Note 10 - Subsequent Events
|12 Months Ended|
Dec. 31, 2018
|Notes to Financial Statements|
|Subsequent Events [Text Block]||
10- Subsequent Events
January 2019,Mr. Klemp, Dr. Capelli, Mr. Tanner, Ms. Bisson and
oneother individual agreed to the extinguishment of about
$484,000in deferred compensation which had been earned through
September 30, 2018,and which was to be repaid out of the proceeds from the Company's IPO. In recognition of this extinguishment, on
February 5, 2019,the Company granted the same parties an aggregate of
401,750options to purchase common stock with an exercise price of
$1.75per share and a term of
10years. These options vest in
fourinstallments over the next year.
February 2019,the Company issued
10%non-convertible promissory notes. For each dollar in principal amount of notes, the Company issued a
five-year warrant to purchase
share of the Company's common stock at an exercise price of
$1.75.These notes were paid in full after the Company’s IPO.
February 19, 2019,the Company consummated its IPO, see Note
February 19, 2019,the Company amended its articles of incorporation to
nolonger have preferred shares authorized and increased the authorized shares of common stock to
February 26, 2019,our Board established a compensation policy for non-employee directors,
2019,that compensated each independent director, a
one-time cash payment of
$25,000for their services.
March 4, 2019,we submitted our filing for premarket clearance approval with the FDA. On
March 18, 2019,the FDA notified us that the administrative acceptance review had been conducted on our premarket notification (
March 12, 2019,the Compensation Committee of the Board approved the following bonus payments to its named executive officers: Christopher Capelli, Chief Executive Officer and President, and Walter V. Klemp, Executive Chairman, each received a cash bonus of
$Lori Bisson, Chief Financial Officer, received a cash bonus of
$70,000;and Joe Tanner, Chief Operating Officer, received a cash bonus of
March 20, 2019,the Company issued a
$200,000letter of credit, as a security deposit, to a supplier. This letter of credit is secured by a pledged certificate of deposit and will expire on
March 20, 2020.As of
March 29, 2019,this letter of credit remained unused.
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://fasb.org/us-gaap/role/ref/legacyRef