|6 Months Ended|
Jun. 30, 2020
|Subsequent Events [Abstract]|
NOTE 19 – SUBSEQUENT EVENTS
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 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 shares of common stock in connection with the stock grant to a current employee previously disclosed in Note 12 – Stockholders’ Equity.
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