secure additional financing, but we do not have any additional financing commitments in place as of today. However, we may not be able to secure additional financing in a timely manner under commercially reasonable terms, or at all. If we are unable to secure additional financing, we would need to reevaluate the Company’s strategy, including our Solésence^® growth strategy, and lower investment and expenses accordingly. This could impede growth in 2020 and beyond.

These circumstances raise significant doubt as to the Company’s ability to operate as a going concern for the next 12 months, and inability to fund our ongoing cash obligations may result in our ceasing to operate, which would result in liquidation of our assets. In a liquidation of the Company, if we are unable to continue as a going concern, the value realized on our assets would likely be less than our outstanding obligations and, consequently, our stockholders would lose their entire investment.

A Majority of our Common Stock is Controlled by a Single Stockholder

Together with his affiliates Grace Brothers, Ltd. and Grace Investments, Ltd., Bradford T. Whitmore beneficially owned 53% of our common stock as of May 13, 2019. Therefore, Mr. Whitmore has the legal power, regardless of the votes of our other stockholders, to elect all the members of the Company’s board of directors. Consequently, our board of directors and management may be strongly influenced by our controlling stockholder, and the interests of our current controlling stockholder may conflict with the interests of other stockholders.

Pursuant to the General Corporation Law of the State of Delaware and our Bylaws, our controlling stockholder is empowered to elect the majority of our board of directors, exercise overall control over our management, determine our policies, sell or, in any other manner, transfer shares representing control over the Company held by him and determine the result of any deliberation of our stockholders, including transactions with related parties, corporate reorganizations, sale of all or substantially all the assets, or delisting our shares from the OTCQB marketplace, as well as to determine the distribution and payment of any future dividends. Our controlling stockholder may have an interest in acquisitions, disposal of assets and partnerships, may seek funding or may take other decisions that could conflict with the interests of other stockholders and which may not result in any improvement in our operating results.

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

On November 13, 2019, we entered into a Securities Purchase Agreement (the “SPA”) with Bradford T. Whitmore pursuant to which he agreed to purchase a Convertible Note (see below) from the Company for $2,000,000 and otherwise including representations, warranties and covenants which are customary for similar transactions. The transactions contemplated by the SPA are expected to close on November 20, 2019. Together with his affiliates Grace Brothers, Ltd. and Grace Investments, Ltd., Mr. Whitmore beneficially owned approximately 53% of our common stock as of November 13, 2019. Through his affiliate Beachcorp, LLC, Mr. Whitmore is also a substantial lender to the Company under the Business Loan Agreement, dated November 16, 2018 (see Note 8 to our financial statements in Part I of this Quarterly Report on Form 10-Q). The Company did not engage an underwriter for this transaction, and no selling commission or other remuneration was paid in connection with this transaction. We expect to use the proceeds for general corporate purposes.

Pursuant to the SPA, the Company has agreed to issue a 2% Secured Convertible Promissory Note in the original principal amount of $2,000,000 (the “Convertible Note”), the principal amount of which is payable to the order of Mr. Whitmore and his registered assigns and successors in a single payment on May 15, 2024 (the “Maturity Date”). The principal amount of the Convertible Note accrues interest at the rate of 2.0% per year, which interest is payable semi-annually on the 15^th day of May and November, commencing on May 15, 2020. The principal amount and, at the holder’s option, accrued interest under the Convertible Note is convertible at the holder’s option into additional shares of the Company’s common stock in whole or in part and from time to time up to the Maturity Date at a conversion price of $0.20 per share. Assuming the Convertible Note had been converted effective on November 14, 2019, the $2,000,000 principal amount of the Convertible Note would convert into 10,000,000 shares of the Company’s common stock, and such hypothetical conversion of the Convertible Note would have increased Mr. Whitmore’s direct and indirect beneficial ownership to approximately 63% of the Company’s common stock assuming that he directed that all of the shares issued upon such conversion should be issued to him personally.

The obligations under the Convertible Note will be secured by a security interest in all of the Company’s personal property pursuant to a Commercial Security Agreement among Mr. Whitmore, the Company and Solésence, LLC, the Company’s sole subsidiary.

Pursuant to the Convertible Note, we have agreed to reserve sufficient shares of our common stock for the conversion of the Convertible Note. Our Board of Directors has proposed, and has summited to our stockholders for adoption at our 2019 annual meeting, an amendment to our certificate of incorporation to increase the number of authorized shares of common stock (the “Certificate Amendment”). If the Certificate Amendment is adopted by our stockholders and filed with the Delaware Secretary of State, we will be able to reserve a sufficient number of shares for the conversion of the Convertible Note. If the Certificate Amendment is not filed on or before December 31, 2019, an amount equal to 105% of the outstanding principal amount of the Convertible Note (plus all accrued and unpaid interest, if any) will be immediately due and payable.

If there is a change in control transaction, Mr. Whitmore shall have the right to require the Company or its successor to redeem the Convertible Note, in whole or in part, at a redemption price equal to 105% of the outstanding Principal Amount (plus any accrued interest or applicable late charges) being redeemed.

The SPA also amended the Common Stock Purchase Agreement, dated May 13, 2019, between the Company and Mr. Whitmore to add the shares of common stock issuable upon conversion of the Convertible Note to the registration rights granted therein. The Company did not engage an underwriter for this transaction, and no selling commission or other remuneration was paid in connection with this transaction. We expect to use the proceeds for working capital and general corporate purposes. The sale of the Convertible Note to Mr. Whitmore will be exempt from registration pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and Rule 506(b) of Regulation D promulgated under the Securities Act because Mr. Whitmore has a preexisting relationship with the Company as its largest stockholder, Mr. Whitmore represented to the Company that he has assets or income sufficient to qualify as an accredited investor, as defined under Regulation D, and the Company did not engage in any general solicitation or general advertising in offering such securities.

The complete text of the SPA is filed as Exhibit 4.1 to this Quarterly Report on Form 10-Q, and this summary is qualified in its entirety by reference to such Exhibit 4.1.

Item 3.

Defaults Upon Senior Securities

None.

Item 4.

Mine Safety Disclosures

Not applicable.

Item 5.

Other Information

None.

Item 6.

Exhibits

Exhibit 4.1

Securities Purchase Agreement dated November 13, 2019, between Nanophase Technologies Corporation and Bradford T. Whitmore.

Exhibit 4.2

Commercial Security Agreement is dated as of November 20, 2019, between Nanophase Technologies Corporation, Solesence, LLC and Bradford T. Whitmore.

Exhibit 4.3

2% Second Secured Convertible Note dated November 20, 2019, made by the Nanophase Technologies Corporation and payable to the order of Bradford T. Whitmore

Exhibit 31.1

Certification of Chief Executive Officer pursuant to Rules 13a-14(a) and 15d-14(a) under the Exchange Act.

Exhibit 31.2

Certification of Principal Financial Officer pursuant to Rules 13a-14(a) and 15d-14(a) under the Exchange Act.

Exhibit 32

Certification of the Chief Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350.

Exhibit 101

The following materials from Nanophase Technologies Corporation’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2019, formatted in XBRL (Extensible Business Reporting Language): (1) the Balance Sheets, (2) the Statements of Operations, (3) the Statements of Stockholders Equity, (4) the Statements of Cash Flows, and (5) the Notes to Unaudited Consolidated Condensed Financial Statements.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	NANOPHASE TECHNOLOGIES CORPORATION

Date: November 14, 2019	By:	/s/ JESS A. JANKOWSKI
		Jess A. Jankowski
		President and Chief Executive Officer
		(principal executive officer, and principal
		financial officer)

EX-4.1 2 ex4-1.htm SECURITIES PURCHASE AGREEMENT

Nanophase Technologies Corporation 10-Q

Exhibit 4.1

SECURITIES PURCHASE AGREEMENT

SECURITIES PURCHASE AGREEMENT (“Agreement”) dated as of November 13, 2019 by and between BRADFORD T. WHITMORE, an individual (“Whitmore” or “Purchaser”) and NANOPHASE TECHNOLOGIES CORPORATION, a Delaware corporation (the “Company”).

W I T N E S S E T H:

WHEREAS, the Company, and its subsidiary, SOLÉSENCE, LLC, a Delaware limited liability company (“SLLC”), have a need for working capital;

WHEREAS, the Company desires to sell and issue to the Purchaser, and the Purchaser now wishes to purchase from the Company, a 2% Second Secured Convertible Notes due 2024, in the form attached hereto as Exhibit A (the “Convertible Note”) convertible into shares (the “Conversion Shares”) of the Company’s common stock, par value $0.01 per share (“Common Stock”);

WHEREAS, the Company, the Purchaser and SLLC desire to enter into a Commercial Security Agreement in the form attached hereto as Exhibit B (the “Security Agreement”) to secure the obligations of the Company under the Convertible Note by a perfected junior lien on all of the assets of the Company and SLLC; and

WHEREAS, pursuant to Common Stock Purchase Agreement, dated as May 13, 2019 between the Company and Purchaser (as amended from time to time, the “CSPA”), the Company agreed, under certain circumstances, to register for resale under the Securities Act of 1933, as amended (the “Securities Act”), certain of its Common Stock then being acquired by Purchaser and the parties hereto desire to amend the CSPA to include the Conversion Shares in said registrations.

NOW, THEREFORE, in consideration of the foregoing premises and the covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

Article I

Purchase and Sale of Convertible Note

Section 1.1

Issuance of Convertible Note. Upon the following terms and conditions, the Company shall issue and sell to the Purchaser, and the Purchaser shall purchase from the Company, the Convertible Note in the principal amount of $2,000,000.00.

Section 1.2

Purchase Price. The purchase price for the Convertible Notes to be paid by Purchaser (the “Purchase Price”) shall be its face value.

Section 1.3

Loan Documents. On the Closing Date, (a) the Purchaser, the Company and SLLC shall execute the Security Agreement to secure the Company’s obligations under the Convertible Note by a junior priority lien on the assets of the Company and SLLC, subordinate only to the Permitted Liens (defined below), (b) the UCC-1 Financing Statements and the Patent and Trademark Financing Statements shall be executed and filed as applicable. Collectively, the Purchase Agreement and the Convertible Note shall be referred to as the “Transaction Documents”, and the Security Agreement, the UCC-1 Financing Statements and the Patent and Trademark Financing Statements, all as amended (as applicable), shall be referred to as the “Loan Documents”.

Section 1.4

The Closing and Amendment.

(a)

Timing. Subject to the fulfillment or waiver of the conditions set forth in Article IV hereof, the purchase and sale of the Convertible Notes shall take place at a closing (the “Closing”), to be held on or about November 20, 2019 (the “Closing Date”).

(b)

Form of Payment and Closing. On the Closing Date, the Company shall deliver to the Purchaser the Convertible Note purchased and paid for by it hereunder, issued in the name of the Purchaser. Subject to the applicable conditions set forth in Section 4.2 below, on the Closing Date, the Purchaser shall pay the Purchase Price by wire transfer of immediately available funds to an account designated in writing by the Company. In addition, each party shall deliver all documents, instruments and writings required to be delivered by such party pursuant to this Agreement at or prior to the Closing, as specified in Article IV below. Subject to the payments of the Purchase Price in accordance with this Agreement, the Convertible Note will be fully paid for by the Purchaser as of the Closing Date.

(c)

Amendment. Prior to December 31, 2019, the Company shall (i) obtain board and shareholder approval for an amendment to its Certificate of Incorporation (the “Certificate Amendment”) pursuant to which the Company’s authorized shares of Common Stock are increased by an amount sufficient to satisfy the conversion rights under the Convertible Note purchased hereunder, and (ii) duly execute and file the Certificate Amendment with the Delaware Secretary of State and any other governmental offices as may be necessary to carry out its intent. The Company’s failure of comply with (i) and (ii) above shall result in the Convertible Note being immediately due and payable as set forth therein.

Article II

Representations and Warranties

Section 2.1

Representations and Warranties of the Company. The Company hereby makes the following representations and warranties to Purchaser as of the date hereof:

(a)

Organization and Qualification; Material Adverse Effect. The Company is a corporation, duly incorporated, validly existing and in good standing under the laws of the State of Delaware, with the requisite corporate power and authority to own and use its properties and assets and to carry on its business as currently conducted. The Company has no subsidiaries other than SLLC. The Company is duly qualified to do business and is in good standing as a foreign corporation in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as the case may be, could not, individually or in the aggregate, (x) adversely affect the legality, validity or enforceability of any of the Transaction Documents or Loan Documents in any material respect, (y) have a material adverse effect on the results of operations, assets, or financial condition of the Company or (z) adversely impair in any material respect the Company’s ability to perform fully on a timely basis its obligations under the Transaction Documents and the Loan Documents (a “Material Adverse Effect”).

(b)

Authorization; Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by the Transaction Documents, and otherwise to carry out its obligations thereunder. The execution and delivery of amendments to each of the Loan Documents by the Company (and SLLC, if applicable) and the consummation by it of the transactions contemplated thereby, have been duly authorized by all requisite corporate action on the part of the Company. Each of the Transaction Documents and Loan Documents has been duly executed and delivered by the Company and constitutes the valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting generally the enforcement of, creditors’ rights and remedies or by other equitable principles of general application.

(c)

Capitalization. The authorized, issued and outstanding capital stock of the Company is set forth in Schedule 2.1(c). No shares of Common Stock are entitled to preemptive or similar rights, nor is any holder of the Common Stock entitled to preemptive or similar rights arising out of any agreement or understanding with the Company by virtue of any of the Transaction Documents. Except as disclosed in Schedule 2.1(c), there are no outstanding options, warrants, script rights to subscribe to, calls or commitments of any character whatsoever relating to, securities, rights or obligations convertible into or exchangeable for, or giving any person any right to subscribe for or acquire any shares of Common Stock, or contracts, commitments, understandings, or arrangements by which the Company is or may become bound to issue additional shares of Common Stock, or securities or rights convertible or exchangeable into shares of Common Stock.

(d)

Issuance of Shares. Provided that the Company complies with Section 1.4(c) hereof, thereafter upon issuance in accordance with this Agreement and the terms of the Convertible Note, the Conversion Shares into which the Convertible Note is convertible will be duly authorized, validly issued, fully paid and nonassessable and free from all taxes (other than transfer taxes where the Convertible Note has been transferred and other than any taxes due because of actions by a Purchaser), liens and charges with respect to the issue thereof and the holders of such Conversion Shares shall be entitled to all rights and preferences accorded to a holder of Common Stock.

(e)

No Conflicts. The execution, delivery and performance of the Transaction Documents and the Loan Documents by the Company and the consummation by the Company of the transactions contemplated thereby, do not and will not (i) conflict with or violate any provision of its Certificate of Incorporation or By-laws or (ii) conflict with, constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the Company is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to which the Company is subject (including Federal and state securities laws and regulations), or by which any material property or asset of the Company is bound or affected, except in the case of each of clauses (ii) and (iii), such conflicts, defaults, terminations, amendments, accelerations, cancellations and violations as could not, individually or in the aggregate, have or result in a Material Adverse Effect. The business of the Company is not being conducted in violation of any law, ordinance or regulation of any governmental authority, except for violations which, individually or in the aggregate, do not have a Material Adverse Effect.

(f)

Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization or order of, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other person in connection with the execution, delivery and performance by the Company of the Transaction Documents and the Loan Documents other than: (i) the filing of the UCC-1 Financing Statements and Patent and Trademark Financing Statements if any are required by the Purchaser; and (ii) in all other cases, where the failure to obtain such consent, waiver, authorization or order, or to give or make such notice or filing, would not materially impair or delay the ability of the Company to effect the transactions contemplated by this Agreement free and clear of all liens and encumbrances of any nature whatsoever or would not otherwise have a Material Adverse Effect (the approvals referred to in clause (i) are hereinafter referred to as the “Required Approvals”). The Company has no reason to believe that it will be unable to obtain the Required Approvals.

(g)

Private Offering. Assuming (without any independent investigation or verification by or on behalf of the Company) the accuracy of the representations and warranties of the Purchaser set forth herein, the offer and sale of the Convertible Note is exempt from registration under Section 5 of the Securities Act of 1933, as amended (the “Securities Act”). Neither the Company nor any person acting on its behalf has taken or will take any action which might subject the offering, issuance or sale of the Convertible Note to the registration requirements of Section 5 of the Securities Act.

(h)

SEC Documents. The Company has filed all reports or other filings required to be filed by it under Securities Act and the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including pursuant to Section 13(a) or 15(d) thereof, for the three years preceding the date hereof (the foregoing materials being collectively referred to herein as the “SEC Documents”), on a timely basis, or a notification of late filing was timely filed with respect thereto and such filing was subsequently made during the resulting extended filing period undertaken in such notice. As of their respective dates, the SEC Documents complied in all material respects with the requirements of the Securities Act and the Exchange Act, and the rules and regulations of the Securities and Exchange Commission promulgated thereunder, and none of the SEC Documents, when filed, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. The financial statements of the Company included in the SEC Documents comply in all material respects with applicable accounting requirements and the published rules and regulations of the Securities and Exchange Commission with respect thereto. Such financial statements have been prepared in accordance with generally accepted accounting principles applied on a consistent basis during the periods involved, except as may be otherwise indicated in such financial statements or the notes thereto, and fairly present in all material respects the financial position of the Company as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal year-end audit adjustments. Since the date of the financial statements included in the Company’s last filed Annual Report on Form 10-K, there has been no event, occurrence or development that has had a Material Adverse Effect which is not specifically disclosed in any of the SEC Documents, other than any such event, occurrence or development which has been disclosed to Purchaser.

(i)

Brokers. The Company has taken no action which would give rise to any claim by any person for brokerage commissions, finder’s fees or similar payments by the Company or the Purchaser relating to the Transaction Documents or the transactions contemplated thereby.

(j)

Compliance with Obligations to the Purchaser. The Company is in compliance with all of its obligations to the Purchaser, including without limitation, pursuant to prior agreements.

Section 2.2

Representations and Warranties of the Purchaser. Purchaser hereby makes the following representations and warranties to the Company as of the date hereof and the Closing Date:

(a)

Authority. The Purchaser is an individual with the requisite legal power and authority to enter into and to consummate the transactions contemplated hereby, by the Security Agreement and by the Convertible Note and otherwise to carry out its obligations hereunder and thereunder. The purchase by the Purchaser of its Convertible Note under this Agreement has been duly authorized by all necessary action on the part of the Purchaser. This Agreement has been duly executed and delivered by the Purchaser and constitutes its valid and legally binding obligation, enforceable against it in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights generally and to general principles of equity.

(b)

Investment Intent. Purchaser is acquiring its Convertible Note for its own account and without a present intention to distribute or resell it in violation of applicable securities laws. Purchaser will offer, sell, transfer, assign, pledge or hypothecate any portion of the Convertible Notes in the absence of a registration under, or pursuant to an applicable exemption from, federal and applicable state securities laws.

(c)

Experience. Purchaser has such knowledge, sophistication and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in its Convertible Note and has so evaluated the merits and risks of such investment.

(d)

Ability of Purchaser to Bear Risk of Investment; Accredited Investor. Purchaser is able to bear the economic risk of an investment in its Convertible Note at the present time, is able to afford a complete loss of such investment. Purchaser is an “accredited investor” as such term is defined in Rule 501 under the Securities Act.

(e)

Access to Information. Purchaser acknowledges that it has been afforded (i) the opportunity to ask such questions as it has deemed necessary of, and to receive answers from, representatives of the Company concerning the terms and conditions of the Convertible Note and the merits and risks of investing in the Convertible Note; (ii) access to information about the Company and the Company’s financial condition, results of operations, business, properties, management and prospects sufficient to enable it to evaluate its investment; and (iii) the opportunity to obtain such additional information which the Company possesses or can acquire without unreasonable effort or expense that is necessary to make an informed investment decision with respect to the investment.

(f)

Accredited Investor Status; Sophisticated Purchaser. Purchaser is an “accredited investor” as that term is defined in Rule 501(a) of Regulation D under the 1933 Act and is able to bear the risk of its investment in the Convertible Notes and Conversion Shares. Purchaser has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of the purchase of the Convertible Note and Conversion Shares.

(g)

Information. Purchaser and its advisors, if any, have been furnished with all materials relating to the business, finances and operations of the Company which have been requested and materials relating to the offer and sale of the Convertible Note and Conversion Shares which have been requested by the Purchaser. Purchaser and its advisors, if any, have been afforded the opportunity to ask questions of the Company. Neither such inquiries nor any other due diligence investigations conducted by the Purchaser or its advisors, if any, or its representatives shall modify, amend or affect the Purchaser’s right to rely on the Company’s representations and warranties contained in Section 2.1 above. The Purchaser understands that its purchase of the Convertible Note and Conversion Shares involves a high degree of risk. Purchaser has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision with respect to its acquisition of the Convertible Note and Conversion Shares.

(h)

No Public Trading. Purchaser understands that there is currently no public trading market for the Convertible Note, that none is expected to develop, and that the Convertible Note must be held indefinitely unless and until such Convertible Note is converted into shares that are registered for public resale under the 1933 Act or other applicable laws (or an exemption from registration is available).

(i)

Brokers. Purchaser has taken no action which would give rise to any claim by any person for brokerage commissions, finder’s fees or similar payments by the Company or the Purchaser relating to this Agreement or the transactions contemplated hereby.

(j)

Reliance by the Company. Purchaser understands that the Convertible Note is being offered and sold in reliance on a transactional exemption from the registration requirements of federal and state securities laws and that the Company is relying upon the truth and accuracy of the representations, warranties, agreements, acknowledgments and understandings of the Purchaser set forth herein in order to determine the applicability of such exemptions and the suitability of the Purchaser to acquire the Convertible Note and the Conversion Shares issuable upon conversion or exercise thereof.

Article III

Covenants

Section 3.1

Affirmative Covenants. The Company covenants that from the date hereof and for so long as any portion of the principal amount of the Convertible Note or other obligation under the Transaction Documents and Loan Documents shall remain outstanding, it will observe or perform each of the following unless such observance or performance is expressly waived by the Purchaser in writing:

(a)

Corporate Existence. It will maintain its corporate existence in good standing and remain qualified to do business as a foreign corporation in each jurisdiction in which the nature of its activities or the character of the properties it owns or leases makes such qualification necessary.

(b)

Continuation of Business. Except as set forth on Schedule 3.1(b), it will continue to conduct its business, in all material aspects, as conducted on the day hereof in compliance in all material respects with all applicable rules and regulations of applicable governmental authorities.

Section 3.2

Dividends; Stock Repurchases. So long as any principal amount of the Convertible Note remains outstanding, the Company will not declare any dividends on any shares of any class of its capital stock (other than dividends consisting solely of Common Stock or rights to purchase Common Stock of the Company), or apply any of its property or assets to the purchase, redemption or other retirement of, or set apart any sum for the payment of any dividends on, or for the purchase, redemption or other retirement of, or make any other distribution by reduction of capital or otherwise in respect of, any shares of any class of its capital stock.

Section 3.3

Incurrence of Debt; Liens; Transfer of Assets to Subsidiaries. For so long as any principal amount of the Convertible Note remains outstanding, neither the Company nor any subsidiary of the Company shall:

(a)

Directly or indirectly create, incur, assume or permit to exist any lien, pledge, charge or encumbrance on or with respect to any of its property or assets (including any document or instrument in respect of goods or accounts receivable) whether now owned or held or hereafter acquired, or any income or profits therefrom, senior or of equal priority to the liens in favor of Purchaser, except for Permitted Liens.

(b)

Directly or indirectly transfer any of its assets to any subsidiary of the Company.

As used herein, “Permitted Liens” means (i) liens granted under the Security Agreement or to any affiliate of Purchaser; (ii) pledges or deposits made to secure payment of worker’s compensation insurance, unemployment insurance, pensions or social security programs or to secure the performance of letters of credits, bids, tenders, public or statutory obligations, surety, performance bonds and other similar obligations; and (iii) the liens and encumbrances disclosed on Schedule A of the Security Agreement.

Article IV

Conditions to Closing

Section 4.1

Conditions Precedent to the Obligation of the Company to Sell. The obligation hereunder of the Company to issue and/or sell the Convertible Note at the Closing is subject to the satisfaction of each of the applicable conditions set forth below. These conditions are for the Company’s sole benefit and may be waived by the Company at any time in its sole discretion.

