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Subsequent Event
6 Months Ended
Jun. 30, 2018
Subsequent Events [Abstract]  
Subsequent Event

The Company entered into an addendum to its Financial Advisory Agreement with Landmark Pegasus, Inc. (‘Landmark”) on August 1, 2018. Under the Financial Advisory Agreement, Landmark provides certain financial advisory services to the Company from July 1, 2018 through December 31, 2018. As consideration for these services, the Company will pay Landmark a retainer fee consisting of 277,778 restricted shares of common stock and the Company will pay Landmark a “success fee” for the consummation of each and any transaction closing during the term of the Financial Advisory Agreement and for 24 months thereafter, inclusive of a sale or merger, between the Company and any party first introduced to the Company by Landmark, or for any other transaction not originated by Landmark but for which Landmark provides substantial support in completing during the term of the Agreement. For certain transactions, the success fee will be paid part upon consummation of a transaction and part paid over a term of not more than five years; all other transactions would be paid upon consummation of the transaction.

 

As a result of the retainer fees being paid in restricted shares and the resulting percentage of common share ownership, Landmark filed a Schedule 13G in October 2016 related to its ownership of the Company’s common stock and its principal John Moroney has continued to file required Section 16(a) forms. Apart from their status as a shareholder and with respect to the Agreement, there is no material relationship between the Company and Landmark.