Quarterly report pursuant to Section 13 or 15(d)


6 Months Ended
Jun. 30, 2020
Subsequent Events [Abstract]  



Mortgage Agreement


In July 2020, he Company refinanced the mortgage agreement secured by its Massachusetts real estate, replacing a mortgage with a remaining principal balance of approximately $4.8 million (the “Initial Mortgage”) with a $13.0 million mortgage bearing interest at a rate of 6.5% per annum that matures in August 2025 (the “Refinanced Mortgage”).


Retirement of Debt


In July 2020, as previously discussed in Note 9 – Debt, the Company (i) paid the Noteholder the required minimum amortization payment of $4.0 million pursuant to the terms of the $8.8M Note, (ii) settled half of the principal and accrued interest of the $900k Note with a cash payment of $460,050 to the Holding Party, and (iii) retired approximately $2.8 million of principal and interest of the Third Party Notes. All of these payments were made with the net proceeds from the Refinanced Mortgage.


Conversion of Debentures Payable


In July 2020, the holder of the $21M Debentures converted an aggregate of approximately $592,000 of principal and accrued interest into 5,183,134 shares of common stock at conversion prices of $0.11 and $0.12 per share.


Common Stock Issuance Obligations


In August 2020, the Company issued 34,171 shares of common stock in connection with the stock grant to a current employee previously disclosed in Note 12 – Stockholders’ Equity.