(a)

Accuracy of the Purchaser’s Representations and Warranties. The representations and warranties of the Purchaser will be true and correct in all material respects as of the date when made and as of the Closing Date, as though made at that time.

(b)

Performance by the Purchaser. The Purchaser shall have performed all agreements and satisfied all conditions required to be performed or satisfied by the Purchaser at or prior to the Closing Date including payment of the Purchase Price to the Company as provided herein.

(c)

No Injunction. No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by any court or governmental authority of competent jurisdiction which prohibits the consummation of any of the transactions contemplated by the Transaction Documents.

Section 4.2

Conditions Precedent to the Obligation of the Purchaser to Purchase. The obligation hereunder of Purchaser to acquire and pay for the Convertible Note at the Closing is subject to the satisfaction of each of the applicable conditions set forth below. These conditions are for such Purchaser’s benefit and may be waived by the Purchaser at any time in its sole discretion.

(a)

Accuracy of the Company’s Representations and Warranties. The representations and warranties of the Company shall be true and correct in all material respects as of the date when made and as of the Closing Date as though made at that time (except for representations and warranties as of an earlier date, which shall be true and correct in all material respects as of such date).

(b)

Performance by the Company. The Company shall have performed all agreements and satisfied all conditions required to be performed or satisfied by the Company at or prior to the Closing, including, without limitation, delivery of the Convertible Note to the Purchaser on the Closing Date, as applicable.

(c)

No Material Adverse Change, Injunction or Litigation. There shall have been no Material Adverse Change in the financial or business condition of the Company or its Subsidiaries, other than any event, occurrence or development which has been disclosed to Purchaser. No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by any court or governmental authority of competent jurisdiction which prohibits the consummation of any of the transactions contemplated by the Transaction Documents.

(d)

Security Agreement. At the Closing Date, the Company and the SLLC and the Purchaser shall have executed and delivered the Security Agreement.

(e)

Financing Statements. The Company and the applicable Subsidiaries shall have executed and delivered Patent and Trademark Financing Statements pertaining to the Security Agreement, as Purchaser may require.

(f)

Officer’s Certificates. On the Closing Date, the Company shall have delivered to the Purchaser a certificate in form and substance satisfactory to the Purchaser and the Purchaser’s counsel, executed by a senior officer of the Company, certifying as to satisfaction of the Closing Date conditions, the incumbency of signing officers, and the true, correct and complete nature of the Certificate of Incorporation, By-Laws, good standing and authorizing resolutions of the Company.

Article V

Legend and Stock; Amendment to CSPA Regarding Registration Rights

Section 5.1

Stock Legends. Each Purchaser agrees to the imprinting, so long as is required by this Section 5.1, of the following legend on its Convertible Notes and Conversion Shares:

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.

The Conversion Shares shall not contain the legend set forth above if the issuance thereof occurs at any time while a registration statement (“Registration Statement”) filed pursuant to the CSPA is effective under the Securities Act or in the event that the Conversion Shares may be sold pursuant to Rule 144(k) under the Securities Act. The Company agrees that it will provide Purchaser, upon request, with a certificate or certificates representing Conversion Shares free from such legend at such time as such legend is no longer required hereunder. Purchaser agrees that, in connection with any transfer of Conversion Shares by it pursuant to an effective registration statement under the Securities Act, it will comply with the prospectus delivery requirements of the Securities Act provided copies of a current prospectus relating to such effective registration statement are or have been supplied to Purchaser.

Section 5.2

Amendment of CSPA. The CSPA is hereby amended by amending and restating, in its entirety, the last sentence of Section 5.1(a) to read as follows:

For purposes of this Agreement, the term “Registrable Securities” means (i) the Shares, (iii) any Common Stock of the Company issued to the holder upon the conversion of the Company’s 2% Second Secured Convertible Note Due May 15, 2024 (“Conversion Shares”), and (iii) any Common Stock of the Company issued as (or issuable upon the conversion or exercise of any warrant, right or other security which is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of, any Shares or Conversion Shares.”

Article VI

Governing Law; Miscellaneous

Section 6.1

Fees and Expenses. The Company shall pay, concurrently with the execution and delivery of this Agreement, the reasonable fees and expenses of legal counsel for the Purchaser incident to the negotiation, preparation, execution, delivery and performance of the Transaction Documents and Loan Documents incurred to date and, thereafter, upon request of Purchaser, the Company, shall pay any additional fees and expenses incurred by the Purchaser and incident to the filing, negotiation, preparation, performance or amendment of the Transaction Documents and Loan Documents.

Section 6.2

Entire Agreement. This Agreement, together with the Convertible Note, the Security Agreement, the applicable provisions of the CSPA, and the other Transaction Documents and Loan Documents, contains the entire understanding of the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral or written, with respect to such matters.

Section 6.3

Notices. Any notice or other communication required or permitted to be given hereunder shall be in writing and shall be deemed to have been delivered (i) upon receipt, when delivered personally; (ii) when sent by facsimile, upon receipt if received on a business day prior to 5:00 p.m. (Central Time), or the first business day following such receipt if received on a business day after 5:00 p.m. (Central Time); or (iii) upon receipt, when deposited with a nationally recognized overnight express courier service, fully prepaid, in each case properly addressed to the party to receive the same. The addresses and facsimile numbers for such communications shall be:

If to Purchaser, at

1603 Orrington Avenue, Suite 900

Evanston, IL 60201

Attn: Bradford T. Whitmore

Tel: 847-733-1230 Fax: 847-733-0339

If to Company, at:

1319 Marquette Drive

Romeoville, IL 60446

Attn: Jess Jankowski

Tel: 630-771-6702 Fax: 630-771-0825

or such other address or facsimile number as may be designated in writing hereafter, in the same manner, by such person.

Article VII

Section 7.1

Amendments; Waivers. No provision of this Agreement may be waived or amended except in a written instrument signed, in the case of an amendment, by the Company and by Purchaser; or, in the case of a waiver, by the party against whom enforcement of any such waiver is sought. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right accruing to it thereafter.

Section 7.2

Headings. The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof.

Section 7.3

Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns. Neither the Company nor the Purchaser may assign this Agreement or any rights or obligations hereunder (other than an assignment from Purchaser to an affiliate of such Purchaser) without the prior written consent of the other. Any transfer made in violation of this provision shall be null and void. The assignment by a party of this Agreement or any rights hereunder shall not affect the obligations of such party under this Agreement.

Section 7.4

No Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective permitted successors and assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other person.

Section 7.5

Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of Illinois without regard to the principles of conflicts of law thereof.

Section 7.6

Survival. The agreements, representations and warranties and covenants contained in this Agreement shall survive the delivery of the Convertible Notes pursuant to this Agreement.

Section 7.7

Counterpart and Facsimile Signatures. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission, such signature shall create a valid and binding obligation of the executing party with the same force and effect as if such facsimile signature page were an original thereof.

Section 7.8

Publicity. The Company and the Purchaser shall consult with each other in issuing any press releases or otherwise making public statements with respect to the transactions contemplated hereby and neither the Company nor Purchaser shall issue any such press release or otherwise make any such public statement without the prior consent of the other, which consent shall not be unreasonably withheld or delayed, except that no prior consent shall be required if such disclosure is required by law, in which such case the disclosing party shall provide the other party with prior notice of such public statement.

Section 7.9

Severability. In case any one or more of the provisions of this Agreement shall be invalid or unenforceable in any respect, the validity and enforceability of the remaining terms and provisions of this Agreement shall not in any way be affected or impaired thereby and the parties will attempt to agree upon a valid and enforceable provision which shall be a reasonable substitute therefor, and upon so agreeing, shall incorporate such substitute provision in this Agreement.

Section 7.10

Payment of Expenses. The Company agrees to pay all costs and expenses, including reasonable attorneys’ fees and expenses, which may be incurred by Purchaser in successfully enforcing any Transaction Document or Loan Document.

Section 7.11

Indemnification. The Company hereby agrees to indemnify, defend and hold harmless Purchaser and its respective partners, shareholders, officers, affiliates, employees or agents (“Indemnified Parties”), from and against any and all losses, claims, damages, liabilities and costs, including reasonable legal fees (collectively “Losses”) (i) incurred as a result of the breach by the Company or any subsidiary of any representation, covenant or other provision in any Transaction Document or Loan Document; (ii) incurred as a result of entering into this Agreement; (iii) incurred in enforcing this Section 7.11 or (iv) incurred involving a third-party claim and arising out of the acquisition, holding and/or enforcement by Purchaser of any of the Transaction Documents or Loan Documents.

* * * * *

[Signature Page Follows]

IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

	NANOPHASE TECHNOLOGIES CORPORATION

	By:
		Name:
		Title:


BRADFORD T. WHITMORE

SCHEDULE 2.1(c)
Capitalization

The authorized number of shares of common stock, par value $0.01 per share, of the Company is 42,000,000 shares, of which 38,136,792 shares are outstanding and _______________ shares have been reserved for issuance pursuant to unexercised outstanding options.

After the adoption and filing of the Certificate Amendment, the authorized number of shares of common stock, par value $0.01 per share, of the Company will be 55,000,000 shares.

The authorized number of shares of preferred stock of the Company is 24,088, none of which are outstanding.

SCHEDULE 3.1(b)
Changes in Business

[Company to provide]

EXHIBIT A

FORM OF CONVERTIBLE NOTE

[See attached.]

EXHIBIT B

FORM OF SECURITY AGREEMENT

[See attached.]

EX-4.2 3 ex4-2.htm COMMERCIAL SECURITY AGREEMENT

Nanophase Technologies Corporation 10-Q

Exhibit 4.2

COMMERCIAL SECURITY AGREEMENT

THIS COMMERCIAL SECURITY AGREEMENT (“Agreement”) is dated as of November 20, 2019, and is made by NANOPHASE TECHNOLOGIES CORPORATION, a Delaware corporation (“NTC”) and SOLÉSENCE, LLC, a Delaware limited liability company (“SLLC”), jointly and severally, in favor of BRADFORD T. WHITMORE (“Lender”). NTC and SLLC are referred to herein, individually and collectively, as “Grantor”.

SECTION 1: GRANT OF SECURITY INTEREST AND OBLIGATIONS OF GRANTOR

1.1

Grant of Security Interest. For valuable consideration, Grantor grants to Lender a security interest in the Collateral to secure the Indebtedness and agrees that Lender shall have the rights stated in this Agreement with respect to the Collateral, in addition to all other rights which Lender may have by law.

1.2

Obligations of Grantor. Grantor warrants and covenants to Lender as follows:

(a)

Perfection of Security Interest. Grantor agrees to execute such financing statements and to take whatever other actions are requested by Lender to perfect and continue Lender’s security interest in the Collateral. Upon request of Lender, Grantor will deliver to Lender any and all of the documents evidencing or constituting the Collateral, and Grantor will note Lender’s interest upon any and all Accounts if not delivered to Lender for possession by Lender. Grantor hereby appoints Lender as its irrevocable attorney-in-fact for the purpose of executing any documents necessary to perfect or to continue the security interest granted in this Agreement. Lender may at any time, and without further authorization from Grantor, file a carbon, photographic or other reproduction of any financing statement or of this Agreement for use as a financing statement. Grantor will reimburse Lender for all expenses for the perfection and the continuation of the perfection of Lender’s security interest in the Collateral. Grantor promptly will notify Lender of any change in Grantor’s location or name, including any change to the assumed business names of Grantor. This is a continuing Commercial Security Agreement and will continue in effect even though all or any part of the Indebtedness is paid in full and even though for a period of time Grantor may not be indebted to Lender. Lender shall release its interest in the Collateral upon the full and final payment and satisfaction of the Indebtedness. If payment is made by Grantor, whether voluntarily or otherwise, or by any third party, on the Indebtedness and thereafter Lender is forced to remit the amount of that payment to Grantor’s trustee in bankruptcy or to any similar person under any federal, state or foreign bankruptcy law or law for the relief of debtors, the Indebtedness shall be considered unpaid for the purpose of enforcement of this Agreement.

(b)

No Violation. The execution and delivery of this Agreement will not violate any law or agreement governing Grantor or to which Grantor is a party, and its articles of incorporation and bylaws or other organizational documents do not prohibit any term or condition of this Agreement. The execution and delivery hereof is in the interest of the Grantor.

(c)

Enforceability of Collateral. With respect to the Accounts, each Account is enforceable in accordance with its terms, is genuine, and complies with applicable laws concerning form, content and manner of preparation and execution, and all persons appearing to be obligated on the Accounts have authority and capacity to contract and are in fact obligated as they appear to be on the Account. At the time any Account becomes subject to a security interest in favor of Lender, the Account shall be a good and valid Account representing an undisputed, bona fide indebtedness incurred by the Account Debtor; there shall be no setoffs or counterclaims against any such Account; and no agreement under which any deductions or discounts may be claimed shall have been made with the Account Debtor except those disclosed to Lender in writing.

(d)

Removal of Collateral; Transactions Involving Collateral. To the extent the Collateral consists of intangible property such as Accounts, the records and other documents pertaining to the Collateral shall be kept at 1319 Marquette Drive, Romeoville, IL 60446, provided that shipping and batch documents may be at the other two locations set forth on Exhibit A, or at such other locations as are acceptable to Lender. Except for inventory in transit, Grantor shall keep the tangible Collateral at the locations set forth on Exhibit A. Except for (i) Accounts collected and inventory sold in the ordinary course of Grantor’s business, (ii) dispositions of obsolete, defective or otherwise non-saleable or unusable inventory, (iii) sale of obsolete or unused equipment for fair market value, and (iv) transactions permitted under the terms of the Note, if any, Grantor shall not sell, offer to sell, or otherwise transfer or dispose of the Collateral. Grantor shall not pledge, mortgage, encumber or otherwise permit the Collateral to be subject to any lien, security interest, encumbrance, or charge, other than the security interest provided for in this Agreement or Permitted Liens, without the prior written consent of Lender. This includes security interests even if junior in right to the security interests granted under this Agreement.

(e)

Title. Grantor represents and warrants to Lender that it holds good and marketable title to the Collateral, free and clear of all liens and encumbrances except for the lien of this Agreement or Permitted Liens. No financing statement or other evidence of a lien or transfer covering any of the Collateral is on file in any public office in any jurisdiction other than those which reflect the security interest created by this Agreement or to which Lender has specifically consented or are disclosed in the schedule to the Loan Agreement. Grantor shall defend Lender’s rights in the Collateral against the claims and demands of all other persons.

(f)

Prepayments. Grantor represents and warrants to Lender that none of the Collateral has been prepaid by any Account Debtor other than as Grantor has disclosed to Lender in writing.

(g)

Collateral Schedules and Locations. As often as Lender shall reasonably require Grantor shall deliver to Lender schedules of such Collateral, including such information as Lender may require, including without limitation names and addresses of Account Debtors and agings of Accounts. Such information shall be submitted for Grantor and each of its subsidiaries, if any.

(h)

Possession and Collection of Accounts. All Accounts pledged as Collateral hereunder shall, unless otherwise directed by Lender, remain in Grantor’s possession or that of its agent and held in accordance with the terms of this Agreement.

(i)

Maintenance and Inspection of Collateral. Grantor shall maintain or cause to be maintained all equipment and inventory which is used or held for use in the Grantors’ business from time to time in usable or merchantable condition and repair, respectively. Grantor will not commit waste or destruction of the Collateral or any part of the Collateral. Lender and its designated representatives and agents shall have the right at all reasonable times to examine, inspect, and audit the Collateral wherever located and the books, records and physical plant of any property which is otherwise used in connection with the Collateral; provided, that such inspections shall be limited to once annually unless an Event of Default has occurred and is continuing. Grantor shall immediately notify Lender of all cases involving the return, rejection, repossession, loss or damage of or to any material Collateral; of any request for credit or adjustment or of any other dispute arising with respect to the Collateral outside the ordinary course of business; and generally of all happenings and events affecting the Collateral or the value or the amount of the Collateral which would be reasonably expected to have a Material Adverse Effect. This notification will not be required regarding product returns processed through the normal course of business.

(j)

Taxes, Assessments and Liens. Grantor will pay when due all taxes, assessments and liens upon the Collateral, its use or operation, upon this Agreement, upon any promissory note or notes evidencing the Indebtedness, or upon any of the other Related Documents, in each case, except for any such taxes, assessments or liens which are being contested in good faith by appropriate proceedings.

(k)

Compliance With Governmental Requirements. Grantor shall comply in all material respects with all laws, ordinances and regulations of all governmental authorities applicable to the production, disposition, or use of the Collateral. Grantor may contest in good faith any such law, ordinance or regulation and withhold compliance during any proceeding, including appropriate appeals, so long as Lender’s interest in the Collateral, in Lender’s discretion, is not jeopardized. Lender may require Grantor to post adequate security or a surety bond, reasonably satisfactory to Lender, to protect Lender’s interest.

(l)

Insurance. Grantor shall:

(i)

Maintain, or cause to be maintained, fire and other risk insurance, public liability insurance, and such other insurance which is reasonable, in the business judgment of Grantor, as to scope and amount of coverage for risks customarily insured against in Grantor’s industry. Grantor, upon request of Lender, will deliver to Lender from time to time the policies or certificates regarding such insurance customary form, including stipulations that coverages will not be cancelled or diminished without at least thirty (30) days prior written notice to Lender. In connection with all policies covering the Collateral, Grantor will provide Lender with such loss payable or other endorsements as Lender may reasonably require.

(ii)

Furnish to Lender, upon its request, reports on each existing insurance policy showing such information as Lender may reasonably request, including without limitation, the following: (A) the name of the insurer; (B) the risks insured; (C) the amount of the policy; (D) the properties insured; (E) the then current property values on the basis of which insurance has been obtained, and the manner of determining those values; and (F) the expiration date of the policy.

(iii)

Grantor shall promptly notify Lender of any material loss or damage to the Collateral. Lender may make proof of loss if Grantor fails to do so within fifteen (15) days of the casualty. This notification will not be required regarding product returns processed through the normal course of business.

(m)

Grantor’s Right to Possession and to Collect Accounts.

(i)

Until an Event of Default has occurred and except as otherwise provided herein, Grantor may have possession of the tangible personal property and beneficial use of all the Collateral and may use it in any lawful manner not inconsistent with this Agreement or the Related Documents.

(ii)

Subject to the rights of any senior lien holder, Lender is authorized to notify Account Debtors to make payments directly to Lender for application to the Indebtedness and Grantor authorizes and directs the Account Debtors to make payments on the Account to Lender. If Lender at any time has possession or control of any Collateral, whether before or after an Event of Default, Lender shall be deemed to have exercised reasonable care in the custody and preservation of the Collateral if Lender takes such action for that purpose as Grantor shall request or as Lender, in Lender’s reasonable discretion, shall deem appropriate under the circumstances, but failure to honor any request by Grantor shall not of itself be deemed to be a failure to exercise reasonable care. Lender shall not be required to take any steps necessary to preserve any rights in the Collateral against prior parties, nor to protect, preserve or maintain any security interest given to secure the Collateral. Lender shall have the right to direct who shall collect and service the Accounts.

(n)

Transactions with Others. Lender may (i) extend time for payment or other performance, (ii) grant a renewal or change in terms or conditions, or (iii) compromise, compound or release any obligation, with any one or more of the Grantors, endorsers or Guarantors of the Indebtedness as Lender deems advisable, without obtaining the prior written consent of Grantor, and no such act or failure to act shall affect Lender’s rights against Grantor or the Collateral.

(o)

Expenditures by Lender. If Grantor fails to comply with any provision of this Agreement, or if any action or proceeding is commenced that would materially affect Lender’s interests in the Collateral, Lender on Grantor’s behalf may, but shall not be required to, take any action that Lender deems appropriate. Any amount that Lender expends in so doing will bear interest at the Default Rate charged under the Note from the date incurred or paid by Lender to the date of repayment by Grantor. All such expenses, at Lender’s option, will: (i) be payable on demand; (ii) be added to the balance of the Note and be apportioned among and be payable with any installment payments to become due during the remaining term of the Note; or (iii) be treated as a balloon payment which will be due and payable at the Note’s maturity. This Agreement also will secure payment of these amounts. The rights provided for in this section shall be in addition to any other rights or any remedies to which Lender may be entitled on account of an Event of Default. Any such action by Lender shall not be construed as curing an Event of default so as to bar Lender from any remedy that it otherwise would have had.

SECTION 2: EVENTS OF DEFAULT; REMEDIES

2.1

Events of Default. A material default in the performance of any obligation hereunder which, if susceptible to cure, is not cured within thirty (30) days or any Event of Default under the Note shall constitute an Event of Default hereunder.

2.2

Rights and Remedies. Upon the occurrence of any Event of Default and at any time thereafter, Lender, at its option, may exercise any one or more of the following rights and remedies, in addition to any other rights or remedies provided by law:

(a)

Accelerate Indebtedness. Lender shall have the right at its option without notice to Grantor to declare the entire Indebtedness immediately due and payable, including any prepayment fee that Grantor would be required to pay.

(b)

UCC Remedies. With respect to all or any part of the Collateral, Lender shall have all the rights and remedies of a secured party under the Uniform Commercial Code.

(c)

Assemble Collateral. Lender may require Grantor to deliver to Lender all or any portion of the Collateral and other documents relating to the Collateral. Lender may require Grantor to assemble the Collateral and make it available to Lender at a place to be designated by Lender. Lender also shall have full power to enter upon the property of Grantor to take possession of and remove the Collateral. If the Collateral contains other goods not covered by this Agreement at the time of repossession, Grantor agrees Lender may take such other goods, provided that Lender makes reasonable efforts to return them to Grantor after repossession.

(d)

Sell the Collateral. Lender shall have full power to sell, lease, transfer, or otherwise deal with the Collateral or proceeds thereof in its own name or that of Grantor. Lender may sell the Collateral at public auction or private sale. Unless the Collateral threatens to decline speedily in value or is of a type customarily sold on a recognized market, Lender will give Grantor reasonable notice of the time after which any private sale or any other intended disposition of the Collateral is to be made. The requirements of reasonable notice shall be met if such notice is given at least ten (10) days before the time of the sale or disposition. All expenses relating to the disposition of the Collateral, including without limitation the expenses of retaking, holding, insuring, preparing for sale and selling the Collateral, shall become a part of the Indebtedness secured by this Agreement and shall be payable on demand, with interest at the Default Rate set forth in the Note from date of expenditure until repaid.

(e)

Foreclosure. Maintain a judicial suit for foreclosure and sale of the Collateral.

(f)

Appoint Receiver. To the extent permitted by applicable law, Lender shall have the following rights and remedies regarding the appointment of a receiver: (i) Lender may have a receiver appointed as a matter of right; (ii) the receiver may be an employee of Lender and may serve without bond; and (iii) all fees of the receiver and his attorney shall become part of the Indebtedness secured by this Agreement and shall be payable on demand, with interest at the Default Rate set forth in the Note from date of expenditure until repaid.

(g)

Transfer Title. Effect transfer of title upon sale of all or part of the Collateral. For this purpose, Grantor irrevocably appoints Lender as its attorney in fact to execute endorsements, assignments and instruments in the name of Grantor and each of them (if more than one) as shall be necessary or reasonable.

(h)

Collect Revenues, Apply Accounts. Lender, either itself or through a receiver, may collect the payments, rents, income, and revenues from the Collateral. Lender may at any time in its discretion transfer any Collateral into its own name or that of its nominee and receive the payments, rents, income, and revenues therefrom and hold the same as security for the Indebtedness or apply it to payment of the Indebtedness in such order of preference as Lender may determine. Lender may demand, collect, receipt for, settle, compromise, adjust, sue for, foreclose, or realize on the Collateral as Lender may determine, whether or not the Indebtedness or Collateral is then due. For these purposes, Lender may, on behalf of and in the name of Grantor, receive, open and dispose of mail addressed to Grantor; change any address to which mail and payments are to be sent; and endorse notes, checks, drafts, money orders, documents of title, instruments and items pertaining to payment, shipment, or storage of any Collateral and collect the proceeds therefrom. To facilitate collection, Lender may notify Account Debtors and obligors on any Collateral to make payments directly to Lender. Lender has been granted a power of attorney in Section 3.2(p) hereof.

(i)

Obtain Deficiency. If Lender chooses to sell any or all of the Collateral, Lender may obtain a judgment against Grantor for any deficiency remaining on the Indebtedness due to Lender after application of all amounts received from the exercise of the rights provided in this Agreement. Grantor shall be liable for a deficiency even if the transaction described in this subsection is a sale of accounts or chattel paper.

