|6 Months Ended|
Jun. 30, 2021
|Subsequent Events [Abstract]|
15. Subsequent Events
Management evaluated events occurring subsequent to June 30, 2021 through August 11, 2021, the date these consolidated financial statements were available for issuance, and other than as noted below determined that no material recognizable subsequent events occurred.
During April 2021, the Company’s Board approved an amendment to the 2003 Plan which was approved by the Company’s Shareholders at the Company’s Annual Meeting of Stockholders held on July 20, 2021 (the “Meeting”). The amendment provides, among other things, the following:
Upon the approval of the amendment to the 2003 Plan as discussed above and upon the reelection of the Company’s seven outside directors at the Meeting, the Company issued a NQSO to each of the Company’s seven reelected outside directors for the purchase of up to shares of the Company’s Common Stock. Dr. Louis Centofanti, the Company’s EVP of Strategic Initiatives and also a director, was not eligible to receive an option under the 2003 Plan as an employee of the Company. Each NQSO granted was for a contractual term of ten years with one-fourth vesting annually over a four year period. The exercise price of the NQSO was $ per share, which was equal to the fair market value of the Company’s Common Stock the day preceding the grant date, pursuant to the 2003 Plan.
On August 10, 2021, the Company entered into an amendment to its Loan Agreement with its lender which provided, among other things, the following:
In connection with the amendment, the Company paid its lender a fee of $15,000. All other terms of the Loan Agreement remains principally unchanged.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef