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SUBSEQUENT EVENTS | 9 Months Ended
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Sep. 30, 2018
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS | Effective October 16, 2018, the Company entered into exchange agreements with holders of warrants to purchase an aggregate of 56,000 shares of the Company’s common stock. Pursuant to the exchange agreements, the Company issued to the holders an aggregate of 96,924 shares of common stock in exchange for the return of the warrants to the Company for cancellation. Effective October 23, 2018, the Company entered into amendment with the holder of an outstanding promissory note in the principal amount of $500,000 to extend the maturity date of the promissory note from March 16, 2019 through March 16, 2020. Also, on October 24, 2018, the Company entered into an amendment with another holder of an outstanding promissory note in the principal amount of $2,000,000 to extend the maturity date from May 1, 2019 through May 1, 2020. In consideration for the agreement of the Lender to extend the maturity date, the Company agreed to pay the Lender $62,500. The amendment further provides for the payment of interest through May 1, 2019 if the principal is repaid before May 1, 2019 and for the payment of interest through May 1, 2020 if the principal is repaid after May 1, 2019 and before May 1, 2020. On November 1, 2018, the Company issued 4,125,000 shares of common stock through an underwritten public offering at a public offering price of $0.80 per share. Net proceeds to the Company was approximately $2.8 million. In addition, the Company granted underwriters a 45-day option to purchase up to 618,750 additional shares of common stock to cover over-allotment, if any. As part of this transaction, the Company issued to the underwriter warrants to purchase 206,250 shares of Novume common stock, exercisable over a period of five years, at an exercise price of $1.00 per share. The warrants may be exercised on or after April 27, 2019 and expire on October 29, 2023. On November 5, 2018, David Hanlon was appointed as Director. Mr. Hanlon was appointed to fill the vacancy created by the resignation of Professor Marta Tienda, who resigned as a Director on November 5, 2018. The Board has determined that Mr. Hanlon is an independent director within the meaning of NASDAQ Rule 5605. Mr. Hanlon’s compensation for his services as a director will be consistent with that of the Company’s other nonemployee directors. Effective upon his appointment, Mr. Hanlon was granted fully-vested options to purchase 48,499 shares of common stock, par value $0.0001 per share, of the Company at a strike price of $0.73 per share. The options were granted pursuant to the Company’s 2017 Equity Award Plan and expire on November 5, 2028.

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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