(j)

Other Rights and Remedies. Lender shall have and may exercise any or all other rights and remedies it may have available at law, in equity, or otherwise.

2.3

Cumulative Remedies. All of Lender’s rights and remedies, whether evidenced by this Agreement or the Related Documents or by any other writing, shall be cumulative and may be exercised singularly or concurrently. Election by Lender to pursue any remedy shall not exclude pursuit of any other remedy, and an election to make expenditures or to take action to perform an obligation of Grantor under this Agreement, after Grantor’s failure to perform, shall not affect Lender’s right to declare an Event of Default and to exercise its remedies.

2.4

Attorneys’ Fees; Expenses. If Lender institutes any suit or action to enforce any of the terms of this Agreement, Lender shall be entitled to recover its reasonable attorneys’ fees at trial and on any appeal. Whether or not any court action is involved, all reasonable expenses incurred by Lender that in Lender’s opinion are necessary at any time for the protection of its interest or the enforcement of its rights shall become a part of the Indebtedness payable on demand and shall bear interest from the date of expenditure until repaid at the Default Rate set forth in the Note. Expenses covered by this Section include, without limitation however subject to any limits under applicable law, Lender’s reasonable attorneys’ fees and Lender’s legal expenses whether or not there is a lawsuit, including attorneys’ fees for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), appeals and any anticipated post-judgment collection services, the cost of searching records, obtaining title reports (including foreclosure reports), surveyors’ reports, and appraisal fees, and title insurance, to the extent permitted by applicable law. Grantor also will pay any court costs, in addition to all other sums provided by law.

SECTION 3: DEFINITIONS AND MISCELLANEOUS PROVISIONS

3.1

Definitions. The following words shall have the following meanings when used in this Agreement. Terms not otherwise defined in this Agreement shall have the meanings attributed to such terms in the Illinois Uniform Commercial Code (810 ILCS 1/1 et seq. as amended from time to time (“Uniform Commercial Code” or “UCC”)). All references to dollar amounts shall mean amounts in lawful money of the United States of America.

Account Debtor. The words “Account Debtor” means the Person who is obligated on or under an Account or, if appropriate, chattel paper or general intangible, as applicable.

Accounts. The word “Accounts” means “accounts” as such term is defined in the UCC, including without limitation, all rights to payment for goods sold or leased or services rendered, whether or not earned by performance and all rights in respect of the Account Debtor, including, without limitation, all such rights in which Grantor has any right, title or interest by reason of the purchase thereof by Grantor, and including, without limitation, all such rights constituting or evidenced by any Account, chattel paper, general intangible, instrument, contract, invoice, purchase order, draft, acceptance, intercompany account, note, security agreement, or other evidence of indebtedness or security, together with (i) any collateral assigned, hypothecated or held to secure any of the foregoing and the rights under any security agreement granting a security interest in such collateral, (ii) all goods, the sale of which gave rise to any of the foregoing, and (iii) all powers of attorney for the execution of any evidence of indebtedness or security or other writing in connection therewith.

Agreement. The word “Agreement” means this Commercial Security Agreement, as this Commercial Security Agreement may be amended or modified from time to time, together with all exhibits and schedules attached to this Commercial Security Agreement from time to time.

Borrower. The word “Borrower” means NTC and its successors and assigns.

Collateral. The word “Collateral” means all of the following properties, assets and rights of the Grantor, wherever located, whether now owned or hereafter acquired or arising, and all proceeds and products thereof:

All personal and fixture property of every kind and nature including, without limitation, all furniture, fixtures, equipment, raw materials, inventory, other goods, Accounts, contract rights, rights to the payment of money, insurance refund claims and all other insurance claims and proceeds, tort claims, chattel paper, electronic chattel paper, documents, instruments, securities and other investment property, deposit accounts, rights to proceeds of letters of credit, letter-of-credit rights, supporting obligations of every nature, and general intangibles including, without limitation, all tax refund claims, license fees, patents, patent applications, trademarks, trademark applications, trade names, copyrights, copyright applications, rights to sue and recover for past infringement of patents, trademarks and copyrights, computer programs, computer software, engineering drawings, service marks, customer lists, goodwill, and all licenses, permits, agreements of any kind or nature pursuant to which (i) the Grantor operates or has authority to operate, (ii) the Grantor possesses, uses or has authority to possess or use property (whether tangible or intangible) of others, or (iii) others possess, use or have authority to possess or use property (whether tangible or intangible) of the Grantor, and all recorded data of any kind or nature, regardless of the medium of recording, including, without limitation, all software, writings, plans, specifications and schematics.

Grantor acknowledges and agrees that, with respect to any term used in this definition that is defined in either (a) Article 9 of the Uniform Commercial Code as in force in Illinois at the time that this Agreement was signed, (b) Article 9 as in force at any relevant time in the jurisdictions in which a financing statement is filed, or (c) in this Agreement the meaning to be ascribed thereto with respect to any particular item of property shall be that under the more encompassing of the three definitions.

In addition, the word “Collateral” includes all the following, whether now owned or hereafter acquired, whether now existing or hereafter arising, and wherever located:

(a)

All accessions, increases, and additions to and all replacements of and substitutions for any property described above.

(b)

All accounts, contract rights, general intangibles, instruments, monies, payments, and all other rights relating and incident thereto, or arising out of a sale, lease, or other disposition of any of the property described in this definition.

(c)

All proceeds (including insurance proceeds) from the sale, destruction, loss, or other disposition of any of the property described in this definition.

(d)

All records and data relating to any of the property described in this definition, whether in the form of a writing, photograph, microfilm, microfiche, or electronic media, together with all of Grantor’s right, title, and interest in and to all computer software required to utilize, create, maintain, and process any such records or data on electronic media.

Event of Default. The words “Event of Default” have the meaning set forth in Section 2.1 above.

Grantor. The word “Grantor” has the meaning set forth in the initial paragraph of this Agreement.

Indebtedness. The word “Indebtedness” means all principal and interest payable under the Note and any amounts expended or advanced by Lender to discharge obligations of Grantor or expenses incurred by Lender to enforce obligations of Grantor under this Agreement or under the Loan Agreement or any document related thereto (including reimbursement obligations for Lender’s expenses), together with interest on such amounts as provided in this Agreement. In addition to the Note, the word “Indebtedness” includes all obligations, debts and liabilities, plus interest thereon, of Grantor to Lender, or any one or more of them, whether now existing or hereafter arising, whether related or unrelated to the purpose of the Note, whether voluntary or otherwise, whether due or not due, absolute or contingent, liquidated or unliquidated and whether Grantor may be liable individually or jointly with others, whether obligated as guarantor or otherwise, and whether recovery upon such Indebtedness may be or hereafter may become barred by any statute of limitations, and whether such Indebtedness may be or hereafter may become otherwise unenforceable.

Lender. The word “Lender” has the meaning set forth in the initial paragraph of this Agreement.

Note. The word “Note” mean 2% Second Secured Convertible Note due May 15, 2024 from Borrower to Lender dated of even date herewith in the principal amount of $2,000,000.00, together with all renewals of, extensions of, modifications of, refinancings of, consolidations of, and substitutions for such promissory note.

Permitted Liens. The words “Permitted Liens” means those liens and encumbrances set forth on the attached Schedule A.

Person. The word “Person” means an individual or a corporation, partnership, trust, incorporated or unincorporated association, joint venture, joint stock company, limited liability company, government (or any agency or political subdivision thereof) or other entity of any kind.

Related Documents. The words “Related Documents” mean and include without limitation all promissory notes, credit agreements, loan agreements, guaranties, security agreements, mortgages, deeds of trust, collateral assignments, financing statements and all other instruments, agreements and documents, whether now or hereafter existing, executed in connection with the Indebtedness.

3.2

Miscellaneous Provisions. The following miscellaneous provisions are a part of this Agreement:

(a)

Entire Agreement; Amendments. This Agreement, together with any Related Documents, constitutes the entire understanding and agreement of the parties as to the matters set forth in this Agreement. No alteration of or amendment to this Agreement shall be effective unless given in writing and signed by the party or parties sought to be charged or bound by the alteration or amendment.

(b)

Applicable Law. This Agreement and all acts, agreements, certificates, assignments, transfers and transactions hereunder, and all rights of the parties hereto, shall be governed as to validity, enforcement, interpretation, construction, effect and in all other respects by the internal laws and decisions of the State of Illinois, including, but not limited to, laws regulating interest, loan charges, commitment fees and brokerage commissions (without regard to conflicts of law principles). It is acknowledged and agreed by Grantor and Lender that the loan transaction evidenced hereby, bears a reasonable relationship to the State of Illinois.

(c)

Consent to Jurisdiction. To induce Lender to accept this Agreement, Grantor irrevocably agrees that, subject to Lender’s sole and absolute election, ALL ACTIONS OR PROCEEDINGS IN ANY WAY ARISING OUT OF OR RELATED TO THIS AGREEMENT WILL BE LITIGATED IN COURTS HAVING SITUS IN COOK OR WILL COUNTY, ILLINOIS. GRANTOR HEREBY CONSENTS AND SUBMITS TO THE JURISDICTION OF ANY COURT LOCATED WITHIN COOK OR WILL COUNTY, ILLINOIS.

(d)

Caption Headings. Caption headings in this Agreement are for convenience purposes only and are not to be used to interpret or define the provisions of this Agreement.

(e)

Merger. There shall be no merger of the interest or estate created by this Agreement with any other interest or estate in the Collateral at any time held by or for the benefit of Lender in any capacity, without the written consent of Lender.

(f)

Multiple Parties; Corporate Authority. All obligations of Grantor under this Agreement shall be joint and several, and all references to Grantor shall mean each and every Grantor. This means that each of the persons signing below is responsible for all obligations in this Agreement. To the extent that Grantor is a corporation, partnership or limited liability company, it hereby represents and warrants to Lender that the execution of this Agreement has been authorized by all necessary corporate, partnership or limited liability company action, as the case may be.

(g)

Severability. If a court of competent jurisdiction finds any provision of this Agreement to be invalid or unenforceable as to any person or circumstance, such finding shall not render that provision invalid or unenforceable as to any other persons or circumstances. If feasible, any such offending provision shall be deemed to be modified to be within the limits of enforceability or validity; however, if the offending provision cannot be so modified, it shall be stricken and all other provisions of this Agreement in all other respects shall remain valid and enforceable.

(h)

Successors and Assigns. Subject to the limitations stated in this Agreement on transfer of Grantor’s interest in the Collateral, or a change in ownership of Grantor, this Agreement shall be binding upon and inure to the benefit of the parties, their successors and assigns. If ownership of the Collateral becomes vested in a person other than Grantor, Lender, without notice to Grantor, may deal with Grantor’s successors with reference to this Agreement and the Indebtedness by way of forbearance, extension or any other modification without releasing Grantor from the obligations of this Agreement or liability under the Indebtedness.

(i)

Survival. All warranties, representations, and covenants made by Grantor in this Agreement or in any certificate or other instrument delivered by Grantor to Lender under this Agreement shall be considered to have been relied upon by Lender and will survive the making of the loan secured hereby and delivery to Lender of the Related Documents, regardless of any investigation made by Lender or on Lender’s behalf.

(j)

Time Is of the Essence. Time is of the essence in the performance of this Agreement.

(k)

Agency. Nothing in this Agreement shall be construed to constitute the creation of a partnership or joint venture between Lender and Grantor or any contractor. Lender is not an agent or representative of Grantor. This Agreement does not create a contractual relationship with and shall not be construed to benefit or bind Lender in any way with or create any contractual duties by Lender to any contractor, subcontractor, materialman, laborer, or any other person.

(l)

Notices. Except as otherwise provided herein, whenever it is provided herein that any notice, demand, request, consent, approval, declaration or other communication shall or may be given to or served upon any of the parties by another, or whenever any of the parties desires to give or serve upon another any communication with respect to this Agreement, each such notice, demand, request, consent, approval, declaration or other communication shall be in writing and shall be delivered in person (by personal delivery, delivery service or reputable overnight courier service), or telecopied and confirmed immediately in writing by a copy mailed by United States mail, postage prepaid, addressed as hereafter set forth, or mailed by registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

If to Lender, at

1603 Orrington Avenue, Suite 900

Evanston, IL 60201

Attn: Bradford T. Whitmore

Tel: 847-733-1230 Fax: 847-733-0339

If to Grantor, at:

1319 Marquette Drive

Romeoville, IL 60446

Attn: Jess Jankowski

Tel: 630-771-6702 Fax: 630-771-0825

or at such other address as may be substituted by notice given as herein provided. The giving of any notice required hereunder may be waived in writing by the party entitled to receive such notice. Every notice, demand, request, consent, approval, declaration or other communication hereunder shall be deemed to have been duly given or served on the date on which (i) personally delivered (whether in person, by delivery service, or by reputable overnight courier service), (ii) the date of the telecopy transmission (provided the confirmation mailing was sent as provided herein), or (iii) on the date of receipt if sent by the United States mail. Failure or delay in delivering copies of any notice, demand, request, consent, approval, declaration or other communication to the persons designed above to receive copies, if any, shall in no way adversely affect the effectiveness of such notice, demand, request, consent, approval, declaration or other communication.

(m)

Lender’s Discretion. Whenever this instrument requires either Lender’s consent, election, approval or similar action or otherwise vests in Lender the authority to make decisions and/or determinations, such actions shall be made or withheld in Lender’s sole and absolute discretion, unless specifically provided otherwise and the granting of any consent, election, approval or similar action by Lender in any instance shall not constitute continuing consent, election, approval or similar action in subsequent instances where such is required.

(n)

Waiver of Right of Redemption. NOTWITHSTANDING ANY OF THE PROVISIONS TO THE CONTRARY CONTAINED IN THIS AGREEMENT, GRANTOR HEREBY WAIVES, TO THE EXTENT PERMITTED UNDER 735 ILCS 5/15-1601(b) OR ANY SIMILAR LAW EXISTING AFTER THE DATE OF THIS AGREEMENT, ANY AND ALL RIGHTS OF REDEMPTION ON BEHALF OF GRANTOR AND ON BEHALF OF ANY OTHER PERSONS PERMITTED TO REDEEM THE COLLATERAL.

(o)

Waivers and Consents. Lender shall not be deemed to have waived any rights under this Agreement (or under the Related Documents) unless such waiver is in writing and signed by Lender. No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any other right. A waiver by any party of a provision of this Agreement shall not constitute a waiver of or prejudice the party’s right otherwise to demand strict compliance with that provision or any other provision of this Agreement. No prior waiver by Lender, nor any course of dealing between Lender and Grantor, shall constitute a waiver of any of Lender’s rights or any of Grantor’s obligations as to any future transactions.

(p)

Power of Attorney. Grantor hereby appoints Lender, after the occurrence and during the contention of an Event of Default, as its true and lawful attorney-in-fact, irrevocably, with full power of substitution to do the following: (i) to demand, collect, receive, receipt for, sue and recover all sums of money or other property which may now or hereafter become due, owing or payable from the Collateral; (ii) to execute, sign and endorse any and all claims, instruments, receipts, checks, drafts or warrants issued in payment for the Collateral; (iii) to settle or compromise any and all claims arising under the Collateral, and, in the place and stead of Grantor, to execute and deliver its release and settlement for the claim; and (iv) to file any claim or claims or to take any action or institute or take part in any proceedings, either in its own name or in the name of Grantor, or otherwise, which in the discretion of Lender may seem to be necessary or advisable. This power is given as security for the Indebtedness, and the authority hereby conferred is and shall be irrevocable and shall remain in full force and effect until renounced by Lender or the Indebtedness is paid in full.

(q)

Waiver of Jury Trial. GRANTOR AND LENDER EACH WAIVE ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS (i) UNDER THIS AGREEMENT OR ANY RELATED DOCUMENT OR UNDER ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH OR ANY RELATED DOCUMENT OR (ii) ARISING FROM ANY BANKING RELATIONSHIP EXISTING IN CONNECTION HEREWITH, AND AGREES THAT ANY SUCH ACTION OR PROCEEDING WILL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY. GRANTOR AGREES THAT IT WILL NOT ASSERT ANY CLAIM AGAINST LENDER OR ANY OTHER PERSON INDEMNIFIED UNDER THIS AGREEMENT ON ANY THEORY OF LIABILITY FOR SPECIAL, INDIRECT, CONSEQUENTIAL, INCIDENTAL OR PUNITIVE DAMAGES.

(r)

Consent to Service of Documents. GRANTOR HEREBY AGREES AND CONSENTS THAT, IN ADDITION TO ANY METHODS OF SERVICE OF PROCESS PROVIDED FOR UNDER APPLICABLE LAW, ALL SERVICE OF PROCESS IN ANY SUIT, ACTION OR PROCEEDING IN ANY ILLINOIS OR FEDERAL COURT INVOLVING LENDER IN ANY WAY (WHETHER FOR THIS TRANSACTION OR OTHERWISE) MAY BE MADE BY EITHER (A) CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED, DIRECTED TO GRANTOR AT THE ADDRESS INDICATED HEREIN, AND SERVICE SO MADE SHALL BE COMPLETE FIVE DAYS AFTER THE SAME SHALL HAVE BEEN SO MAILED OR (B) THROUGH GRANTOR’S ATTORNEY, DAVID L. WEINSTEIN, AT SUCH ADDRESS AS MAY BE ON RECORD WITH THE SUPREME COURT OF ILLINOIS.

3.3

Grantor’s Authorizations and Waivers. Each Grantor, for itself only, hereby makes the following authorizations and waivers:

(a)

Lender’s Dealings with the Indebtedness. Grantor authorizes Lender without notice or demand and without lessening such Grantor’s liability under this instrument, from time to time: (i) to take and hold collateral for the payment of the Indebtedness, and exchange, enforce, waive, fail or decide not to perfect, and release any such security, with or without the substitution of new collateral; (ii) to release, substitute, agree not to sue, or deal with any one or more of Borrower’s sureties, endorsers, co-borrowers or other Guarantors on any terms or in any manner Lender may choose; (iii) to determine how, when and what application of payments and credits shall be made on the Indebtedness; and (iv) to apply such collateral and direct the order or manner of sale thereof, including without limitation, any nonjudicial sale permitted by the terms of the controlling security instrument, as Lender may determine.

(b)

Lender’s Dealings with Borrower. Except as prohibited by applicable law, Grantor waives any right to require Lender: (i) to continue lending money or to extend other credit to any Borrower or perform any other commitments or obligations hereunder; (ii) to make any presentment, protest, demand, or notice of any kind, including notice of any nonpayment of the Indebtedness or of any nonpayment related to any collateral, or notice of any action or nonaction on the part of any Borrower, Lender, any surety, endorser, or other Guarantor in connection with the Indebtedness or in connection with the creation of new or additional loans or obligations; (iii) to resort for payment or to proceed directly or at once against any person, including any Borrower or any Guarantor; (iv) to proceed directly against or exhaust any collateral held by Lender from any Borrower, any Guarantor, or any other person; (v) to give notice of the terms, time, and place of any public sale of (or the time after which a private sale may take place with respect to) personal property security held by Lender from any Borrower or to comply with any other applicable provisions of the Uniform Commercial Code with respect thereto; or (vi) to pursue any other remedy within Lender’s power.

(c)

Waiver of Subrogation. If now or hereafter: (i) any Borrower or Guarantor or Grantor shall be or become insolvent, and (ii) the Indebtedness shall not at all times until paid be fully secured by collateral pledged by such other Borrower, Grantors or Guarantors or any other Borrower, Grantor or Guarantor, Grantor hereby forever waives and relinquishes in favor of Lender any claim or right to payment Grantor may now have or hereafter have or acquire against any Borrower hereunder, by subrogation, reimbursement or otherwise, so that at no time shall Grantor be or become a “creditor” of such Borrower within the meaning of 11 U.S.C. Section 547(b), or any successor provision of the Federal bankruptcy laws.

(d)

Waiver of Anti-Deficiency and One Action Rule. Grantor waives any and all rights or defenses arising by reason of: (i) any “one action” or “anti-deficiency” law or any other law which may prevent Lender from bringing any action, including a claim for deficiency, against Grantor, before or after Lender’s commencement or completion of any foreclosure action, either judicially or by exercise of a power of sale; (ii) any election of remedies by Lender which destroys or otherwise adversely affects Grantor’s subrogation rights or Borrower’s rights to proceed against any other Borrower for reimbursement, including without limitation, any loss of rights Grantor may suffer by reason of any law limiting, qualifying, or discharging the Indebtedness, if any; (iii) any disability or other defense of any Borrower, of any Guarantor, or of any other person, or by reason of the cessation of any Borrower’s liability from any cause whatsoever, other than payment in full in legal tender, of the Indebtedness; (iv) any right to claim discharge of the Indebtedness on the basis of unjustified impairment of any Collateral for the Indebtedness; (v) any statute of limitations; or (vi) any defenses given to guarantors, sureties, and/or co-makers at law or in equity other than actual payment and performance of the Indebtedness. If payment is made by a Borrower, whether voluntarily or otherwise, or by any third party, on the Indebtedness and thereafter Lender is forced to remit the amount of that payment to a trustee in bankruptcy or to any similar person under any federal or state bankruptcy law or law for the relief of debtors, the Indebtedness shall be considered unpaid for the purpose of enforcement of this Agreement and the Related Documents against Grantor.

(e)

No Setoff or Counterclaims. Grantor further waives and agrees not to assert or claim at any time any deductions to the Indebtedness for any claim of setoff, counterclaim, counter demand, recoupment or similar right, whether such claim, demand or right may be asserted by any or all Borrowers, but Grantor is not precluded from pursuing such claims separately.

GRANTOR ACKNOWLEDGES HAVING READ ALL THE PROVISIONS OF THIS COMMERCIAL SECURITY AGREEMENT, AND GRANTOR AGREES TO ITS TERMS.

GRANTOR:

NANOPHASE TECHNOLOGIES CORPORATION

By:
Name:	Jess Jankowski
Its:	President & Chief Executive Officer

SOLÉSENCE, LLC

By:
Name:	Jess Jankowski
Its:	President & Chief Executive Officer

LENDER:


BRADFORD T. WHITMORE

Exhibit A

–

Collateral Locations

1319 Marquette Drive, Romeoville, IL 60446

453 Commerce Street, Burr Ridge, IL 60523

1305 Marquette Drive, Romeoville, IL 60441

Schedule A – Permitted Liens

Liens in favor of Libertyville Bank & Trust Company

Liens in favor of Beachcorp, LLC

EX-4.3 4 ex4-3.htm 2% SECOND SECURED CONVERTIBLE NOTE

Nanophase Technologies Corporation 10-Q

Exhibit 4.3

NEITHER THESE SECURITIES NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

THIS NOTE DOES NOT REQUIRE PHYSICAL SURRENDER OF THE NOTE IN THE EVENT OF A PARTIAL REDEMPTION OR CONVERSION. AS A RESULT, FOLLOWING ANY REDEMPTION OR CONVERSION OF ANY PORTION OF THIS NOTE, THE OUTSTANDING PRINCIPAL AMOUNT REPRESENTED BY THIS NOTE MAY BE LESS THAN THE PRINCIPAL AMOUNT AND ACCRUED INTEREST SET FORTH BELOW.

2% SECOND SECURED CONVERTIBLE NOTE DUE MAY 15, 2024

NANOPHASE TECHNOLOGIES CORPORATION

Note No.: 2019-1	Original Principal Amount: $2,000,000.00
Issuance Date: November 20, 2019	Evanston, Illinois

For Value Received, NANOPHASE TECHNOLOGIES CORPORATION, a Delaware corporation (the “Company”) hereby promises to pay to the order of BRADFORD T. WHITMORE or its registered assigns or successors-in-interest (“Holder”) the principal sum of TWO MILLION U.S. DOLLARS (U.S. $2,000,000.00) together with all accrued but unpaid interest thereon, if any, on May 15, 2024 (“Maturity Date”), to the extent such principal amount and interest has not been converted into the Company’s Common Stock, $0.01 par value per share (the “Common Stock”), in accordance with the terms hereof. Interest on the unpaid principal balance hereof shall accrue at the rate of 2% per annum from the original date of issuance, November 20, 2019 (the “Issuance Date”). Notwithstanding anything contained herein, this Note shall bear interest on the due and unpaid Principal Amount from and after the occurrence and during the continuance of an Event of Default pursuant to Section 5(a), at the rate (the “Default Rate”) equal to the lower of twelve percent (12%) per annum or the highest rate permitted by law. Unless otherwise agreed or required by applicable law, payments will be applied first to any unpaid collection costs, then to unpaid interest and fees (including late charges, if applicable) and any remaining amount to principal.

