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Subsequent Events | 3 Months Ended
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Mar. 31, 2021
Subsequent Events [Abstract] |
Subsequent Events |
16. | Subsequent Events
Management evaluated events occurring subsequent to March 31, 2021 through May 6, 2021, the date these consolidated financial statements were available for issuance, and other than as noted below determined that no material recognizable subsequent events occurred. Credit Facility On May 4, 2021, the Company entered into an amendment to our Loan Agreement with our lender which provided the following, among other things:
| ● | revised the Company’s FCCR calculation requirement which allows for the add-back of approximately $5,318,000 in eligible expenses that were incurred and covered by the PPP Loan that the Company received in 2020. The add-back is to be applied retroactively to the second and third quarters of 2020. (see “Note 8 – Long Term Debt – Paycheck Protection Program (“PPP”) Loan” for a discussion of the PPP Loan); and
| ● | a capital expenditure line of up to $1,000,000 with advances on the line, subject to certain limitations, permitted for up to twelve months starting May 4, 2021 (the “Borrowing Period”). Only interest is payable on advances during the Borrowing Period at annual rate of prime plus 2.50% or LIBOR (with minimum floor rate of 0.75%) plus 3.50%. At the end of the Borrowing Period, the total amount advanced under the line will amortize equally based on a five-year amortization schedule with principal payment due monthly plus interest. At the maturity date of the Loan Agreement, any unpaid principal balance plus interest, if any, will become due.
In connection with the amendment, the Company paid our lender a fee of $15,000. All other terms of the Loan Agreement remains principally unchanged. 2003 Plan During April 2021, the Company’s Board approved, subject to the Company’s Shareholder approval, a proposed amendment to the 2003 Plan that provides, among other things, the following:
| ● | The number of shares of Common Stock available for issuance under the 2003 Plan be increased by an additional 500,000 shares;
| ● | Each outside director be granted an option to purchase up to 10,000 shares of Common Stock on each date the director is reelected to the Board;
| ● | Each newly-elected outside director be granted an option to purchase up to 20,000 shares of Common Stock upon initial election to the Board; and
| ● | Changes to the vesting schedule of each option granted under the 2003 Plan to outside directors subsequent to the amendment becoming effective.
Preferred Share Rights Plan (“Rights Plan”) The Company’s Rights Plan had a termination date of May 2, 2021. As previously reported, during April 2021, the Company’s Board decided not to renew or extend the Rights Plan and, as a result, such Rights Plan terminated as of May 2, 2021.

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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