|3 Months Ended|
Mar. 31, 2019
|Subsequent Events [Abstract]|
The Company has evaluated subsequent events through the date which the condensed consolidated financial statements were available to be issued.
On May 3, 2019, the Company granted to its non-executive directors options to purchase an aggregate of 173,000 shares of the Company’s common stock. The options are exercisable over a five-year period at exercise price of $2.48 per share.
Payment of Key-Man Penalty
On April 19, 2018, Stephen Clarke resigned as our president and chief executive officer and on December 3, 2018 Selwyn Mould resigned as our chief operating officer. As a result of their resignations, Clarios claimed that we became obligated to pay up to $2 million to Clarios, payable, at our option, in cash or shares of our common stock. On May 6, 2019, we agreed to settle the Clarios key-man penalty claim through our issuance of 807,436 shares of our common stock, which we intend to issue during the week of May 13, 2019.
Increase of Authorized Shares
At a special meeting of stockholders held on May 9, 2019, our stockholders approved an amendment to our Amended and Restated Certificate of Incorporation to effect an increase in the number of authorized shares of our common stock from 50,000,000 to 100,000,000. On May 9, 2019, we effected the increase in authorized common stock through our filing of the amendment with the Delaware Secretary of State.
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