Except as otherwise provided herein, all payments of principal and interest (including late charges, if applicable) on this Note shall be made in lawful money of the United States of America by wire transfer of immediately available funds to such account as the Holder may from time to time designate by written notice in accordance with the provisions of this Note or by Company check. This Note may not be prepaid in whole or in part except as otherwise provided herein. Whenever any amount expressed to be due by the terms of this Note is due on any day which is not a Business Day (as defined below), the same shall instead be due on the next succeeding day which is a Business Day.

Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Securities Purchase Agreement dated on or about the Issuance Date pursuant to which the Notes were originally issued (the “Purchase Agreement”). For purposes hereof the following terms shall have the meanings ascribed to them below:

“Business Day” shall mean any day other than a Saturday, Sunday or a day on which commercial banks in the City of Chicago are authorized or required by law or executive order to remain closed.

“Certificate Amendment” shall have the meaning set forth in the Purchase Agreement.

“Change in Control Transaction” means (a) the disposition by the Company of all or substantially all of its assets, whether in one transaction or in a series of related transactions, to an unaffiliated buyer for value and (b) any sale by the Company of its stock or of instruments or securities convertible into or exchangeable for its stock, or any merger, consolidation, conversion or reorganization of the Company, in one transaction or in a series of related transactions pursuant to which the persons owning the right to receive distributions and dividends declared and paid on the Company’s stock (including any holders of instruments and securities convertible into or exchangeable for the Company’s stock which are entitled pursuant to their terms to participate in such distributions and dividends) immediately before such transaction or series of related transactions own less than half of the right to receive such distributions and dividends immediately after such transaction or series of related transactions.

“Conversion Ratio” means, at any time, a fraction, of which the numerator is the entire outstanding Principal Amount of this Note (or such portion thereof that is being redeemed or repurchased), and of which the denominator is the then applicable Conversion Price.

“Conversion Price” shall equal USD 0.20 (which Conversion Price shall be subject to adjustment as set forth herein).

“Conversion Shares” means the shares of Common Stock into which the Notes are convertible (including repayment in Common Stock as set forth herein) in accordance with the terms hereof and the Purchase Agreement.

“Convertible Securities” means any convertible securities, warrants, options or other rights to subscribe for or to purchase or exchange for, shares of Common Stock.

“CSPA” means the Common Stock Purchase Agreement, dated as May 13, 2019 between the Company and Holder, as amended from time to time.

“Debt” shall mean indebtedness of any kind.

“Effective Date” means the date on which a Registration Statement covering all the Conversion Shares and other Registrable Securities (as defined in the CSPA) is declared effective by the Securities and Exchange Commission.

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

“Market Price” shall equal the average of the VWAP for each of the twenty (20) Trading Days, excluding the five (5) highest Trading Days (i.e. the Trading Days with the highest VWAP) from the average, immediately preceding the date on which such Market Price is being determined.

“Principal Amount” shall refer to the sum of (i) the original principal amount of this Note, (ii) all accrued but unpaid interest hereunder, and (iii) any default payments owing under the Transaction Documents but not previously paid or added to the Principal Amount.

“Principal Market” shall mean the OTCQB trading marketplace or such other principal market or exchange on which the Common Stock is then listed for trading.

“Registration Statement” shall have the meaning set forth in the Purchase Agreement.

“Securities Act” shall mean the Securities Act of 1933, as amended.

“Trading Day” shall mean (x) if the Common Stock is listed on the New York Stock Exchange, the American Stock Exchange or Nasdaq Stock Market, a day on which there is trading on such stock exchange, or (y) if the foregoing provisions are inapplicable, a day on which quotations are reported by OTC Markets Group.

“VWAP” shall mean the daily volume weighted average price of the Common Stock on the Principal Market as reported by Bloomberg Financial L.P. (based on a trading day from 9:30 a.m. Eastern Time to 4:00 p.m. Eastern Time) using the AQR function on the date in question.

The following terms and conditions shall apply to this Note:

Section 1.

Payments of Principal and Interest.

(a)

Interest. This Note shall accrue interest monthly (commencing on the Issuance Date) at a rate of 2% per annum. Interest shall be paid semi-annually on 15^th day of May and November each year commencing on May 15, 2020 until this note is paid in full, or such earlier date upon acceleration or by conversion or redemption in accordance with the terms hereof or of the other Transaction Documents.

(b)

Payment of Principal. Subject to the provisions hereof, the Principal Amount of this Note shall be due and payable in cash on the Maturity Date. The Company shall have no right to prepay the Principal Amount of this Note.

Section 2.

Seniority. The obligations of the Company hereunder (a) shall rank junior to the Company’s Notes governed by the Business Loan Agreement, dated as of November 16, 2018, by and among the Company and the Beachcorp, LLC, as amended from time to time (the “Beachcorp Loan Agreement”), (b) are secured by liens which are junior to the liens securing the Company’s Promissory Note, originally dated March 4, 2018, payable to the order of Libertyville Bank and Trust Company, as amended by that certain Change in Terms Agreement, dated March 4, 2019 (as so amended and as it may be hereafter amended, modified, extended or refinanced from time to time), and (c) shall be senior to the Company’s unsecured indebtedness.

Section 3.

Conversion.

(a)

Conversion by Holder. Subject to the terms hereof and restrictions and limitations contained herein, and provided that the Company has filed the Certificate Amendment as provided for in the Purchase Agreement, the Holder shall have the right, at such Holder’s option, at any time and from time to time to convert the outstanding Principal Amount under this Note in whole or in part by delivering to the Company a fully executed notice of conversion in the form of conversion notice attached hereto as Exhibit A (the “Conversion Notice”), which may be transmitted by facsimile or email (with the original mailed on the same day be certified or registered mail, postage prepaid and return receipt requested or via overnight courier), on the date of conversion (the “Conversion Date”). A Conversion Notice shall be deemed sent on the date of delivery if delivered before 5:00 p.m. Central Time on such date, or the day following such date if delivered after 5:00 p.m. Central Time. In the event that the Certificate Amendment has not been properly approved and filed on or before 5:00pm (Central Time) on December 31, 2019, the entire principal balance of this Note and all other unpaid amounts accrued hereunder, shall become immediately due and payable and the Company shall immediately pay to the Holder an amount equal to 105% of the outstanding Principal Amount of the Notes held by the Holder (plus all accrued and unpaid interest, if any).

(b)

Conversion Date Procedures. Upon conversion of this Note pursuant to this Section 3, the outstanding Principal Amount hereunder shall be converted into such number of fully paid, validly issued and non-assessable shares of Common Stock, free of any liens, claims and encumbrances, as is determined by dividing the outstanding Principal Amount (and, at the election of the Holder, any accrued interest or applicable late charges) being converted by the then applicable Conversion Price. If a conversion under this Note cannot be effected in full for any reason, or if the Holder is converting less than all of the outstanding Principal Amount hereunder pursuant to a Conversion Notice, the Company shall, upon request by the Holder, promptly deliver to the Holder (but no later than five Trading Days after the Conversion Date) a Note for such outstanding Principal Amount (and, at the election of the Holder, any accrued interest or applicable late charges) as has not been converted if this Note has been surrendered to the Company for partial conversion. The Holder shall not be required to physically surrender this Note to the Company upon any conversion hereunder unless the full outstanding Principal Amount (and, at the election of the Holder, any accrued interest or applicable late charges) represented by this Note is being converted or repaid. The Holder and the Company shall maintain records showing the outstanding Principal Amount (and, at the election of the Holder, any accrued interest or applicable late charges) so converted and repaid and the dates of such conversions or repayments or shall use such other method, reasonably satisfactory to the Holder and the Company, so as not to require physical surrender of this Note upon each such conversion or repayment.

(i)

Stock Certificates or DWAC. The Company will deliver to the Holder not later than three (3) Trading Days after the Conversion Date, a certificate or certificates which shall be free of restrictive legends and trading restrictions (assuming that the Registration Statement has been declared effective), representing the number of shares of Common Stock being acquired upon the conversion of this Note. In lieu of delivering physical certificates representing the shares of Common Stock issuable upon conversion of this Note, provided the Company’s transfer agent is participating in the Depository Trust Company (“DTC”) Fast Automated Securities Transfer (“FAST”) program, upon request of the Holder, the Company shall use commercially reasonable efforts to cause its transfer agent to electronically transmit such shares issuable upon conversion to the Holder (or its designee), by crediting the account of the Holder’s (or such designee’s) prime broker with DTC through its Deposit Withdrawal Agent Commission system (provided that the same time periods herein as for stock certificates shall apply). If in the case of any conversion hereunder, such certificate or certificates are not delivered to or as directed by the Holder by the third Trading Day after the Conversion Date, the Holder shall be entitled by written notice to the Company at any time on or before its receipt of such certificate or certificates thereafter, to rescind such conversion, in which event the Company shall immediately return this Note tendered for conversion.

(c)

Conversion Price Adjustments.

(i)

Stock Dividends and Splits. If the Company or any of its subsidiaries, at any time while the Notes are outstanding (A) shall pay a stock dividend or otherwise make a distribution or distributions on any equity securities (including instruments or securities convertible into or exchangeable for such equity securities) in shares of Common Stock, or (B) subdivide outstanding Common Stock into a larger number of shares, then each Affected Conversion Price (as defined below) shall be multiplied by a fraction, the numerator of which shall be the number of shares of Common Stock outstanding before such event and the denominator of which shall be the number of shares of Common Stock outstanding after such event. Any adjustment made pursuant to this Section 3(c)(i) shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision.

As used herein, the Affected Conversion Prices (each an “Affected Conversion Price”) shall refer to: (i) the Conversion Price; (ii) each reported daily closing price of the Common Stock on the Principal Market occurring on any Trading Day included in the period used for determining the Market Price, the Conversion Price, and applicability of the restriction in Section 3(f), as the case may be, which Trading Day occurred before the record date in the case of events referred to in clause (A) of this Section 3(c)(i) and before the effective date in the case of the events referred to in clause (B) of this Section 3(c)(i).

(ii)

Distributions. If the Company or any of its subsidiaries, at any time while the Notes are outstanding, shall distribute to all holders of Common Stock evidences of its indebtedness or assets or cash or rights or warrants to subscribe for or purchase any security of the Company or any of its subsidiaries (excluding those referred to in Section 3(c)(i) above), then concurrently with such distributions to holders of Common Stock, the Company shall distribute to holders of the Notes the amount of such indebtedness, assets, cash or rights or warrants which lower of: (A) the Conversion Price or (B) the holders of Notes would have received had all their Notes been converted into Common Stock at the then applicable Market Price immediately prior to the record date for such distribution.

(iii)

Rounding of Adjustments. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be.

(iv)

Notice of Adjustments. Whenever any Affected Conversion Price is adjusted pursuant to Section 3(c)(ii) above, the Company shall promptly deliver to each holder of the Notes, a notice setting forth the Affected Conversion Price after such adjustment and setting forth a brief statement of the facts requiring such adjustment, provided that any failure to so provide such notice shall not affect the automatic adjustment hereunder.

(v)

Change in Control Transactions. In case of any Change in Control Transaction, the Holder shall have the right thereafter to, at its option, require the Company or its successor to redeem this Note, in whole or in part, at a redemption price equal to 105% of the outstanding Principal Amount (plus any accrued interest or applicable late charges) being redeemed. This provision shall similarly apply to successive reclassifications, consolidations, mergers, sales, transfers or share exchanges.

(vi)

Notice of Certain Events. If:

	A.	the Company shall declare a dividend (or any other distribution) on its Common Stock; or

	B.	the Company shall declare a special nonrecurring cash dividend on or a redemption of its Common Stock; or

	C.	the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights; or

	D.	the approval of any stockholders of the Company shall be required in connection with any reclassification of the Common Stock of the Company, any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, of any compulsory share of exchange whereby the Common Stock is converted into other securities, cash or property; or

	E.	the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company;

then the Company shall cause to be filed at each office or agency maintained for the purpose of conversion of this Note, and shall cause to be mailed to the Holder at its last address as it shall appear upon the books of the Company, on or prior to the date notice to the Company’s stockholders generally is given, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of Common Stock of record shall be entitled to exchange their shares of Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange.

(d)

Reservation and Issuance of Underlying Securities. The Company covenants that it will at all times following the filing of the Certificate Amendment, reserve and keep available out of its authorized and unissued Common Stock solely for the purpose of issuance upon conversion of this Note (including repayments in stock), free from preemptive rights or any other actual contingent purchase rights of persons other than the holders of the Notes, not less than such number of shares of Common Stock as shall (subject to any additional requirements of the Company as to reservation of such shares set forth in the Purchase Agreement) be issuable (taking into account the adjustments under this Section 3 but without regard to any ownership limitations contained herein) upon the conversion of this Note hereunder in Common Stock (including repayments in stock). The Company covenants that all shares of Common Stock that shall be so issuable shall, upon issue, be duly authorized, validly issued, fully paid, nonassessable and, assuming that the Registration Statement has been declared effective, freely tradeable.

(e)

No Fractions. Upon a conversion hereunder the Company shall not be required to issue stock certificates representing fractions of shares of Common Stock, but may if otherwise permitted, make a cash payment in respect of any final fraction of a share based on the closing price of a share of Common Stock at such time. If the Company elects not, or is unable, to make such cash payment, the Holder shall be entitled to receive, in lieu of the final fraction of a share, one whole share of Common Stock.

(f)

Charges, Taxes and Expenses. Issuance of certificates for shares of Common Stock upon the conversion of this Note (including repayment in stock) shall be made without charge to the holder hereof for any issue or transfer tax or other incidental expense in respect of the issuance of such certificate, all of which taxes and expenses shall be paid by the Company, and such certificates shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that in the event certificates for shares of Common Stock are to be issued in a name other than the name of the Holder, this Note when surrendered for conversion shall be accompanied by an assignment form; and provided further, that the Company shall not be required to pay any tax or taxes which may be payable in respect of any such transfer.

(g)

Cancellation. After all of the Principal Amount (including accrued but unpaid interest and default payments (including any applicable late charges) at any time owed on this Note) have been paid in full or converted into Common Stock, this Note shall automatically be deemed canceled and the Holder shall promptly surrender the Note to the Company at the Company’s principal executive offices.

(h)

Notices Procedures. Any and all notices or other communications or deliveries to be provided by the Holder hereunder, including, without limitation, any Conversion Notice, shall be in writing and delivered personally, by confirmed facsimile or email, or by a nationally recognized overnight courier service to the Company at the email, facsimile, telephone number or address of the principal place of business of the Company as set forth in the Purchase Agreement. Any and all notices or other communications or deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by facsimile, or by a nationally recognized overnight courier service addressed to the Holder at the facsimile telephone number or address of the Holder appearing on the books of the Company, or if no such facsimile telephone number or address appears, at the principal place of business of the Holder. Any notice or other communication or deliveries hereunder shall be deemed delivered (i) upon receipt, when delivered personally, (ii) when sent by facsimile, upon receipt if received on a Business Day prior to 5:00 p.m. (Central Time), or on the first Business Day following such receipt if received on a Business Day after 5:00 p.m. (Central Time) or (iii) upon receipt, when deposited with a nationally recognized overnight courier service.

Section 4.

Defaults and Remedies.

(a)

Events of Default. An “Event of Default” is: (i) a default in the payment of any Principal Amount of the Notes; (ii) default under the Beachcorp Loan Agreement, (iii) failure by the Company for ten (10) days after notice to it, to comply with any provision of the Purchase Agreement or any of the Registration Rights provisions of the CSPA; (iv) an Event of Default under the Security Agreement; (v) a material breach by the Company of its representations or warranties in the Purchase Agreement; (vi) any event of default under or acceleration prior to maturity of any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any indebtedness for money borrowed by the Company or a subsidiary of the Company or for money borrowed the repayment of which is guaranteed by the Company or a subsidiary of the Company, whether such indebtedness or guarantee now exists or shall be created hereafter, provided that the obligations with respect to any such borrowed or accelerated amount exceeds, in the aggregate, $100,000; (vii) any money judgment, writ or warrant of attachment, or similar process in excess of $100,000 in the aggregate shall be entered or filed against the Company or a subsidiary of the Company or any of their respective properties or other assets and shall remain unpaid, unvacated, unbonded and unstayed for a period of 30 days; (viii) if the Company or any subsidiary of the Company pursuant to or within the meaning of any Bankruptcy Law: (A) commences a voluntary case; (B) has an involuntary case commenced against it, and such case is not dismissed within 45 days of such commencement or consents to the entry of an order for relief against it in an involuntary case; (C) consents to the appointment of a Custodian of it for all or substantially all of its property; (D) makes a general assignment for the benefit of its creditors; or (E) admits in writing that it is generally unable to pay its debts as the same become due; (ix) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: (1) is for relief against the Company in an involuntary case; (2) appoints a Custodian of the Company or for all or substantially all of its property; or (3) orders the liquidation of the Company or any subsidiary, and the order or decree remains unstayed and in effect for forty-five (45) days; or (x) the Company fails to approve and file the Certificate Amendment on or before December 31, 2019. The terms “Bankruptcy Law” means Title 11, U.S. Code, or any similar federal or state law for the relief of debtors. The term “Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law.

(b)

Remedies. If an Event of Default occurs and is continuing with respect to this Note, the Holder may declare all of the then outstanding Principal Amount of this Note, including any interest due thereon, to be due and payable immediately, except that in the case of an Event of Default arising from events described in clauses (vii), (viii) and (x) of Section 4(a), this Note shall become due and payable without further action or notice. In the event of an acceleration under clause (x) of Section 4(a), the amount due and owing to the Holder shall be 105% of the outstanding Principal Amount of the Notes held by the Holder (plus all accrued and unpaid interest, if any). In either case the Company shall pay interest on such amount in cash at the Default Rate to the Holder if such amount is not paid within seven days of Holder’s request. The remedies under this Note shall be cumulative.

Section 5.

Purchase Agreement; Security Agreement; CSPA. This Note is being issued to the Holder in connection with the Purchase Agreement and is entitled to the benefits thereof. The Company’s obligations under this Note are also secured, pursuant to the terms of the Security Agreement by all the assets of the Company and SOLÉSENCE, LLC, a Delaware limited liability company (“Grantor”). The Conversion Shares are entitled to registration pursuant to the Registration Rights provisions of the CSPA which is amended by the Purchase Agreement.

Section 6.

General.

(a)

Payment of Expenses. The Company agrees to pay all reasonable charges and expenses, including attorneys’ fees and expenses, which may be incurred by the Holder in successfully enforcing this Note and/or collecting any amount due under this Note.

(b)

Savings Clause. In case any provision of this Note is held by a court of competent jurisdiction to be excessive in scope or otherwise invalid or unenforceable, such provision shall be adjusted rather than voided, if possible, so that it is enforceable to the maximum extent possible, and the validity and enforceability of the remaining provisions of this Note will not in any way be affected or impaired thereby. In no event shall the amount of interest paid hereunder exceed the maximum rate of interest on the unpaid principal balance hereof allowable by applicable law. If any sum is collected in excess of the applicable maximum rate, the excess collected shall be applied to reduce the principal debt. If the interest actually collected hereunder is still in excess of the applicable maximum rate, the interest rate shall be reduced so as not to exceed the maximum allowable under law.

(c)

Amendment. Neither this Note nor any term hereof may be amended, waived, discharged or terminated other than by a written instrument signed by the Company and holders of 75% of the Principal Amount of all Notes.

(d)

Assignment, Etc. The Holder may assign or transfer this Note to any transferee. The Holder shall notify the Company of any such assignment or transfer promptly. This Note shall be binding upon the Company and its successors and shall inure to the benefit of the Holder and its successors and permitted assigns.

(e)

No Waiver. No failure on the part of the Holder to exercise, and no delay in exercising any right, remedy or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise by the Holder of any right, remedy or power hereunder preclude any other or future exercise of any other right, remedy or power. Each and every right, remedy or power hereby granted to the Holder or allowed it by law or other agreement shall be cumulative and not exclusive of any other, and may be exercised by the Holder from time to time.

(f)

Governing Law; Jurisdiction.

(i)

Governing Law. THIS NOTE WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF ILLINOIS WITHOUT REGARD TO ANY CONFLICTS OF LAWS PROVISIONS THEREOF THAT WOULD OTHERWISE REQUIRE THE APPLICATION OF THE LAW OF ANY OTHER JURISDICTION.

(ii)

Jurisdiction. The Company irrevocably submits to the exclusive jurisdiction of any State or Federal Court sitting in the State of Illinois, County of Cook, over any suit, action, or proceeding arising out of or relating to this Note. The Company irrevocably waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of the venue of any such suit, action, or proceeding brought in such a court and any claim that suit, action, or proceeding has been brought in an inconvenient forum.

The Company agrees that the service of process upon it mailed by certified or registered mail, postage prepaid and return receipt requested (and service so made shall be deemed complete three days after the same has been posted as aforesaid) or by personal service shall be deemed in every respect effective service of process upon it in any such suit or proceeding. Nothing herein shall affect Holder’s right to serve process in any other manner permitted by law. The Company agrees that a final non-appealable judgment in any such suit or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on such judgment or in any other lawful manner.

(iii)

No Jury Trial. The COMPANY hereBY knowingly and voluntarily waives any and all rights it may have to a trial by jury with respect to any litigation based on, or arising out of, under, or in connection with, this Note.

(g)

Replacement Notes. This Note may be exchanged by Holder at any time and from time to time for a Note or Notes with different denominations representing an equal aggregate outstanding Principal Amount, as reasonably requested by Holder, upon surrendering the same. No service charge will be made for such registration or exchange. In the event that Holder notifies the Company that this Note has been lost, stolen or destroyed, a replacement Note identical in all respects to the original Note (except for registration number and Principal Amount, if different than that shown on the original Note), shall be issued to the Holder, provided that the Holder executes and delivers to the Company an agreement reasonably satisfactory to the Company to indemnify the Company from any loss incurred by it in connection with the Note.

[Signature Page Follows]

IN WITNESS WHEREOF, the Company has caused this Note to be duly executed on November 20, 2019.

	NANOPHASE TECHNOLOGIES CORPORATION, a Delaware corporation

	By:
	Name:
	Title:

Attest:

Sign:
	Print Name:

EXHIBIT A

FORM OF CONVERSION NOTICE

(To be Executed by the Holder in order to Convert a Note)

The undersigned hereby elects to convert the aggregate outstanding Principal Amount (as defined in the Note) indicated below of this Note into shares of Common Stock, $0.01 par value per share (the “Common Stock”), of NANOPHASE TECHNOLOGIES CORPORATION, a Delaware corporation (the “Company”) according to the conditions hereof, as of the date written below. If shares are to be issued in the name of a person other than the undersigned, the undersigned will pay all transfer taxes payable with respect thereto and is delivering herewith such certificates and opinions as reasonably requested by the Company in accordance therewith. No fee will be charged to the holder for any conversion, except for such transfer taxes, if any.

Conversion information:
	Date to Effect Conversion


	Aggregate Principal Amount of Note Being Converted


	Aggregate Interest (plus any applicable late charges) Being Converted


	Number of shares of Common Stock to be Issued


	Applicable Conversion Price


	Signature


	Name


	Address

EX-31.1 5 ex31-1.htm CERTIFICATION OF CHIEF EXECUTIVE OFFICER

Nanophase Technologies Corporation 10-Q

Exhibit 31.1

Certification of the Chief Executive Officer Pursuant to

Rules 13a-14(a) and 15d-14(a) under the Exchange Act

I, Jess A. Jankowski, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Nanophase Technologies Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15(d)-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: November 14, 2019
	/s/ JESS A. JANKOWSKI
	Jess A. Jankowski
	(principal executive officer, and principal financial officer)

EX-31.2 6 ex31-2.htm CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

Nanophase Technologies Corporation 10-Q

Exhibit 31.2

Certification of the Principal Financial Officer Pursuant to

Rules 13a-14(a) and 15d-14(a) under the Exchange Act

I, Jess Jankowski, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Nanophase Technologies Corporation;

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 14, 2019
	/s/ JESS A. JANKOWSKI
	Jess A. Jankowski
	(principal executive officer, and principal financial officer)

EX-32 7 ex32.htm CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL

Nanophase Technologies Corporation 10-Q

Exhibit 32

Certification Pursuant to 18 U.S.C. Section 1350

(as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002)

In connection with this quarterly report of Nanophase Technologies Corporation (the “Company”) on Form 10-Q for the quarter ending September 30, 2019 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Jess A. Jankowski, Chief Executive Officer, and acting as Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to our knowledge:

1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

Date: November 14, 2019

	/s/ JESS A. JANKOWSKI
	Jess A. Jankowski
	Chief Executive Officer
	(principal executive officer, and principal financial officer)

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(1) Basis of Presentation   The accompanying unaudited consolidated condensed interim financial statements of Nanophase Technologies Corporation (“Nanophase”, “Company”, “we”, “our”, or “us”) reflect all adjustments (consisting of normal recurring adjustments) which, in the opinion of management, are necessary for a fair presentation of our financial position and operating results for the interim periods presented.  All statements include the results from both Nanophase and our wholly-owned subsidiary, Solesence, LLC (“Solésence,” or our “Solésence® subsidiary”).  Operating results for the three and nine months ended September 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019.      These financial statements should be read in conjunction with our audited financial statements and notes thereto for the year ended December 31, 2018, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, as filed with the Securities and Exchange Commission.

(2) Going Concern / Liquidity   We believe that cash from operations, cash on hand, cash from our May 13, 2019 and November 13, 2019 financings, in addition to unused borrowing capacity, should be adequate to fund our operating plans through 2019, but this is dependent on several things over which we have limited control. Our largest customer, consisting of 64% of revenue for the nine-months ended September 30, 2019, had a revenue decrease of 20% from the same time last year. This decline has limited our flexibility and required us to make cash management a top priority. The growth in our Solésence® business increased 56% for the nine months ended September 30, 2019 compared to the same time last year. We continue to view Solésence® as a critical strategic undertaking and may require additional investment in working capital. Our current plan is to continue to invest in Solésence®-related operating expenses and capital equipment. Given the decline related to our largest customer, as well as our investment in Solésence®, it is possible that we may need to seek additional funding to address working capital demands within the next twelve months.  We believe that we will be able to secure additional financing, but we do not have any financing commitments in place. However, we may not be able to secure additional financing in a timely manner under commercially reasonable terms, or at all. If we are unable to secure additional financing, we would need to reevaluate the Company’s strategy, including our Solésence® growth strategy, and lower investment and expenses accordingly. This could impede growth in 2020 and beyond.    These circumstances raise significant doubt as to the Company’s ability to operate as a going concern under U.S. GAAP. The accompanying financial statements have been prepared on a going concern basis in accordance with U.S. GAAP. As such, no adjustments have been made to the unaudited condensed consolidated financial statements for the recoverability of assets and classification of liabilities that might be necessary should the Company be unable to continue operating as a going concern.

(3) Summary of Significant Accounting Policies   Recently Adopted Financial Accounting Standards    On January 1, 2019, the Company adopted Accounting Standards Update (“ASU”) No. 2016-02, Leases, ASU No. 2018-10, Codification Improvements to Topic 842 (Leases) and ASU No. 2018-11, Targeted Improvements to Topic 842 (Leases).  The guidance is intended to increase transparency and comparability among companies for leasing transactions, including a requirement for companies that lease assets to recognize on their balance sheets the assets and liabilities for the rights and obligations created by those leases. The guidance also provides for disclosures that allow the users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases.   The Company adopted the guidance on January 1, 2019 using the modified retrospective method without restatement of comparative periods. As such, periods prior to the date of adoption are presented in accordance with ASC 840 - Leases. The Company utilized the available practical expedient that allowed for the Company to not reassess whether existing contracts contain a lease under the new definition of a lease, lease classification for existing leases and whether previously capitalized initial direct costs would qualify for capitalization under the new guidance.   The adoption of this guidance had a material impact on the Consolidated Condensed Balance Sheet as of September 30, 2019 due to the recognition of equal right-of-use assets and lease liabilities for the Company’s portfolio of operating leases. The right-of-use asset balance was then adjusted by the reclassification of pre-existing accrued rent balances from other line items within the Consolidated Condensed Balance Sheet. The adoption had an immaterial impact to the Consolidated Condensed Statement of Cash Flows and to the Consolidated Condensed Statement of Operations for the three and nine months ended September 30, 2019. The adoption had no impact to the Consolidated Condensed Statement of Changes in Stockholders’ Equity for the three and nine months ended September 30, 2019. Additional information and disclosures required by the new standard are contained in Note 10, Leases.

Recently Adopted Financial Accounting Standards    On January 1, 2019, the Company adopted Accounting Standards Update (“ASU”) No. 2016-02, Leases, ASU No. 2018-10, Codification Improvements to Topic 842 (Leases) and ASU No. 2018-11, Targeted Improvements to Topic 842 (Leases).  The guidance is intended to increase transparency and comparability among companies for leasing transactions, including a requirement for companies that lease assets to recognize on their balance sheets the assets and liabilities for the rights and obligations created by those leases. The guidance also provides for disclosures that allow the users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases.   The Company adopted the guidance on January 1, 2019 using the modified retrospective method without restatement of comparative periods. As such, periods prior to the date of adoption are presented in accordance with ASC 840 - Leases. The Company utilized the available practical expedient that allowed for the Company to not reassess whether existing contracts contain a lease under the new definition of a lease, lease classification for existing leases and whether previously capitalized initial direct costs would qualify for capitalization under the new guidance.   The adoption of this guidance had a material impact on the Consolidated Condensed Balance Sheet as of September 30, 2019 due to the recognition of equal right-of-use assets and lease liabilities for the Company’s portfolio of operating leases. The right-of-use asset balance was then adjusted by the reclassification of pre-existing accrued rent balances from other line items within the Consolidated Condensed Balance Sheet. The adoption had an immaterial impact to the Consolidated Condensed Statement of Cash Flows and to the Consolidated Condensed Statement of Operations for the three and nine months ended September 30, 2019. The adoption had no impact to the Consolidated Condensed Statement of Changes in Stockholders’ Equity for the three and nine months ended September 30, 2019. Additional information and disclosures required by the new standard are contained in Note 10, Leases.

(4) Description of Business   Nanophase is a skin and sun care focused company that offers engineered materials, formulation development and commercial manufacturing with an integrated family of technologies. We look at our products in three major product categories; Personal Care Ingredients, including sunscreens as active ingredients; Solésence, including full formulations of skin care products, marketed and sold by our wholly-owned subsidiary, Solesence, LLC (“Solésence,” or our “Solésence® subsidiary”); and Advanced Materials, including  architectural and industrial coating applications, abrasion-resistant additives, plastics additives, medical diagnostics, and a variety of surface finishing technologies (polishing).   We target markets in which we believe practical solutions may be found using our products. We work closely with current and potential customers in these target markets to identify their material and performance requirements and market our materials to various end-use applications manufacturers, and our Solésence® products to cosmetics and skin care brands. Recently developed technologies have made certain new products possible and opened potential new markets. The patent granted in 2015, for a new type of particle surface treatment (coating) — now called Active Stress Defense™ Technology — became the cornerstone of our product development in personal care.  In addition, through the creation of our Solésence® subsidiary, we utilize this particle surface treatment to manufacture and sell fully developed solutions to targeted customers in the skin care industry, in addition to the ingredients we have traditionally sold in the personal care area. We are currently in the process of expanding our patented technologies relating to Solesence applications.    Although our primary strategic focus has been the North American market, we currently sell material to customers overseas and have been working to expand our reach within foreign markets. The Company was incorporated in Illinois on November 25, 1989 and became a Delaware corporation during November 1997. Our common stock trades on the OTCQB marketplace under the symbol NANX.   While product sales comprise the majority of our revenue, we also recognize revenue from other sources from time to time. These activities are not expected to drive the long-term growth of the business. For this reason, we classify such revenue as “other revenue” in our Consolidated Condensed Statements of Operations, as it does not represent revenue directly from the sale of our products.

(5) Revenues   Revenues are recognized at a point in time, typically when control of the promised goods is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods.   Customers deposits, deferred revenue and other receipts are deferred and recognized when the revenue is realized and earned.  Cash payments to customers are classified as reductions of revenue in the Company’s Consolidated Condensed Statement of Operations. Customer deposits, $344 as of September 30, 2019, have been classified as deferred revenue. At December 31, 2018, customer deposits were immaterial.   On July 31, 2019, we entered into a Joint Development Agreement, with an initial term of ten years, with Sumitomo Corporation of Americas (“SCOA”) to jointly develop certain coated materials for the use in the personal care market. In return for the Company’s exclusive efforts on SCOA’s behalf, SCOA has agreed to pay a commitment fee of $250 and two subsequent payments, of $125 each. The two subsequent payments are contingent upon the achievement of certain performance obligations as defined in the agreement.   If the Company elects to terminate the agreement within the terms allowed and prior to achieving the initial performance obligations, the original $250 must be refunded. As of September 30, 2019, the Company has not yet started fulfilling its performance obligations, and as such, the $250 received is recorded as deferred revenue, split between current and long-term, based on the Company’s estimate of the period over which the performance obligation will be completed. Revenue will be recognized proportionally to the Company’s completion of the performance obligations.

(6) Earnings Per Share   Earnings (Loss) per share is computed using the Treasury Stock Method. Options to purchase approximately 165,000 and 497,000 shares of common stock that were outstanding as of September 30, 2019 for the three and nine months ended September 30, 2019, respectively, were not included in the computation of diluted earnings (loss) per share, as the impact of such shares would be anti-dilutive. Options to purchase approximately 1,119,000 and 820,000 shares of common stock that were outstanding as of September 30, 2018 were not included in the computation of loss per share for the three and nine months ended September 30, 2018, respectively, as the impact of such shares would be anti-dilutive.

(7) Financial Instruments   We follow the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures, which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment.   Our financial instruments include cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, along with the promissory note with no related borrowings described in Note 8, and any borrowings on the working capital line of credit from Libertyville Bank and Trust and any borrowings under the Master Agreement from Beachcorp, LLC described below in Note 8. The fair values of all financial instruments were not materially different from their carrying values. There were no financial assets or liabilities adjusted to fair value on September 30, 2019 or December 31, 2018.

(8) Notes and Line of Credit   During July 2014 we entered into a bank-issued letter of credit and related promissory note for up to $30 in borrowings to support our obligations under our facility lease agreement. No borrowings have been incurred under this promissory note. Should any borrowings occur in the future, the interest rate would be the prime rate plus 1%, with the bank having the right to “set off” or apply unpaid balances against our checking account if we fail to meet our obligations under any borrowings under the note. It is our intention to renew this note annually, for as long as we need to do so pursuant to the terms of our facility lease agreement. This note was renewed through July 1, 2020.  Because there were no amounts outstanding on the note at any time during 2019 or 2018, we have recorded no related liability on our balance sheet.   On March 22, 2019, we executed a New Business Loan Agreement, dated as of March 4, 2019, with Libertyville Bank and Trust Company, a Wintrust Community Bank (“Libertyville”), our primary bank, which replaces the Line of Credit Agreement with Libertyville having a maturity date of March 4, 2019. The New Business Loan Agreement matures on March 4, 2020. Under the New Business Loan Agreement, Libertyville will provide a maximum of (i) $500 or (ii) two times the sum of (a) 75% our eligible accounts receivables and (b) our cash deposited with Libertyville, whichever is less, of revolving credit to us, collateralized by a senior priority lien on our accounts receivable, inventory, equipment, general intangibles and fixtures. Interest is payable monthly on any advances at a floating interest rate of the prime rate at the time plus 1%. We must have $500 in cash, inclusive of the borrowed amount, at Libertyville on the date of any advance. Advances may only occur at the beginning or end of a fiscal quarter and must be repaid in full within five business days of the advance. As of September 30, 2019, the outstanding balance on this loan was $500. There was no outstanding balance on this loan at December 31, 2018.   On November 16, 2018, we entered into a Business Loan Agreement (the “Master Agreement”) with Beachcorp, LLC. Beachcorp, LLC is managed by Bradford T. Whitmore, who, together with his affiliates Grace Brothers, Ltd. and Grace Investments, Ltd., beneficially owned approximately 53% of our common stock as of May 13, 2019, pursuant to our 2019 financing. The Master Agreement relates to two loan facilities, each evidenced by separate promissory notes, each dated November 16, 2018: a term loan to the Company of up to $500 to be disbursed in a single advance (the “Term Loan”) with a fixed annual interest rate of 8.25%, payable quarterly, accruing from the date of such advance and with principal due on December 31, 2020; and an asset-based revolving loan facility for the Company of up to $2,000 (the “Revolver Facility”), with floating interest accruing at the prime rate plus 3% (8.25% minimum) per year, with a borrowing base consisting of qualified accounts receivable of the Company, and with all principal and accrued interest due March 31, 2020. The Term Loan and Revolver Facility are secured by all the unencumbered assets of the Company and subordinated to Libertyville’s secured interest under the New Business Loan Agreement. The Master Agreement substantially restricts the Company’s ability to incur additional indebtedness during the terms of both the Term Loan and the Revolver Facility. On September 30, 2019, the balance on the term loan was $500 and the balance on the Revolver Facility was $1,103. For the three months and nine months ended September 30, 2019, interest expense was $47 and $140, respectively, compared to the same periods in 2018 of $12 and $32, respectively. For the nine months ended September 30, 2019, $14 was accrued and $126 paid. As Beachcorp, LLC is an affiliate of one of our shareholders, $91 is interest with a related party, of which $77 was paid and $14 was owed. There was a one-time amendment to the credit agreement allowing a 30 day extended Account Receivable eligibility for one of our largest customers. With this amendment, September 30, 2019 borrowings were within the amended credit agreement line, with an additional $233 available. The balance of borrowing base, loan amount, and any excess payments required over the available borrowing base will change as frequently as daily, given the operational nature of the elements of the Revolver Facility.

(9) Inventories   Inventories consist of the following:   <table border="0" cellspacing="0" cellpadding="0" style="margin-left: 0.4pt; border-collapse: collapse; width: 100%; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt 0pt 1pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">   </td> <td colspan="2" style="vertical-align: top; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> September 30, 2019 </td> <td style="vertical-align: bottom; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">   </td> <td colspan="2" style="padding-top: 0pt; padding-right: 0pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0pt; vertical-align: top"> December 31, 2018 </td> <td style="vertical-align: bottom; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="background-color: #cceeff; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: top; width: 68%; font: 10pt Times New Roman, Times, Serif"> Raw materials </td> <td style="width: 3%; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; width: 1%; font: 10pt Times New Roman, Times, Serif"> $ </td> <td style="vertical-align: bottom; width: 12%; font: 10pt Times New Roman, Times, Serif"> 1,151 </td> <td style="vertical-align: bottom; width: 1%; font: 10pt Times New Roman, Times, Serif">   </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; width: 1%; font: 10pt Times New Roman, Times, Serif"> $ </td> <td style="vertical-align: bottom; width: 12%; font: 10pt Times New Roman, Times, Serif"> 1,086 </td> <td style="vertical-align: bottom; width: 1%; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> Finished goods </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">   </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> 1,050 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 1,243 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="background-color: #cceeff; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 2,201 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">   </td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> 2,329 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> Allowance for excess inventory quantities </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> (57 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> ) </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> (87 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> ) </td> </tr> <tr style="background-color: #cceeff; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="border-bottom: black 2pt double; font: 10pt Times New Roman, Times, Serif; border-top: black 1pt solid; vertical-align: bottom"> $ </td> <td style="border-top: black 1pt solid; border-bottom: black 2pt double; font: 10pt Times New Roman, Times, Serif; border-left-style: none; border-right-style: none; vertical-align: bottom"> 2,144 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="border-bottom: black 2pt double; font: 10pt Times New Roman, Times, Serif; border-top: black 1pt solid; vertical-align: bottom"> $ </td> <td style="border-top: black 1pt solid; border-bottom: black 2pt double; font: 10pt Times New Roman, Times, Serif; border-left-style: none; border-right-style: none; vertical-align: bottom"> 2,242 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> </table>

Inventories consist of the following:   <table border="0" cellspacing="0" cellpadding="0" style="margin-left: 0.4pt; border-collapse: collapse; width: 100%; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt 0pt 1pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">   </td> <td colspan="2" style="vertical-align: top; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> September 30, 2019 </td> <td style="vertical-align: bottom; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">   </td> <td colspan="2" style="padding-top: 0pt; padding-right: 0pt; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0pt; vertical-align: top"> December 31, 2018 </td> <td style="vertical-align: bottom; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="background-color: #cceeff; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: top; width: 68%; font: 10pt Times New Roman, Times, Serif"> Raw materials </td> <td style="width: 3%; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; width: 1%; font: 10pt Times New Roman, Times, Serif"> $ </td> <td style="vertical-align: bottom; width: 12%; font: 10pt Times New Roman, Times, Serif"> 1,151 </td> <td style="vertical-align: bottom; width: 1%; font: 10pt Times New Roman, Times, Serif">   </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; width: 1%; font: 10pt Times New Roman, Times, Serif"> $ </td> <td style="vertical-align: bottom; width: 12%; font: 10pt Times New Roman, Times, Serif"> 1,086 </td> <td style="vertical-align: bottom; width: 1%; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> Finished goods </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">   </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> 1,050 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 1,243 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="background-color: #cceeff; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 2,201 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">   </td> <td style="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> 2,329 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> Allowance for excess inventory quantities </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> (57 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> ) </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> (87 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> ) </td> </tr> <tr style="background-color: #cceeff; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="border-bottom: black 2pt double; font: 10pt Times New Roman, Times, Serif; border-top: black 1pt solid; vertical-align: bottom"> $ </td> <td style="border-top: black 1pt solid; border-bottom: black 2pt double; font: 10pt Times New Roman, Times, Serif; border-left-style: none; border-right-style: none; vertical-align: bottom"> 2,144 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="border-bottom: black 2pt double; font: 10pt Times New Roman, Times, Serif; border-top: black 1pt solid; vertical-align: bottom"> $ </td> <td style="border-top: black 1pt solid; border-bottom: black 2pt double; font: 10pt Times New Roman, Times, Serif; border-left-style: none; border-right-style: none; vertical-align: bottom"> 2,242 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> </table>

(10) Leases   The Company’s operating lease portfolio is comprised of operating leases for office, warehouse space and equipment. Certain of the Company’s leases include one or more options to renew or terminate the lease at the Company’s discretion. The Company regularly evaluates the renewal and termination options and when they are reasonably certain of exercise, includes the renewal or termination option in our lease term.   The adoption of Topic 842 resulted in the Company recognizing operating lease liabilities totaling $2,556 with a corresponding right-of-use (“ROU”) asset of $2,212 based on the present value of the minimum rental payments of such leases. The variance between the ROU asset balance and the lease liability is deferred rent liability that existed prior to the adoption of the ASC 842 and was offset against the ROU asset balance during the adoption. As of September 30, 2019, the ROU asset had a balance of $2,198 which is included in the “Operating lease right-of-use assets” line item of these condensed consolidated financial statements and current and non-current lease liabilities related to the ROU asset of $361 and $2,128 respectively, and are included in the “Current portion of operating lease obligations” and “Long-term portion of operating lease obligations” line items of these condensed consolidated financial statements. The discount rates used for leases accounted for under ASC 842 are based on an interest rate yield curve developed for the leases in the Company’s portfolio.   The office leases contain variable lease payments which consist primarily of rent escalations based on an established index or rate and taxes, insurance, and common area or other maintenance costs, which are paid based on actual costs incurred by the lessor. The Company has elected to utilize the available practical expedient to not separate lease and non-lease components.    Quantitative information regarding the Company’s leases is as follows:  <table border="0" cellspacing="0" cellpadding="0" style="width: 92%; border-collapse: collapse; margin: 0px 0px 0px 36pt; font: 10pt Times New Roman, Times, Serif"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td colspan="2" style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td colspan="2" style="padding: 0pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; white-space: nowrap"> Three Months Ended September 30, 2019 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td colspan="2" style="padding: 0pt; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; white-space: nowrap"> Nine Months Ended September 30, 2019 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; width: 68%; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> Components of lease cost </td> <td style="width: 2%; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; width: 1%; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; width: 12%; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; width: 1%; font: 10pt Times New Roman, Times, Serif">   </td> <td style="width: 2%; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; width: 1%; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; width: 12%; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; width: 1%; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> Finance lease cost components: </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="background-color: #cceeff; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt 0pt 0pt 0.125in; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> Amortization of finance lease assets </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> $ </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 18 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> $ </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 52 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt 0pt 0pt 0.125in; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> Interest on finance lease liabilities </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">   </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> 14 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">   </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> 44 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="background-color: #cceeff; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> Total finance lease costs </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 32 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 96 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> Operating lease cost components: </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="background-color: #cceeff; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt 0pt 0pt 0.125in; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> Operating lease cost </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 129 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 375 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt 0pt 0pt 0.125in; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> Variable lease cost </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 27 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 81 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="background-color: #cceeff; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt 0pt 0pt 0.125in; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> Short-term lease cost </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">   </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> 16 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">   </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> 68 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> Total operating lease costs </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">   </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> 172 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">   </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> 524 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="background-color: #cceeff; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">   </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">   </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> Total lease cost </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="border-bottom: #000000 2.5pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> $ </td> <td style="border-bottom: #000000 2.5pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> 204 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="border-bottom: #000000 2.5pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> $ </td> <td style="border-bottom: #000000 2.5pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> 620 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> </table>   Supplemental cash flow information related to leases is as follows for the nine months ended September 30, 2019:   <table border="0" cellspacing="0" cellpadding="0" style="width: 75%; border-collapse: collapse; margin: 0px 0px 0px 36pt; font: 10pt Times New Roman, Times, Serif"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> Cash paid for amounts included in the measurement of lease liabilities: </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td colspan="2" style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="background-color: #cceeff; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; width: 60%; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> Operating cash outflow from operating leases </td> <td style="width: 3%; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; width: 1%; font: 10pt Times New Roman, Times, Serif"> $ </td> <td style="vertical-align: bottom; width: 10%; font: 10pt Times New Roman, Times, Serif"> 509 </td> <td style="vertical-align: bottom; width: 1%; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> Right-of-use assets obtained in exchange for lease obligations: </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="background-color: #cceeff; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> Operating leases </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> $ </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 205 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="background-color: #cceeff; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> Weighted-average remaining lease term-finance leases (in years) </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 2.2 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> Weighted-average remaining lease term-operating leases (in years) </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 3.3 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="background-color: #cceeff; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> Weighted-average discount rate-finance leases </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 9.1 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> % </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> Weighted-average discount rate-operating leases </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 14.4 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> % </td> </tr> </table>   The future maturities of the Company’s finance and operating leases as of September 30, 2019 is as follows:   <table border="0" cellspacing="0" cellpadding="0" style="width: 92%; border-collapse: collapse; margin: 0px 0px 0px 36pt; font: 10pt Times New Roman, Times, Serif"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td colspan="2" style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> Finance </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td colspan="2" style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> Operating </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td colspan="2" style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td colspan="2" style="padding: 0pt; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> Leases </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td colspan="2" style="padding: 0pt; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> Leases </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td colspan="2" style="padding: 0pt; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> Total </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="background-color: #cceeff; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; width: 46%; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 2019 </td> <td style="padding: 0pt; width: 1%; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; width: 1%; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; width: 1%; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> $ </td> <td style="padding: 0pt; width: 12%; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 69 </td> <td style="padding: 0pt; width: 1%; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; width: 1%; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; width: 1%; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> $ </td> <td style="padding: 0pt; width: 12%; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 184 </td> <td style="padding: 0pt; width: 1%; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; width: 1%; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; width: 1%; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> $ </td> <td style="padding: 0pt; width: 12%; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 253 </td> <td style="padding: 0pt; width: 1%; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 2020 </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 255 </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 676 </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 931 </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="background-color: #cceeff; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 2021 </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 196 </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 687 </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 883 </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 2022 </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 109 </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 705 </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 814 </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="background-color: #cceeff; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 2023 </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 5 </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 690 </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 695 </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 2024 and thereafter </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">   </td> <td style="padding: 0pt; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> — </td> <td style="padding: 0pt; border-bottom-style: none; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">   </td> <td style="padding: 0pt; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> 580 </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">   </td> <td style="padding: 0pt; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> 580 </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="background-color: #cceeff; font: 10pt Times New Roman, Times, Serif"> <td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> Total payments </td> <td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> $ </td> <td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 634 </td> <td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> $ </td> <td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 3,522 </td> <td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> $ </td> <td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 4,156 </td> <td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> Less amounts representing interest </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">   </td> <td style="padding: 0pt; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> (72 </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> ) </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">   </td> <td style="padding: 0pt; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> (1,033 </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> ) </td> <td style="padding: 0pt; border-bottom-style: none; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">   </td> <td style="padding: 0pt; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> (1,105 </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> ) </td> </tr> <tr style="background-color: #cceeff; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> Present value of lease obligations </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; border-bottom: #000000 2.5pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> $ </td> <td style="padding: 0pt; border-bottom: #000000 2.5pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> 562 </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; border-bottom: #000000 2.5pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> $ </td> <td style="padding: 0pt; border-bottom: #000000 2.5pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> 2,489 </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; border-bottom: #000000 2.5pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> $ </td> <td style="padding: 0pt; border-bottom: #000000 2.5pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> 3,051 </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr></table>

Quantitative information regarding the Company’s leases is as follows:  <table border="0" cellspacing="0" cellpadding="0" style="width: 92%; border-collapse: collapse; margin: 0px 0px 0px 36pt; font: 10pt Times New Roman, Times, Serif"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td colspan="2" style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td colspan="2" style="padding: 0pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; white-space: nowrap"> Three Months Ended September 30, 2019 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td colspan="2" style="padding: 0pt; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; white-space: nowrap"> Nine Months Ended September 30, 2019 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; width: 68%; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> Components of lease cost </td> <td style="width: 2%; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; width: 1%; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; width: 12%; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; width: 1%; font: 10pt Times New Roman, Times, Serif">   </td> <td style="width: 2%; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; width: 1%; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; width: 12%; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; width: 1%; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> Finance lease cost components: </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="background-color: #cceeff; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt 0pt 0pt 0.125in; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> Amortization of finance lease assets </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> $ </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 18 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> $ </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 52 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt 0pt 0pt 0.125in; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> Interest on finance lease liabilities </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">   </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> 14 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">   </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> 44 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="background-color: #cceeff; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> Total finance lease costs </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 32 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 96 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> Operating lease cost components: </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="background-color: #cceeff; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt 0pt 0pt 0.125in; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> Operating lease cost </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 129 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 375 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt 0pt 0pt 0.125in; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> Variable lease cost </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 27 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 81 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="background-color: #cceeff; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt 0pt 0pt 0.125in; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> Short-term lease cost </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">   </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> 16 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">   </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> 68 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> Total operating lease costs </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">   </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> 172 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">   </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> 524 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="background-color: #cceeff; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">   </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">   </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> Total lease cost </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="border-bottom: #000000 2.5pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> $ </td> <td style="border-bottom: #000000 2.5pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> 204 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="border-bottom: #000000 2.5pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> $ </td> <td style="border-bottom: #000000 2.5pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> 620 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> </table>

Supplemental cash flow information related to leases is as follows for the nine months ended September 30, 2019:   <table border="0" cellspacing="0" cellpadding="0" style="width: 75%; border-collapse: collapse; margin: 0px 0px 0px 36pt; font: 10pt Times New Roman, Times, Serif"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> Cash paid for amounts included in the measurement of lease liabilities: </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td colspan="2" style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="background-color: #cceeff; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; width: 60%; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> Operating cash outflow from operating leases </td> <td style="width: 3%; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; width: 1%; font: 10pt Times New Roman, Times, Serif"> $ </td> <td style="vertical-align: bottom; width: 10%; font: 10pt Times New Roman, Times, Serif"> 509 </td> <td style="vertical-align: bottom; width: 1%; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> Right-of-use assets obtained in exchange for lease obligations: </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="background-color: #cceeff; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> Operating leases </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> $ </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 205 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="background-color: #cceeff; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> Weighted-average remaining lease term-finance leases (in years) </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 2.2 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> Weighted-average remaining lease term-operating leases (in years) </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 3.3 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="background-color: #cceeff; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> Weighted-average discount rate-finance leases </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 9.1 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> % </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> Weighted-average discount rate-operating leases </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 14.4 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> % </td> </tr> </table>   The future maturities of the Company’s finance and operating leases as of September 30, 2019 is as follows:   <table border="0" cellspacing="0" cellpadding="0" style="width: 92%; border-collapse: collapse; margin: 0px 0px 0px 36pt; font: 10pt Times New Roman, Times, Serif"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td colspan="2" style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> Finance </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td colspan="2" style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> Operating </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td colspan="2" style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td colspan="2" style="padding: 0pt; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> Leases </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td colspan="2" style="padding: 0pt; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> Leases </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td colspan="2" style="padding: 0pt; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> Total </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="background-color: #cceeff; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; width: 46%; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 2019 </td> <td style="padding: 0pt; width: 1%; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; width: 1%; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; width: 1%; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> $ </td> <td style="padding: 0pt; width: 12%; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 69 </td> <td style="padding: 0pt; width: 1%; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; width: 1%; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; width: 1%; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> $ </td> <td style="padding: 0pt; width: 12%; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 184 </td> <td style="padding: 0pt; width: 1%; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; width: 1%; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; width: 1%; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> $ </td> <td style="padding: 0pt; width: 12%; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 253 </td> <td style="padding: 0pt; width: 1%; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 2020 </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 255 </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 676 </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 931 </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="background-color: #cceeff; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 2021 </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 196 </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 687 </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 883 </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 2022 </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 109 </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 705 </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 814 </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="background-color: #cceeff; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 2023 </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 5 </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 690 </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 695 </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 2024 and thereafter </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">   </td> <td style="padding: 0pt; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> — </td> <td style="padding: 0pt; border-bottom-style: none; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">   </td> <td style="padding: 0pt; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> 580 </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">   </td> <td style="padding: 0pt; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> 580 </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="background-color: #cceeff; font: 10pt Times New Roman, Times, Serif"> <td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> Total payments </td> <td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> $ </td> <td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 634 </td> <td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> $ </td> <td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 3,522 </td> <td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> $ </td> <td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 4,156 </td> <td style="padding-top: 0pt; padding-right: 0pt; padding-left: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> Less amounts representing interest </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">   </td> <td style="padding: 0pt; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> (72 </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> ) </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">   </td> <td style="padding: 0pt; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> (1,033 </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> ) </td> <td style="padding: 0pt; border-bottom-style: none; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">   </td> <td style="padding: 0pt; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> (1,105 </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> ) </td> </tr> <tr style="background-color: #cceeff; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> Present value of lease obligations </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; border-bottom: #000000 2.5pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> $ </td> <td style="padding: 0pt; border-bottom: #000000 2.5pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> 562 </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; border-bottom: #000000 2.5pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> $ </td> <td style="padding: 0pt; border-bottom: #000000 2.5pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> 2,489 </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="padding: 0pt; border-bottom: #000000 2.5pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> $ </td> <td style="padding: 0pt; border-bottom: #000000 2.5pt double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> 3,051 </td> </tr></table>

(11) Share-Based Compensation   We follow FASB ASC Topic 718, Compensation – Stock Compensation, in which compensation expense is recognized only for share-based payments expected to vest. We recognized compensation expense related to stock options of $64 and $179 for the three and nine months ended September 30, 2019, respectively, compared to $58 and $146 for the three and nine months ended September 30, 2018, respectively.   As of September 30, 2019, there was approximately $422 of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under our stock option plans. That cost is expected to be recognized over a remaining weighted-average period of 1.8 years.   Stock Options and Stock Grants   During the nine months ended September 30, 2019, 36,000 stock options were exercised for $16. During the nine months ended September 30, 2018, 63,999 shares of common stock were issued pursuant to stock option exercises for proceeds of $29.  During the nine months ended September 30, 2019, 547,500 stock options were granted, compared to 570,500 stock options granted during the same period in 2018. During the nine months ended September 30, 2019, 130,500 stock options expired compared to 188,504 for the same period in 2018. For the nine months ended September 30, 2019, 48,600 stock options were forfeited compared to 31,601 for the same period in 2018. We had 3,747,400 stock options outstanding at a weighted average exercise price of $0.64 on September 30, 2019, compared to 3,415,000 stock options outstanding at a weighted average exercise price of $0.67 on December 31, 2018.   No stock options were granted in the three-month periods ending September 30, 2019 and 2018.   The following table illustrates the various assumptions used to calculate the Black-Scholes option pricing model for stock options granted during the three months and nine months periods presented:   <table border="0" cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; margin: 0px; font: 10pt Times New Roman, Times, Serif"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top"> For the nine months ended </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top"> September 30, 2019 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td colspan="2" style="padding: 0pt; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top"> September 30, 2018 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="background-color: #cceeff; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; width: 66%; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> Weighted-average risk-free interest rates </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; width: 1%; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; width: 14%; font: 10pt Times New Roman, Times, Serif"> 2.3 </td> <td style="vertical-align: bottom; width: 1%; font: 10pt Times New Roman, Times, Serif"> % </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; width: 1%; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; width: 14%; font: 10pt Times New Roman, Times, Serif"> 2.9 </td> <td style="vertical-align: bottom; width: 1%; font: 10pt Times New Roman, Times, Serif"> % </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> Dividend yield </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 0.00 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> % </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 0.00 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> % </td> </tr> <tr style="background-color: #cceeff; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> Weighted-average expected life of the option </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 7 years </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 7 years </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> Weighted-average expected stock price volatility </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 94 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> % </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 94 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> % </td> </tr> <tr style="background-color: #cceeff; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> Weighted-average fair value of the options granted </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> $ </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 0.64 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> $ </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 0.64 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> </table>   As of September 30, 2019, we did not have any unvested restricted stock or performance shares outstanding.

The following table illustrates the various assumptions used to calculate the Black-Scholes option pricing model for stock options granted during the three months and nine months periods presented:   <table border="0" cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; margin: 0px; font: 10pt Times New Roman, Times, Serif"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top"> For the nine months ended </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td colspan="2" style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top"> September 30, 2019 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td colspan="2" style="padding: 0pt; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top"> September 30, 2018 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="background-color: #cceeff; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; width: 66%; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> Weighted-average risk-free interest rates </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; width: 1%; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; width: 14%; font: 10pt Times New Roman, Times, Serif"> 2.3 </td> <td style="vertical-align: bottom; width: 1%; font: 10pt Times New Roman, Times, Serif"> % </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; width: 1%; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; width: 14%; font: 10pt Times New Roman, Times, Serif"> 2.9 </td> <td style="vertical-align: bottom; width: 1%; font: 10pt Times New Roman, Times, Serif"> % </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> Dividend yield </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 0.00 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> % </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 0.00 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> % </td> </tr> <tr style="background-color: #cceeff; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> Weighted-average expected life of the option </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 7 years </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 7 years </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> Weighted-average expected stock price volatility </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 94 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> % </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 94 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> % </td> </tr> <tr style="background-color: #cceeff; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> Weighted-average fair value of the options granted </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> $ </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 0.64 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> $ </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 0.64 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> </table>

(12) Significant Customers and Contingencies   Revenue from three customers constituted approximately 75%, 5% and 4%, respectively, of our total revenue for the three months ended September 30, 2019. For the nine months ended September 30, 2019, revenue from the same three customers was approximately 64%, 3% and 9%, respectively. Amounts included in accounts receivable on September 30, 2019 relating to these three customers were approximately $1,042, $116 and $122, respectively.  Revenue from these three customers constituted approximately 73%, 4% and 12%, respectively, for the three months ended September 30, 2018. For the nine months ended September 30, 2018, revenue from the same three customers was approximately 73%, 3% and 8%, respectively. Amounts included in accounts receivable on September 30, 2018 relating to these three customers were approximately $1,171, $120 and $388, respectively. The loss of one of these significant customers, a significant decrease in revenue from one or more of these customers, or the failure to attract new customers could have a material adverse effect on our business, results of operations and financial condition.    We currently have exclusive supply agreements with BASF Corporation (“BASF”), our largest customer, that have contingencies outlined which could potentially result in the license of technology and/or the sale of production equipment from the Company to the customer intended to provide capacity sufficient to meet the customer’s production needs. This outcome may occur if we fail to meet certain performance requirements, certain other obligations and/or certain financial condition covenants. The financial condition covenants in one of our supply agreements with BASF “trigger” a technology transfer right (license and equipment sale at BASF’s option) in the event (a) that earnings for the twelve-month period ending with our most recently published quarterly financial statements are less than zero and a minimum of $1 million in total of certain assets of which at least $500 must be in cash, cash equivalents and certain investments, with the balance being composed of certain inventory and receivables, is not maintained or (b) of an acceleration of any debt maturity having a principal amount of more than $10 million. There are certain minimum finished goods inventory requirements with the 2019 amendment to the supply agreement. This agreement also requires Nanophase to maintain certain finished goods inventory levels as “safety stock,” beginning in the first quarter of 2019, and increasing through the third quarter of 2019 to a negotiated level based on agreed demand metrics, in order to maintain the $500 non-cash component discussed above. After September 30, 2019, should our safety stock fall below the prescribed amount of material, the quarter-end cash requirement would revert to $1,000 in cash, cash equivalents, and certain investments. As of September 30, 2019, safety stock did not meet the prescribed amount of material. However, cash, cash equivalents, and eligible accounts receivable exceeded the minimum $1,000 required as of September 30, 2019. The safety stock requirement may be adjusted upon mutual agreement.   Our supply agreements with BASF also “trigger” a technology transfer right in the event of our insolvency, as further defined within the agreements. In the event of an equipment sale, upon incurring a triggering event, the equipment would be sold to the customer at either 115% of the equipment’s net book value or the greater of 30% of the original book value of such equipment, and any associated upgrades to it, or 115% of the equipment’s net book value, depending on the equipment and related products.   Current cash and credit availability should be sufficient (see the description of our New Line of Credit Agreement with Libertyville and the Master Agreement with Beachcorp, LLC (described in Note 8) to operate our business through the balance of 2019. If a triggering event were to occur and BASF elected to proceed with the license and related equipment sale mentioned above, we would receive royalty payments from this customer for products sold using our technology; however, we would lose both significant revenue and the ability to generate significant revenue to replace that which was lost in the near term. Replacement of necessary equipment that could be purchased and removed by the customer pursuant to this triggering event could take in excess of twelve months. Any additional capital outlays required to rebuild capacity would probably be greater than the proceeds from the purchase of the assets as dictated by our agreement with the customer. Similar consequences would occur if we were determined to have materially breached certain other provisions of the supply agreement with BASF. Any such event would also likely result in the loss of many of our key staff and line employees due to economic realities. We believe that our employees are a critical component of our success and it could be difficult to replace them quickly. Given the occurrence of any such event, we might not be able to hire and retain skilled employees given the stigma relating to such an event and its impact on us. Finally, any shortfall in capital needed to operate the business as management intends, including with respect to avoiding this triggering event as described above, may result in a curtailment of certain activities or anticipated investments.    We expect to expend resources on research, development and product testing, and in expanding current capacity or capability for new business. In addition, we may incur significant costs in preparing, filing, prosecuting, maintaining and enforcing our patents and other proprietary rights. We may need additional financing if we were to lose an existing customer or suffer a significant decrease in revenue from one or more of our customers or because of currently unknown capital requirements, new regulatory requirements or the need to meet the cash requirements discussed above to avoid a triggering event under our BASF agreement. Given our expected growth in our Solésence® business, we may also have temporary working capital demands that we cannot fund with existing capital, while remaining in compliance with the covenants included in our BASF agreement described above. If necessary, we may seek funding through public or private financing and through contracts with governmental entities or other companies. Additional financing may not be available on acceptable terms or at all, and any such additional financing could be dilutive to our shareholders. If we are unable to obtain adequate funds, we may be required to delay, scale-back or eliminate some of our manufacturing and marketing operations or we may need to obtain funds through arrangements on less favorable terms. Such circumstances could raise doubt as to our ability to continue as a going concern. If we obtain funding on unfavorable terms, we may be required to relinquish rights to some of our intellectual property.   On July 31, 2019, we entered into a Joint Development Agreement, with an initial term of ten years, with Sumitomo Corporation of Americas (“SCOA”) to jointly develop certain coated materials for the use in the personal care market. In return for the Company’s exclusive efforts on SCOA’s behalf, SCOA has agreed to pay a commitment fee of $250 and two subsequent payments, of $125 each. The two subsequent payments are contingent upon the achievement of certain performance obligations as defined in the agreement.   If the Company elects to terminate the agreement within the terms allowed and prior to achieving the initial performance obligations, the original $250 must be refunded. As of September 30, 2019, the Company has not yet started fulfilling its performance obligations, and as such, the $250 received is recorded as deferred revenue, split between current and long-term, based on the Company’s estimate of the period over which the performance obligation will be completed. Revenue will be recognized proportionally to the Company’s completion of the performance obligations.

(13) Business Segmentation and Geographical Distribution   Revenue from international sources approximated $34 and $734 for the three and nine months ended September 30, 2019, respectively, compared to $152 and $335 for the three and nine months ended September 30, 2018, respectively. All of this revenue was product revenue.   Our operations comprise a single business segment and all our long-lived assets are located within the United States. We categorize our revenue stream into three main product categories, Personal Care Ingredients, Advanced Materials and Solésence®. The revenues for the three months and nine months ended September 30, 2019 and 2018, by category, are as follows:   <table border="0" cellspacing="0" cellpadding="0" style="width: 94%; border-collapse: collapse; margin: 0px 0px 0px 0.5in; font: 10pt Times New Roman, Times, Serif"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td colspan="6" style="vertical-align: top; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> For the three months ended September 30, </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td colspan="6" style="padding: 0pt; vertical-align: top; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> For the nine months ended September 30, </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: top; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> Product Category </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td colspan="2" style="vertical-align: top; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> 2019 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td colspan="2" style="padding: 0pt; vertical-align: top; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> 2018 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td colspan="2" style="padding: 0pt; vertical-align: top; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> 2019 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td colspan="2" style="padding: 0pt; vertical-align: top; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> 2018 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="background-color: #cceeff; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; width: 40%; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> Personal Care Ingredients </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; width: 1%; font: 10pt Times New Roman, Times, Serif"> $ </td> <td style="vertical-align: bottom; width: 12%; font: 10pt Times New Roman, Times, Serif"> 2,304 </td> <td style="vertical-align: bottom; width: 1%; font: 10pt Times New Roman, Times, Serif">   </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; width: 1%; font: 10pt Times New Roman, Times, Serif"> $ </td> <td style="vertical-align: bottom; width: 12%; font: 10pt Times New Roman, Times, Serif"> 2,982 </td> <td style="vertical-align: bottom; width: 1%; font: 10pt Times New Roman, Times, Serif">   </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; width: 1%; font: 10pt Times New Roman, Times, Serif"> $ </td> <td style="vertical-align: bottom; width: 12%; font: 10pt Times New Roman, Times, Serif"> 6,464 </td> <td style="vertical-align: bottom; width: 1%; font: 10pt Times New Roman, Times, Serif">   </td> <td style="width: 1%; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; width: 1%; font: 10pt Times New Roman, Times, Serif"> $ </td> <td style="vertical-align: bottom; width: 12%; font: 10pt Times New Roman, Times, Serif"> 8,210 </td> <td style="vertical-align: bottom; width: 1%; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> Advanced Materials </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 388 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 483 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 1,988 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> 1,757 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="background-color: #cceeff; font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> Solésence® </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> 377 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> 557 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> 1,666 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"> 1,069 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="padding: 0pt; vertical-align: top; font: 10pt Times New Roman, Times, Serif"> Total Sales </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"> $ </td> <td style="vertical-align: bottom; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"> 3,069 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"> $ </td> <td style="vertical-align: bottom; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"> 4,022 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"> $ </td> <td style="vertical-align: bottom; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"> 10,118 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> <td style="font: 10pt Times New Roman, Times, Serif">   </td> <td style="vertical-align: bottom; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"> $ </td> <td style="vertical-align: bottom; border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif"> 11,036 </td> <td style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">   </td> </tr> </table>

1000000 500000 500000 .30 1.15 1.15 1000000

0.20

1.05

500000

2000000

30000

0.53

500000

140000

32000

47000

12000

91000

126000

77000

14000

233000

(14) Subsequent Events   On November 13, 2019, we entered into a Securities Purchase Agreement (the “SPA”) with Mr. Whitmore pursuant to which he agreed to purchase a Convertible Note from the Company for $2,000,000 and otherwise including representations, warranties and covenants which are customary for similar transactions.  The transactions contemplated by the SPA are expected to close on November 20, 2019.   Pursuant to the SPA, the Company has agreed to issue a 2% Secured Convertible Promissory Note in the original principal amount of $2,000,000 (the “Convertible Note”), the principal amount of which is payable to the order of Mr. Whitmore and his registered assigns and successors in a single payment on May 15, 2024 (the “Maturity Date”). The principal amount and, at the holder’s option, accrued interest under the Convertible Note is convertible at the holder’s option into additional shares of the Company’s common stock in whole or in part and from time to time up to the Maturity Date at a conversion price of $0.20 per share. Pursuant to the Convertible Note, we have agreed to reserve sufficient shares of our common stock for the conversion of the Convertible Note. Our Board of Directors has proposed, and has summited to our stockholders for adoption at our 2019 annual meeting, an amendment to our certificate of incorporation to increase the number of authorized shares of common stock (the “Certificate Amendment”). If the Certificate Amendment is adopted by our stockholders and filed with the Delaware Secretary of State, we will be able to reserve a sufficient number of shares for the conversion of the Convertible Note. If the Certificate Amendment is not so filed on or before December 31, 2019, an amount equal to 105% of the outstanding principal amount of the Convertible Note (plus all accrued and unpaid interest, if any) will be immediately due and payable.   If there is a change in control transaction, Mr. Whitmore shall have the right to require the Company or its successor to the Convertible Note, in whole or in part, at a redemption price equal to 105% of the outstanding Principal Amount (plus any accrued interest or applicable late charges) being redeemed.

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Lease (Details 1) $ in Thousands	9 Months Ended
Lease (Details 1) $ in Thousands	Sep. 30, 2019 USD ($)
Cash paid for amounts included in the measurement of lease liabiltiies:
Operating cash outflow from operating leases	$ 509
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$ 205
Weighted-average remaining lease term-finance leases (in years)	2 years 2 months 12 days
Weighted-average remaining lease term-operating leases (in years)	3 years 3 months 19 days
Weighted-average discount rate-finance leases	9.10%
Weighted-average discount rate-operating leases	14.40%

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Share-Based Compensation (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost related to nonvested share-based compensation arrangements granted	$ 422		$ 422
Weighted-average period over which unrecognized compensation is expected to be recognized			1 year 9 months 18 days
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 64	$ 58	$ 179	$ 146
Stock options granted	0	0	547,500	570,500
Stock options excercise			36,000	63,999
Stock option excercise value	$ 16.00	$ 29.00	$ 16.00	$ 29.00
Stock options expired			130,500	188,504
Stock options forfeited			48,600	31,601
Stock options outstanding, end of period	3,747,400		3,747,400		3,415,000
Weighted average exercise price	$ 0.64		$ 0.64		$ 0.67

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Subsequent Events (Details Narrative) - Subsequent Event [Member] - Mr. Whitmore [Member] $ / shares in Units, $ in Thousands	Nov. 01, 2019 USD ($) $ / shares
Maturity date of debt	May 15, 2024
Redemption price of debt for change in control and no amendment to certificate of incorporation (percent)	105.00%
Secured Convertible Promissory Note [Member]
Debt face amount \| $	$ 2,000
Interest rate	2.00%
Debt conversion price \| $ / shares	$ 0.20

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Leases

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Leases

(10) Leases

Quantitative information regarding the Company’s leases is as follows:


	Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
Components of lease cost
Finance lease cost components:
Amortization of finance lease assets	$	18	$	52
Interest on finance lease liabilities		14		44
Total finance lease costs		32		96
Operating lease cost components:
Operating lease cost		129		375
Variable lease cost		27		81
Short-term lease cost		16		68
Total operating lease costs		172		524

Total lease cost	$	204	$	620

Supplemental cash flow information related to leases is as follows for the nine months ended September 30, 2019:

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflow from operating leases	$	509
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	205

Weighted-average remaining lease term-finance leases (in years)		2.2
Weighted-average remaining lease term-operating leases (in years)		3.3
Weighted-average discount rate-finance leases		9.1	%
Weighted-average discount rate-operating leases		14.4	%

The future maturities of the Company’s finance and operating leases as of September 30, 2019 is as follows:

	Finance			Operating
	Leases			Leases			Total
2019	$	69		$	184		$	253
2020		255			676			931
2021		196			687			883
2022		109			705			814
2023		5			690			695
2024 and thereafter		—			580			580
Total payments	$	634		$	3,522		$	4,156
Less amounts representing interest		(72	)		(1,033	)		(1,105	)
Present value of lease obligations	$	562		$	2,489		$	3,051

XML 20 R12.htm IDEA: XBRL DOCUMENT

Earnings Per Share

9 Months Ended

Sep. 30, 2019

Earnings Per Share [Abstract]

Earnings Per Share

(6) Earnings Per Share

XML 21 R28.htm IDEA: XBRL DOCUMENT

Notes and Line of Credit (Details Narrative) $ in Thousands				3 Months Ended		9 Months Ended
Notes and Line of Credit (Details Narrative) $ in Thousands	Mar. 22, 2019 USD ($) Number	Nov. 16, 2018 USD ($)	Jul. 31, 2014 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)
Debt amount outstanding				$ 500		$ 500
Accrued interest debt						14
Interest Paid						126
Interest expense debt				47	$ 12	140	$ 32
Bank Issued Letter of Credit and Note [Member]
Basis spread variable interest rate			1.00%
Variable interest rate basis			Prime rate
Maximum borrowing capacity			$ 30
Facility, expiration date			Jul. 01, 2020
Business Loan Agreement [Member] \| Term Loans [Member] \| Less than [Member]
Interest rate fixed		8.25%
Business Loan Agreement [Member] \| Beachcorp, LLC [Member]
Accrued interest debt						14
Interest Paid						77
Ownership percentage		53.00%
Interest expense debt						91
Business Loan Agreement [Member] \| Beachcorp, LLC [Member] \| Term Loans [Member]
Basis spread variable interest rate		3.00%
Variable interest rate basis		Prime rate
Maximum borrowing capacity		$ 500
Facility, expiration date		Mar. 31, 2020
Term loan carrying amount				500		500
Business Loan Agreement [Member] \| Asset-Based Revolving Loan Facility [Member] \| Beachcorp, LLC [Member]
Maximum borrowing capacity		$ 2,000
Debt amount outstanding				1,103		1,103
Additional borrowing capacity available				$ 233		$ 233
New Business Loan Agreement [Member] \| Line of Credit [Member]
Basis spread variable interest rate	1.00%
Variable interest rate basis	Prime rate
Maximum borrowing capacity	$ 500
Borrowing capacity as percentage of accounts receivable	75.00%
Borrowing capacity as multiple of accounts receivable \| Number	2
Minimum amount of cash on hand before advance is given	$ 500
Facility, expiration date	Apr. 04, 2020

XML 22 R24.htm IDEA: XBRL DOCUMENT

Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2019

Share-based Payment Arrangement [Abstract]

Schedule of assumptions used to calculate black-scholes option pricing model for options granted

The following table illustrates the various assumptions used to calculate the Black-Scholes option pricing model for stock options granted during the three months and nine months periods presented:

For the nine months ended	September 30, 2019			September 30, 2018
Weighted-average risk-free interest rates		2.3	%		2.9	%
Dividend yield		0.00	%		0.00	%
Weighted-average expected life of the option		7 years			7 years
Weighted-average expected stock price volatility		94	%		94	%
Weighted-average fair value of the options granted	$	0.64		$	0.64

XML 23 R20.htm IDEA: XBRL DOCUMENT

Subsequent Events

9 Months Ended

Sep. 30, 2019

Subsequent Events [Abstract]

Subsequent Events

(14) Subsequent Events

XML 24 R2.htm IDEA: XBRL DOCUMENT

CONSOLIDATED BALANCE SHEETS (Unaudited Consolidated Condensed) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current assets:
Cash	$ 962	$ 1,345
Trade accounts receivable, less allowance for doubtful accounts of $9 on September 30, 2019 and December 31, 2018, respectively	1,373	829
Inventories, net	2,144	2,242
Prepaid expenses and other current assets	285	273
Total current assets	4,764	4,689
Equipment and leasehold improvements, net	2,164	1,865
Operating lease right-of-use assets	2,198
Other assets, net	13	15
Total assets	9,139	6,569
Current liabilities:
Line of credit, related party	1,103	832
Line of credit, bank	500
Current portion of finance lease obligations	228	218
Current portion of operating lease obligations	361
Accounts payable	994	1,608
Accrued expenses	960	979
Deferred revenue	469
Total current liabilities	4,615	3,637
Long-term portion of finance lease obligations	334	506
Long-term portion of operating lease obligations	2,128
Long-term loan, related party	500	500
Long-term deferred rent		344
Long-term deferred revenue	125
Asset retirement obligations	204	198
Total long-term liabilities	3,291	1,548
Stockholders' equity:
Preferred stock, $.01 par value, 24,088 shares authorized, and no shares issued and outstanding	0	0
Common stock, $.01 par value, 42,000,000 shares authorized; 38,136,792 and 33,911,792 shares issued and outstanding on September 30, 2019 and December 31, 2018 respectively	381	339
Additional paid-in capital	100,624	98,795
Accumulated deficit	(99,772)	(97,750)
Total stockholders' equity	1,233	1,384
Total liabilities and stockholders' equity	$ 9,139	$ 6,569

XML 25 R6.htm IDEA: XBRL DOCUMENT

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited Consolidated Condensed) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Operating activities:
Net loss	$ (2,022)	$ (972)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization	234	239
Loss on disposal of equipment and leasehold improvements	16
Share-based compensation	179	146
Changes in assets and liabilities related to operations:
Trade accounts receivable	(544)	(802)
Inventories	98	(706)
Prepaid expenses and other assets	(12)	(84)
Accounts payable	(632)	872
Accrued expenses	(19)	386
Deferred revenue	594
Other long-term assets and liabilities	(53)
Net cash used in operating activities	(2,161)	(921)
Investing activities:
Acquisition of equipment and leasehold improvements	(523)	(115)
Net cash used in investing activities	(523)	(115)
Financing activities:
Principal payment on finance leases	(162)	(114)
Proceeds from line of credit, bank	1,000	1,200
Payments to the line of credit, bank	(500)	(1,000)
Proceeds from line of credit, related party	8,166
Payments to line of credit, related party	(7,895)
Proceeds from issuance of common stock	1,676
Proceeds from stock option exercises	16	29
Net cash provided by financing activities	2,301	115
Decrease in cash and cash equivalents	(383)	(921)
Cash and cash equivalents at beginning of period	1,345	1,955
Cash and cash equivalents at end of period	962	1,034
Supplemental cash flow information:
Interest paid	126	32
Supplemental non-cash investing and financing activities:
Accounts payable incurred for the purchase of equipment and leasehold improvements	$ 18	6
Non-cash purchases of property and equipment		$ 248

XML 26 R25.htm IDEA: XBRL DOCUMENT

Going Concern / Liquidity (Details Narrative)	9 Months Ended
Going Concern / Liquidity (Details Narrative)	Sep. 30, 2019	Sep. 30, 2018
Decrease in revenue from prior year (percent)	20.00%
Solesence [Member]
Increase in Solesence business (percent)	56.00%
Customer Concentration Risk [Member] \| Revenue Benchmark [Member]
Concentration risk (percent)		64.00%

XML 27 R21.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2019

Accounting Policies [Abstract]

Recently Adopted Financial Accounting Standards

XML 28 R29.htm IDEA: XBRL DOCUMENT

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Raw materials	$ 1,151	$ 1,086
Finished goods	1,050	1,243
Inventory gross, Total	2,201	2,329
Allowance for excess quantities	(57)	(87)
Total inventory	$ 2,144	$ 2,242

XML 29 R3.htm IDEA: XBRL DOCUMENT

CONSOLIDATED BALANCE SHEETS (Unaudited Consolidated Condensed) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 9	$ 9
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized	24,088	24,088
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized	42,000,000	42,000,000
Common stock, issued	38,136,792	33,911,792
Common stock, outstanding	38,136,792	33,911,792

XML 30 R7.htm IDEA: XBRL DOCUMENT

Basis of Presentation

9 Months Ended

Sep. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

(1) Basis of Presentation

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Business Segmentation and Geographical Distribution (Details Narrative)
$ in Thousands
3 Months Ended 9 Months Ended

Sep. 30, 2019

USD ($)

Sep. 30, 2018

USD ($)

Sep. 30, 2019

USD ($)

Number

Sep. 30, 2018

USD ($)

Number of business segments | Number 1

International Sources [Member]

Revenue from international sources | $ $ 34 $ 152 $ 734 $ 335

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- Definition
Number of operating segments. An operating segment is a component of an enterprise: (a) that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same enterprise), (b) whose operating results are regularly reviewed by the enterprise's chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance, and (c) for which discrete financial information is available. An operating segment may engage in business activities for which it has yet to earn revenues, for example, start-up operations may be operating segments before earning revenues.
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Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).
+ References
Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
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Lease (Details) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended

Sep. 30, 2019

Sep. 30, 2019

Finance lease cost components:

Amortization of finance lease assets $ 18 $ 52

Interest on finance lease liabilities 14 44

Total finance lease costs 32 96

Operating lease cost components:

Operating lease cost 129 375

Variable lease cost 27 81

Short-term lease cost 16 68

Total operating lease costs 172 524

Total lease cost $ 204 $ 620

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Share-Based Compensation (Details) - Stock Options [Member] - $ / shares
9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Weighted-average risk-free interest rates 2.30% 2.90%

Dividend yield 0.00% 0.00%

Weighted-average expected life of the option 7 years 7 years

Weighted-average expected stock price volatility 94.00% 94.00%

Weighted-average fair value of the options granted $ 0.64 $ 0.64

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Share-Based Compensation
9 Months Ended

Sep. 30, 2019

Share-based Payment Arrangement [Abstract]

Share-Based Compensation
(11) Share-Based Compensation

We follow FASB ASC Topic 718, Compensation – Stock Compensation, in which compensation expense is recognized only for share-based payments expected to vest. We recognized compensation expense related to stock options of $64 and $179 for the three and nine months ended September 30, 2019, respectively, compared to $58 and $146 for the three and nine months ended September 30, 2018, respectively.

As of September 30, 2019, there was approximately $422 of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under our stock option plans. That cost is expected to be recognized over a remaining weighted-average period of 1.8 years.

Stock Options and Stock Grants

During the nine months ended September 30, 2019, 36,000 stock options were exercised for $16. During the nine months ended September 30, 2018, 63,999 shares of common stock were issued pursuant to stock option exercises for proceeds of $29. During the nine months ended September 30, 2019, 547,500 stock options were granted, compared to 570,500 stock options granted during the same period in 2018. During the nine months ended September 30, 2019, 130,500 stock options expired compared to 188,504 for the same period in 2018. For the nine months ended September 30, 2019, 48,600 stock options were forfeited compared to 31,601 for the same period in 2018. We had 3,747,400 stock options outstanding at a weighted average exercise price of $0.64 on September 30, 2019, compared to 3,415,000 stock options outstanding at a weighted average exercise price of $0.67 on December 31, 2018.

No stock options were granted in the three-month periods ending September 30, 2019 and 2018.

The following table illustrates the various assumptions used to calculate the Black-Scholes option pricing model for stock options granted during the three months and nine months periods presented:

For the nine months ended

September 30, 2019

September 30, 2018

Weighted-average risk-free interest rates

2.3

%

2.9

%

Dividend yield

0.00

%

0.00

%

Weighted-average expected life of the option

7 years

7 years

Weighted-average expected stock price volatility

94

%

94

%

Weighted-average fair value of the options granted

$

0.64

$

0.64

As of September 30, 2019, we did not have any unvested restricted stock or performance shares outstanding.

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Financial Instruments
9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

Financial Instruments
(7) Financial Instruments

We follow the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures, which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 generally requires significant management judgment.

Our financial instruments include cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, along with the promissory note with no related borrowings described in Note 8, and any borrowings on the working capital line of credit from Libertyville Bank and Trust and any borrowings under the Master Agreement from Beachcorp, LLC described below in Note 8. The fair values of all financial instruments were not materially different from their carrying values. There were no financial assets or liabilities adjusted to fair value on September 30, 2019 or December 31, 2018.

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Earnings Per Share (Details Narrative) - shares
3 Months Ended 9 Months Ended

Sep. 30, 2019

Sep. 30, 2018

Sep. 30, 2019

Sep. 30, 2018

Share-based Payment Arrangement, Option [Member]

Antidilutive securities 165,000 1,119,000 497,000 820,000

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Lease (Tables)
9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Summary of quantitative information about leases
Quantitative information regarding the Company’s leases is as follows:

Three Months Ended
September 30, 2019

Nine Months Ended
September 30, 2019

Components of lease cost

Finance lease cost components:

Amortization of finance lease assets

$

18

$

52

Interest on finance lease liabilities

14

44

Total finance lease costs

32

96

Operating lease cost components:

Operating lease cost

129

375

Variable lease cost

27

81

Short-term lease cost

16

68

Total operating lease costs

172

524

Total lease cost

$

204

$

620

Summary of supplemental cash flow information related to leases
Supplemental cash flow information related to leases is as follows for the nine months ended September 30, 2019:

Cash paid for amounts included in the measurement of lease liabilities:

Operating cash outflow from operating leases

$

509

Right-of-use assets obtained in exchange for lease obligations:

Operating leases

$

205

Weighted-average remaining lease term-finance leases (in years)

2.2

Weighted-average remaining lease term-operating leases (in years)

3.3

Weighted-average discount rate-finance leases

9.1

%

Weighted-average discount rate-operating leases

14.4

%

Schedule of future maturities of finance and operating leases
The future maturities of the Company’s finance and operating leases as of September 30, 2019 is as follows:

Finance

Operating

Leases

Leases

Total

2019

$

69

$

184

$

253

2020

255

676

931

2021

196

687

883

2022

109

705

814

2023

5

690

695

2024 and thereafter

—

580

580

Total payments

$

634

$

3,522

$

4,156

Less amounts representing interest

(72

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(1,033

)

(1,105

)

Present value of lease obligations

$

562

$

2,489

$

3,051

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Document and Entity Information - shares
9 Months Ended

Sep. 30, 2019

Nov. 14, 2019

Document And Entity Information [Abstract]

Entity Registrant Name NANOPHASE TECHNOLOGIES Corp

Entity Central Index Key 0000883107

Document Type 10-Q

Amendment Flag false

Document Period End Date Sep. 30, 2019

Entity File Number 000-22333

Entity Incorporation, State Code DE

Current Fiscal Year End Date --12-31

Entity Reporting Status Current Yes

Entity Interactive Data Current Yes

Entity Small Business true

Entity Filer Category Non-accelerated Filer

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Entity Shell Company false

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XML 42 R5.htm IDEA: XBRL DOCUMENT v3.19.3

CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY (Unaudited Consolidated Condensed) - USD ($)
$ in Thousands

Preferred Stock [Member]

Common Stock [Member]

Additional Paid-in Capital [Member]

Accumulated Deficit [Member]

Total

Balance at beginning at Dec. 31, 2017 $ 0 $ 338 $ 98,563 $ (95,669) $ 3,232

Balance at beginning (in shares) at Dec. 31, 2017 0 33,847,793

Stock-based compensation 43 43

Net income (loss) (924) (924)

Balance at ending at Mar. 31, 2018 $ 0 $ 338 98,606 (96,593) 2,351

Balance at ending (in shares) at Mar. 31, 2018 0 33,847,793

Balance at beginning at Dec. 31, 2017 $ 0 $ 338 98,563 (95,669) 3,232

Balance at beginning (in shares) at Dec. 31, 2017 0 33,847,793

Net income (loss) (972)

Balance at ending at Sep. 30, 2018 $ 0 $ 339 98,737 (98,910) 2,435

Balance at ending (in shares) at Sep. 30, 2018 0 33,911,792

Balance at beginning at Mar. 31, 2018 $ 0 $ 338 98,606 (96,593) 2,351

Balance at beginning (in shares) at Mar. 31, 2018 0 33,847,793

Stock-based compensation 45 45

Net income (loss) 88 88

Balance at ending at Jun. 30, 2018 $ 0 $ 338 98,651 (96,505) 2,484

Balance at ending (in shares) at Jun. 30, 2018 0 33,847,793

Stock option exercises $ 1 28 29

Stock option exercises (in shares) 63,999

Stock-based compensation 58 58

Net income (loss) (136) (136)

Balance at ending at Sep. 30, 2018 $ 0 $ 339 98,737 (98,910) 2,435

Balance at ending (in shares) at Sep. 30, 2018 0 33,911,792

Balance at beginning at Dec. 31, 2018 $ 0 $ 339 98,795 (97,750) 1,384

Balance at beginning (in shares) at Dec. 31, 2018 0 33,911,792

Stock-based compensation 57 57

Net income (loss) (513) (513)

Balance at ending at Mar. 31, 2019 $ 0 $ 339 98,852 (98,263) 928

Balance at ending (in shares) at Mar. 31, 2019 0 33,911,792

Balance at beginning at Dec. 31, 2018 $ 0 $ 339 98,795 (97,750) 1,384

Balance at beginning (in shares) at Dec. 31, 2018 0 33,911,792

Net income (loss) (2,022)

Balance at ending at Sep. 30, 2019 $ 0 $ 381 100,624 (99,772) 1,233

Balance at ending (in shares) at Sep. 30, 2019 0 38,136,792

Balance at beginning at Mar. 31, 2019 $ 0 $ 339 98,852 (98,263) 928

Balance at beginning (in shares) at Mar. 31, 2019 0 33,911,792

Stock option exercises 16 16

Stock option exercises (in shares) 36,000

Stock-based compensation 58 58

Issuance of Common Stock $ 42 1,634 1,676

Issuance of Common Stock (in shares) 4,189,000

Net income (loss) (647) (647)

Balance at ending at Jun. 30, 2019 $ 0 $ 381 100,560 (98,910) 2,031

Balance at ending (in shares) at Jun. 30, 2019 0 38,136,792

Stock-based compensation 64 64

Net income (loss) (862) (862)

Balance at ending at Sep. 30, 2019 $ 0 $ 381 $ 100,624 $ (99,772) $ 1,233

Balance at ending (in shares) at Sep. 30, 2019 0 38,136,792

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Summary of Significant Accounting Policies
9 Months Ended

Sep. 30, 2019

Accounting Policies [Abstract]

Summary of Significant Accounting Policies
(3) Summary of Significant Accounting Policies

Recently Adopted Financial Accounting Standards

On January 1, 2019, the Company adopted Accounting Standards Update (“ASU”) No. 2016-02, Leases, ASU No. 2018-10, Codification Improvements to Topic 842 (Leases) and ASU No. 2018-11, Targeted Improvements to Topic 842 (Leases). The guidance is intended to increase transparency and comparability among companies for leasing transactions, including a requirement for companies that lease assets to recognize on their balance sheets the assets and liabilities for the rights and obligations created by those leases. The guidance also provides for disclosures that allow the users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases.

The Company adopted the guidance on January 1, 2019 using the modified retrospective method without restatement of comparative periods. As such, periods prior to the date of adoption are presented in accordance with ASC 840 - Leases. The Company utilized the available practical expedient that allowed for the Company to not reassess whether existing contracts contain a lease under the new definition of a lease, lease classification for existing leases and whether previously capitalized initial direct costs would qualify for capitalization under the new guidance.

The adoption of this guidance had a material impact on the Consolidated Condensed Balance Sheet as of September 30, 2019 due to the recognition of equal right-of-use assets and lease liabilities for the Company’s portfolio of operating leases. The right-of-use asset balance was then adjusted by the reclassification of pre-existing accrued rent balances from other line items within the Consolidated Condensed Balance Sheet. The adoption had an immaterial impact to the Consolidated Condensed Statement of Cash Flows and to the Consolidated Condensed Statement of Operations for the three and nine months ended September 30, 2019. The adoption had no impact to the Consolidated Condensed Statement of Changes in Stockholders’ Equity for the three and nine months ended September 30, 2019. Additional information and disclosures required by the new standard are contained in Note 10, Leases.

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Business Segmentation and Geographical Distribution
9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

Business Segmentation and Geographical Distribution
(13) Business Segmentation and Geographical Distribution

Revenue from international sources approximated $34 and $734 for the three and nine months ended September 30, 2019, respectively, compared to $152 and $335 for the three and nine months ended September 30, 2018, respectively. All of this revenue was product revenue.

Our operations comprise a single business segment and all our long-lived assets are located within the United States. We categorize our revenue stream into three main product categories, Personal Care Ingredients, Advanced Materials and Solésence^®. The revenues for the three months and nine months ended September 30, 2019 and 2018, by category, are as follows:

For the three months ended
September 30,

For the nine months ended
September 30,

Product Category

2019

2018

2019

2018

Personal Care Ingredients

$

2,304

$

2,982

$

6,464

$

8,210

Advanced Materials

388

483

1,988

1,757

Solésence^®

377

557

1,666

1,069

Total Sales

$

3,069

$

4,022

$

10,118

$

11,036

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Inventories
9 Months Ended

Sep. 30, 2019

Inventory Disclosure [Abstract]

Inventories
(9) Inventories

Inventories consist of the following:

September 30,
2019

December 31,
2018

Raw materials

$

1,151

$

1,086

Finished goods

1,050

1,243

2,201

2,329

Allowance for excess inventory quantities

(57

)

(87

)

$

2,144

$

2,242

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Revenues
9 Months Ended

Sep. 30, 2019

Revenue from Contract with Customer [Abstract]

Revenues
(5) Revenues

Revenues are recognized at a point in time, typically when control of the promised goods is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods.

Customers deposits, deferred revenue and other receipts are deferred and recognized when the revenue is realized and earned. Cash payments to customers are classified as reductions of revenue in the Company’s Consolidated Condensed Statement of Operations. Customer deposits, $344 as of September 30, 2019, have been classified as deferred revenue. At December 31, 2018, customer deposits were immaterial.

On July 31, 2019, we entered into a Joint Development Agreement, with an initial term of ten years, with Sumitomo Corporation of Americas (“SCOA”) to jointly develop certain coated materials for the use in the personal care market. In return for the Company’s exclusive efforts on SCOA’s behalf, SCOA has agreed to pay a commitment fee of $250 and two subsequent payments, of $125 each. The two subsequent payments are contingent upon the achievement of certain performance obligations as defined in the agreement.

If the Company elects to terminate the agreement within the terms allowed and prior to achieving the initial performance obligations, the original $250 must be refunded. As of September 30, 2019, the Company has not yet started fulfilling its performance obligations, and as such, the $250 received is recorded as deferred revenue, split between current and long-term, based on the Company’s estimate of the period over which the performance obligation will be completed. Revenue will be recognized proportionally to the Company’s completion of the performance obligations.

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Lease (Details 2)
$ in Thousands

Sep. 30, 2019

USD ($)

Operating Leases:

2019 $ 184

2020 676

2021 687

2022 705

2023 690

2024 and thereafter 580

Total payments 3,522

Less amounts representing interest (1,033)

Total minimum payments required 2,489

Finance Leases:

2019 69

2020 255

2021 196

2022 109

2023 5

2024 and thereafter

Total payments 634

Less amounts representing interest (72)

Total minimum payments required 562

Total:

2019 253

2020 931

2021 883

2022 814

2023 695

2024 and thereafter 580

Total payments 4,156

Less amounts representing interest (1,105)

Total minimum payments required $ 3,051

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Significant Customers and Contingencies (Details Narrative)
$ in Thousands
3 Months Ended 9 Months Ended

Sep. 30, 2019

USD ($)

Number

Sep. 30, 2018

USD ($)

Number

Sep. 30, 2019

USD ($)

Number

Sep. 30, 2018

USD ($)

Number

Jul. 31, 2019

USD ($)

Number of major customers | Number 3 3 3 3

Accounts receivable $ 1,373 $ 1,373

Deferred revenue 469 469

Customer One [Member]

Accounts receivable 1,042 $ 1,171 1,042 $ 1,171

Customer Two [Member]

Accounts receivable 116 120 116 120

Customer Three [Member]

Accounts receivable $ 122 $ 388 $ 122 $ 388

Customer Concentration Risk [Member] | Revenue Benchmark [Member]

Revenue from customers 64.00%

Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer One [Member]

Revenue from customers 75.00% 73.00% 64.00% 73.00%

Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer Two [Member]

Revenue from customers 5.00% 4.00% 3.00% 3.00%

Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer Three [Member]

Revenue from customers 4.00% 12.00% 9.00% 8.00%

BASF [Member]

Cash requirements levels for safety stock $ 1,000 $ 1,000

Equipment sale - original book value of equipment and upgrades 115.00% 115.00%

Equipment sale - net book value equipment 115.00% 115.00%

BASF [Member] | Greater than [Member]

Total assets requirement under supply agreeement $ 1,000 $ 1,000

Cash, cash equivalents and certain investments required under supply agreeement 500 500

Finished goods inventory levels as safety stock $ 500 $ 500

Equipment sale - original book value of equipment and upgrades 30.00% 30.00%

BASF [Member] | Less than [Member]

Earnings trigger under supply agreeement $ 0

Joint Development Agreement [Member]

Deferred revenue $ 250

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Notes and Line of Credit
9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Notes and Lines of Credit
(8) Notes and Line of Credit

During July 2014 we entered into a bank-issued letter of credit and related promissory note for up to $30 in borrowings to support our obligations under our facility lease agreement. No borrowings have been incurred under this promissory note. Should any borrowings occur in the future, the interest rate would be the prime rate plus 1%, with the bank having the right to “set off” or apply unpaid balances against our checking account if we fail to meet our obligations under any borrowings under the note. It is our intention to renew this note annually, for as long as we need to do so pursuant to the terms of our facility lease agreement. This note was renewed through July 1, 2020. Because there were no amounts outstanding on the note at any time during 2019 or 2018, we have recorded no related liability on our balance sheet.

On March 22, 2019, we executed a New Business Loan Agreement, dated as of March 4, 2019, with Libertyville Bank and Trust Company, a Wintrust Community Bank (“Libertyville”), our primary bank, which replaces the Line of Credit Agreement with Libertyville having a maturity date of March 4, 2019. The New Business Loan Agreement matures on March 4, 2020. Under the New Business Loan Agreement, Libertyville will provide a maximum of (i) $500 or (ii) two times the sum of (a) 75% our eligible accounts receivables and (b) our cash deposited with Libertyville, whichever is less, of revolving credit to us, collateralized by a senior priority lien on our accounts receivable, inventory, equipment, general intangibles and fixtures. Interest is payable monthly on any advances at a floating interest rate of the prime rate at the time plus 1%. We must have $500 in cash, inclusive of the borrowed amount, at Libertyville on the date of any advance. Advances may only occur at the beginning or end of a fiscal quarter and must be repaid in full within five business days of the advance. As of September 30, 2019, the outstanding balance on this loan was $500. There was no outstanding balance on this loan at December 31, 2018.

On November 16, 2018, we entered into a Business Loan Agreement (the “Master Agreement”) with Beachcorp, LLC. Beachcorp, LLC is managed by Bradford T. Whitmore, who, together with his affiliates Grace Brothers, Ltd. and Grace Investments, Ltd., beneficially owned approximately 53% of our common stock as of May 13, 2019, pursuant to our 2019 financing. The Master Agreement relates to two loan facilities, each evidenced by separate promissory notes, each dated November 16, 2018: a term loan to the Company of up to $500 to be disbursed in a single advance (the “Term Loan”) with a fixed annual interest rate of 8.25%, payable quarterly, accruing from the date of such advance and with principal due on December 31, 2020; and an asset-based revolving loan facility for the Company of up to $2,000 (the “Revolver Facility”), with floating interest accruing at the prime rate plus 3% (8.25% minimum) per year, with a borrowing base consisting of qualified accounts receivable of the Company, and with all principal and accrued interest due March 31, 2020. The Term Loan and Revolver Facility are secured by all the unencumbered assets of the Company and subordinated to Libertyville’s secured interest under the New Business Loan Agreement. The Master Agreement substantially restricts the Company’s ability to incur additional indebtedness during the terms of both the Term Loan and the Revolver Facility. On September 30, 2019, the balance on the term loan was $500 and the balance on the Revolver Facility was $1,103. For the three months and nine months ended September 30, 2019, interest expense was $47 and $140, respectively, compared to the same periods in 2018 of $12 and $32, respectively. For the nine months ended September 30, 2019, $14 was accrued and $126 paid. As Beachcorp, LLC is an affiliate of one of our shareholders, $91 is interest with a related party, of which $77 was paid and $14 was owed. There was a one-time amendment to the credit agreement allowing a 30 day extended Account Receivable eligibility for one of our largest customers. With this amendment, September 30, 2019 borrowings were within the amended credit agreement line, with an additional $233 available. The balance of borrowing base, loan amount, and any excess payments required over the available borrowing base will change as frequently as daily, given the operational nature of the elements of the Revolver Facility.

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Description of Business
9 Months Ended

Sep. 30, 2019

Description Of Business

Description of Business
(4) Description of Business

Nanophase is a skin and sun care focused company that offers engineered materials, formulation development and commercial manufacturing with an integrated family of technologies. We look at our products in three major product categories; Personal Care Ingredients, including sunscreens as active ingredients; Solésence, including full formulations of skin care products, marketed and sold by our wholly-owned subsidiary, Solesence, LLC (“Solésence,” or our “Solésence^® subsidiary”); and Advanced Materials, including architectural and industrial coating applications, abrasion-resistant additives, plastics additives, medical diagnostics, and a variety of surface finishing technologies (polishing).

We target markets in which we believe practical solutions may be found using our products. We work closely with current and potential customers in these target markets to identify their material and performance requirements and market our materials to various end-use applications manufacturers, and our Solésence^® products to cosmetics and skin care brands. Recently developed technologies have made certain new products possible and opened potential new markets. The patent granted in 2015, for a new type of particle surface treatment (coating) — now called Active Stress Defense™ Technology — became the cornerstone of our product development in personal care. In addition, through the creation of our Solésence^® subsidiary, we utilize this particle surface treatment to manufacture and sell fully developed solutions to targeted customers in the skin care industry, in addition to the ingredients we have traditionally sold in the personal care area. We are currently in the process of expanding our patented technologies relating to Solesence applications.

Although our primary strategic focus has been the North American market, we currently sell material to customers overseas and have been working to expand our reach within foreign markets. The Company was incorporated in Illinois on November 25, 1989 and became a Delaware corporation during November 1997. Our common stock trades on the OTCQB marketplace under the symbol NANX.

While product sales comprise the majority of our revenue, we also recognize revenue from other sources from time to time. These activities are not expected to drive the long-term growth of the business. For this reason, we classify such revenue as “other revenue” in our Consolidated Condensed Statements of Operations, as it does not represent revenue directly from the sale of our products.

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Significant Customers and Contingencies
9 Months Ended

Sep. 30, 2019

Risks and Uncertainties [Abstract]

Significant Customers and Contingencies
(12) Significant Customers and Contingencies

Revenue from three customers constituted approximately 75%, 5% and 4%, respectively, of our total revenue for the three months ended September 30, 2019. For the nine months ended September 30, 2019, revenue from the same three customers was approximately 64%, 3% and 9%, respectively. Amounts included in accounts receivable on September 30, 2019 relating to these three customers were approximately $1,042, $116 and $122, respectively. Revenue from these three customers constituted approximately 73%, 4% and 12%, respectively, for the three months ended September 30, 2018. For the nine months ended September 30, 2018, revenue from the same three customers was approximately 73%, 3% and 8%, respectively. Amounts included in accounts receivable on September 30, 2018 relating to these three customers were approximately $1,171, $120 and $388, respectively. The loss of one of these significant customers, a significant decrease in revenue from one or more of these customers, or the failure to attract new customers could have a material adverse effect on our business, results of operations and financial condition.

We currently have exclusive supply agreements with BASF Corporation (“BASF”), our largest customer, that have contingencies outlined which could potentially result in the license of technology and/or the sale of production equipment from the Company to the customer intended to provide capacity sufficient to meet the customer’s production needs. This outcome may occur if we fail to meet certain performance requirements, certain other obligations and/or certain financial condition covenants. The financial condition covenants in one of our supply agreements with BASF “trigger” a technology transfer right (license and equipment sale at BASF’s option) in the event (a) that earnings for the twelve-month period ending with our most recently published quarterly financial statements are less than zero and a minimum of $1 million in total of certain assets of which at least $500 must be in cash, cash equivalents and certain investments, with the balance being composed of certain inventory and receivables, is not maintained or (b) of an acceleration of any debt maturity having a principal amount of more than $10 million. There are certain minimum finished goods inventory requirements with the 2019 amendment to the supply agreement. This agreement also requires Nanophase to maintain certain finished goods inventory levels as “safety stock,” beginning in the first quarter of 2019, and increasing through the third quarter of 2019 to a negotiated level based on agreed demand metrics, in order to maintain the $500 non-cash component discussed above. After September 30, 2019, should our safety stock fall below the prescribed amount of material, the quarter-end cash requirement would revert to $1,000 in cash, cash equivalents, and certain investments. As of September 30, 2019, safety stock did not meet the prescribed amount of material. However, cash, cash equivalents, and eligible accounts receivable exceeded the minimum $1,000 required as of September 30, 2019. The safety stock requirement may be adjusted upon mutual agreement.

Our supply agreements with BASF also “trigger” a technology transfer right in the event of our insolvency, as further defined within the agreements. In the event of an equipment sale, upon incurring a triggering event, the equipment would be sold to the customer at either 115% of the equipment’s net book value or the greater of 30% of the original book value of such equipment, and any associated upgrades to it, or 115% of the equipment’s net book value, depending on the equipment and related products.

Current cash and credit availability should be sufficient (see the description of our New Line of Credit Agreement with Libertyville and the Master Agreement with Beachcorp, LLC (described in Note 8) to operate our business through the balance of 2019. If a triggering event were to occur and BASF elected to proceed with the license and related equipment sale mentioned above, we would receive royalty payments from this customer for products sold using our technology; however, we would lose both significant revenue and the ability to generate significant revenue to replace that which was lost in the near term. Replacement of necessary equipment that could be purchased and removed by the customer pursuant to this triggering event could take in excess of twelve months. Any additional capital outlays required to rebuild capacity would probably be greater than the proceeds from the purchase of the assets as dictated by our agreement with the customer. Similar consequences would occur if we were determined to have materially breached certain other provisions of the supply agreement with BASF. Any such event would also likely result in the loss of many of our key staff and line employees due to economic realities. We believe that our employees are a critical component of our success and it could be difficult to replace them quickly. Given the occurrence of any such event, we might not be able to hire and retain skilled employees given the stigma relating to such an event and its impact on us. Finally, any shortfall in capital needed to operate the business as management intends, including with respect to avoiding this triggering event as described above, may result in a curtailment of certain activities or anticipated investments.

We expect to expend resources on research, development and product testing, and in expanding current capacity or capability for new business. In addition, we may incur significant costs in preparing, filing, prosecuting, maintaining and enforcing our patents and other proprietary rights. We may need additional financing if we were to lose an existing customer or suffer a significant decrease in revenue from one or more of our customers or because of currently unknown capital requirements, new regulatory requirements or the need to meet the cash requirements discussed above to avoid a triggering event under our BASF agreement. Given our expected growth in our Solésence^® business, we may also have temporary working capital demands that we cannot fund with existing capital, while remaining in compliance with the covenants included in our BASF agreement described above. If necessary, we may seek funding through public or private financing and through contracts with governmental entities or other companies. Additional financing may not be available on acceptable terms or at all, and any such additional financing could be dilutive to our shareholders. If we are unable to obtain adequate funds, we may be required to delay, scale-back or eliminate some of our manufacturing and marketing operations or we may need to obtain funds through arrangements on less favorable terms. Such circumstances could raise doubt as to our ability to continue as a going concern. If we obtain funding on unfavorable terms, we may be required to relinquish rights to some of our intellectual property.

On July 31, 2019, we entered into a Joint Development Agreement, with an initial term of ten years, with Sumitomo Corporation of Americas (“SCOA”) to jointly develop certain coated materials for the use in the personal care market. In return for the Company’s exclusive efforts on SCOA’s behalf, SCOA has agreed to pay a commitment fee of $250 and two subsequent payments, of $125 each. The two subsequent payments are contingent upon the achievement of certain performance obligations as defined in the agreement.

If the Company elects to terminate the agreement within the terms allowed and prior to achieving the initial performance obligations, the original $250 must be refunded. As of September 30, 2019, the Company has not yet started fulfilling its performance obligations, and as such, the $250 received is recorded as deferred revenue, split between current and long-term, based on the Company’s estimate of the period over which the performance obligation will be completed. Revenue will be recognized proportionally to the Company’s completion of the performance obligations.

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Lease (Details Narrative) - USD ($)
$ in Thousands

Sep. 30, 2019

Jan. 02, 2019

Operating Leased Assets [Line Items]

Operating lease right-of-use assets $ 2,198

Current portion of operating lease obligations 361

Long-term portion of operating lease obligations 2,128

Operating lease liability $ 2,489

Topic 842 [Member]

Operating Leased Assets [Line Items]

Operating lease right-of-use assets $ 2,212

Operating lease liability $ 2,556

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Business Segmentation and Geographical Distribution (Details) - USD ($)
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Sep. 30, 2018

Sep. 30, 2019

Sep. 30, 2018

Sales $ 3,069 $ 4,022 $ 10,118 $ 11,036

Personal Care Ingredients [Member]

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Number

Initial term agreement 10 years

Commitment fee per agreement $ 250

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Inventories (Tables)
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December 31,
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$

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Going Concern / Liquidity
9 Months Ended

Sep. 30, 2019

Going Concern Liquidity

Going Concern / Liquidity
(2) Going Concern / Liquidity

We believe that cash from operations, cash on hand, cash from our May 13, 2019 and November 13, 2019 financings, in addition to unused borrowing capacity, should be adequate to fund our operating plans through 2019, but this is dependent on several things over which we have limited control. Our largest customer, consisting of 64% of revenue for the nine-months ended September 30, 2019, had a revenue decrease of 20% from the same time last year. This decline has limited our flexibility and required us to make cash management a top priority. The growth in our Solésence^® business increased 56% for the nine months ended September 30, 2019 compared to the same time last year. We continue to view Solésence^® as a critical strategic undertaking and may require additional investment in working capital. Our current plan is to continue to invest in Solésence^®-related operating expenses and capital equipment. Given the decline related to our largest customer, as well as our investment in Solésence^®, it is possible that we may need to seek additional funding to address working capital demands within the next twelve months. We believe that we will be able to secure additional financing, but we do not have any financing commitments in place. However, we may not be able to secure additional financing in a timely manner under commercially reasonable terms, or at all. If we are unable to secure additional financing, we would need to reevaluate the Company’s strategy, including our Solésence^® growth strategy, and lower investment and expenses accordingly. This could impede growth in 2020 and beyond.

These circumstances raise significant doubt as to the Company’s ability to operate as a going concern under U.S. GAAP. The accompanying financial statements have been prepared on a going concern basis in accordance with U.S. GAAP. As such, no adjustments have been made to the unaudited condensed consolidated financial statements for the recoverability of assets and classification of liabilities that might be necessary should the Company be unable to continue operating as a going concern.

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CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited Consolidated Condensed) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended

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Sep. 30, 2018

Sep. 30, 2019

Sep. 30, 2018

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Gross profit 563 1,057 2,279 2,872

Research and development expense 488 416 1,450 1,513

Selling, general and administrative expense 890 765 2,711 2,299

Loss from operations (815) (124) (1,882) (940)

Interest expense 47 12 140 32

Loss before provision for income taxes (862) (136) (2,022) (972)

Net loss $ (862) $ (136) $ (2,022) $ (972)

Net loss per basic shares (in dollars per share) $ (0.02) $ 0.00 $ (0.06) $ (0.03)

Weighted average number of basic common shares outstanding (in shares) 38,136,792 33,879,097 36,077,257 33,858,184

Net loss per diluted share (in dollars per share) $ (0.02) $ 0.00 $ (0.06) $ (0.03)

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Product Revenue [Member]

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Other Revenue [Member]

Revenue:

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Business Segmentation and Geographical Distribution (Details Narrative) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)	Sep. 30, 2019 USD ($) Number	Sep. 30, 2018 USD ($)
Number of business segments \| Number			1
International Sources [Member]
Revenue from international sources \| $	$ 34	$ 152	$ 734	$ 335

Lease (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
Lease (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Sep. 30, 2019
Finance lease cost components:
Amortization of finance lease assets	$ 18	$ 52
Interest on finance lease liabilities	14	44
Total finance lease costs	32	96
Operating lease cost components:
Operating lease cost	129	375
Variable lease cost	27	81
Short-term lease cost	16	68
Total operating lease costs	172	524
Total lease cost	$ 204	$ 620

Earnings Per Share (Details Narrative) - shares	3 Months Ended		9 Months Ended
Earnings Per Share (Details Narrative) - shares	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Share-based Payment Arrangement, Option [Member]
Antidilutive securities	165,000	1,119,000	497,000	820,000

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2019	Nov. 14, 2019
Document And Entity Information [Abstract]
Entity Registrant Name	NANOPHASE TECHNOLOGIES Corp
Entity Central Index Key	0000883107
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2019
Entity File Number	000-22333
Entity Incorporation, State Code	DE
Current Fiscal Year End Date	--12-31
Entity Reporting Status Current	Yes
Entity Interactive Data Current	Yes
Entity Small Business	true
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		38,136,792
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2019

CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY (Unaudited Consolidated Condensed) - USD ($) $ in Thousands	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Total
Balance at beginning at Dec. 31, 2017	$ 0	$ 338	$ 98,563	$ (95,669)	$ 3,232
Balance at beginning (in shares) at Dec. 31, 2017	0	33,847,793
Stock-based compensation			43		43
Net income (loss)				(924)	(924)
Balance at ending at Mar. 31, 2018	$ 0	$ 338	98,606	(96,593)	2,351
Balance at ending (in shares) at Mar. 31, 2018	0	33,847,793
Balance at beginning at Dec. 31, 2017	$ 0	$ 338	98,563	(95,669)	3,232
Balance at beginning (in shares) at Dec. 31, 2017	0	33,847,793
Net income (loss)					(972)
Balance at ending at Sep. 30, 2018	$ 0	$ 339	98,737	(98,910)	2,435
Balance at ending (in shares) at Sep. 30, 2018	0	33,911,792
Balance at beginning at Mar. 31, 2018	$ 0	$ 338	98,606	(96,593)	2,351
Balance at beginning (in shares) at Mar. 31, 2018	0	33,847,793
Stock-based compensation			45		45
Net income (loss)				88	88
Balance at ending at Jun. 30, 2018	$ 0	$ 338	98,651	(96,505)	2,484
Balance at ending (in shares) at Jun. 30, 2018	0	33,847,793
Stock option exercises		$ 1	28		29
Stock option exercises (in shares)		63,999
Stock-based compensation			58		58
Net income (loss)				(136)	(136)
Balance at ending at Sep. 30, 2018	$ 0	$ 339	98,737	(98,910)	2,435
Balance at ending (in shares) at Sep. 30, 2018	0	33,911,792
Balance at beginning at Dec. 31, 2018	$ 0	$ 339	98,795	(97,750)	1,384
Balance at beginning (in shares) at Dec. 31, 2018	0	33,911,792
Stock-based compensation			57		57
Net income (loss)				(513)	(513)
Balance at ending at Mar. 31, 2019	$ 0	$ 339	98,852	(98,263)	928
Balance at ending (in shares) at Mar. 31, 2019	0	33,911,792
Balance at beginning at Dec. 31, 2018	$ 0	$ 339	98,795	(97,750)	1,384
Balance at beginning (in shares) at Dec. 31, 2018	0	33,911,792
Net income (loss)					(2,022)
Balance at ending at Sep. 30, 2019	$ 0	$ 381	100,624	(99,772)	1,233
Balance at ending (in shares) at Sep. 30, 2019	0	38,136,792
Balance at beginning at Mar. 31, 2019	$ 0	$ 339	98,852	(98,263)	928
Balance at beginning (in shares) at Mar. 31, 2019	0	33,911,792
Stock option exercises			16		16
Stock option exercises (in shares)		36,000
Stock-based compensation			58		58
Issuance of Common Stock		$ 42	1,634		1,676
Issuance of Common Stock (in shares)		4,189,000
Net income (loss)				(647)	(647)
Balance at ending at Jun. 30, 2019	$ 0	$ 381	100,560	(98,910)	2,031
Balance at ending (in shares) at Jun. 30, 2019	0	38,136,792
Stock-based compensation			64		64
Net income (loss)				(862)	(862)
Balance at ending at Sep. 30, 2019	$ 0	$ 381	$ 100,624	$ (99,772)	$ 1,233
Balance at ending (in shares) at Sep. 30, 2019	0	38,136,792

Lease (Details 2) $ in Thousands	Sep. 30, 2019 USD ($)
Operating Leases:
2019	$ 184
2020	676
2021	687
2022	705
2023	690
2024 and thereafter	580
Total payments	3,522
Less amounts representing interest	(1,033)
Total minimum payments required	2,489
Finance Leases:
2019	69
2020	255
2021	196
2022	109
2023	5
2024 and thereafter
Total payments	634
Less amounts representing interest	(72)
Total minimum payments required	562
Total:
2019	253
2020	931
2021	883
2022	814
2023	695
2024 and thereafter	580
Total payments	4,156
Less amounts representing interest	(1,105)
Total minimum payments required	$ 3,051

Significant Customers and Contingencies (Details Narrative) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019 USD ($) Number	Sep. 30, 2018 USD ($) Number	Sep. 30, 2019 USD ($) Number	Sep. 30, 2018 USD ($) Number	Jul. 31, 2019 USD ($)
Number of major customers \| Number	3	3	3	3
Accounts receivable	$ 1,373		$ 1,373
Deferred revenue	469		469
Customer One [Member]
Accounts receivable	1,042	$ 1,171	1,042	$ 1,171
Customer Two [Member]
Accounts receivable	116	120	116	120
Customer Three [Member]
Accounts receivable	$ 122	$ 388	$ 122	$ 388
Customer Concentration Risk [Member] \| Revenue Benchmark [Member]
Revenue from customers				64.00%
Customer Concentration Risk [Member] \| Revenue Benchmark [Member] \| Customer One [Member]
Revenue from customers	75.00%	73.00%	64.00%	73.00%
Customer Concentration Risk [Member] \| Revenue Benchmark [Member] \| Customer Two [Member]
Revenue from customers	5.00%	4.00%	3.00%	3.00%
Customer Concentration Risk [Member] \| Revenue Benchmark [Member] \| Customer Three [Member]
Revenue from customers	4.00%	12.00%	9.00%	8.00%
BASF [Member]
Cash requirements levels for safety stock	$ 1,000		$ 1,000
Equipment sale - original book value of equipment and upgrades	115.00%		115.00%
Equipment sale - net book value equipment	115.00%		115.00%
BASF [Member] \| Greater than [Member]
Total assets requirement under supply agreeement	$ 1,000		$ 1,000
Cash, cash equivalents and certain investments required under supply agreeement	500		500
Finished goods inventory levels as safety stock	$ 500		$ 500
Equipment sale - original book value of equipment and upgrades	30.00%		30.00%
BASF [Member] \| Less than [Member]
Earnings trigger under supply agreeement			$ 0
Joint Development Agreement [Member]
Deferred revenue					$ 250

Lease (Details Narrative) - USD ($) $ in Thousands	Sep. 30, 2019	Jan. 02, 2019
Operating Leased Assets [Line Items]
Operating lease right-of-use assets	$ 2,198
Current portion of operating lease obligations	361
Long-term portion of operating lease obligations	2,128
Operating lease liability	$ 2,489
Topic 842 [Member]
Operating Leased Assets [Line Items]
Operating lease right-of-use assets		$ 2,212
Operating lease liability		$ 2,556

Revenues (Detail Narratives) - Joint Development Agreement [Member] $ in Thousands	1 Months Ended
	Jul. 31, 2019 USD ($) Number
Initial term agreement	10 years
Commitment fee per agreement	$ 250
Contingent fees per agreement	$ 125
Number of contingent fee payments \| Number	2
Refundable commitment fee per agreement	$ 250