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Subsequent Events | 6 Months Ended
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Jun. 30, 2023
Subsequent Events [Abstract] |
Subsequent Events | NOTE 13 – SUBSEQUENT EVENTS The Company’s management has evaluated subsequent events after the consolidated balance sheet dated as of June 30, 2023, through the date of filing of this Quarterly Report. Based upon the evaluation, management has determined that, other than as disclosed in the accompanying notes, no subsequent events have occurred that would require recognition in the accompanying consolidated financial statements or disclosure in the notes thereto. On July 17, 2023, the Company received a final payment of ERC funds of $418,430, net of commission paid to a vendor who assisted with the calculations and filing of the application. On July 17, 2023, the Company entered into an employee agreement with its newly hired vice president of sales, pursuant to which, as a material inducement to his entering into employment with the Company, the Company granted him 35,715 RSUs, valued at $100,000. The RSUs vest over a three year period as follows: 33 1/3% will vest on the one-year anniversary of the date of the grant, and the remaining 66 2/3% will vest in four equal installments, commencing six months after the one-year anniversary of the date of grant and every six months thereafter until fully vested, subject to continued employment by the Company. The RSUs were granted as inducement grants outside of the Company’s equity incentive plans in accordance with the employment inducement exemption provided under the Nasdaq Listing Rule 5635(c)(4). On July 14, 2023, the board of directors of the Company disbanded the Strategic Transition Committee that was formed on February 2, 2023, for purpose of assisting in the transition and retention of a successor chief executive officer. All remuneration payable to the members of the Strategic Transition Committee through June 5, 2023, the date that the chief executive officer transition was completed, was paid in full. On July 31, 2023, OSS Europe paid in full their promissory note that matured on July 31, 2023, in the amount of €500,000 (US$550,947). On August 8, 2023, Jack Harrison and Sita Lowman tendered their resignations from the Company’s board of directors (the “Board”) and the relevant committees thereof, effective September 30, 2023. On August 8, 2023, the Board appointed Michael Knowles, the Company’s Chief Executive Officer and President, and retired Admiral Michael Dumont, a member of the Company’s advisory board, as directors of the Company, effective September 30, 2023, to fill the vacancies created by the resignations of Mr. Harrison and Ms. Lowman. Commencing September 30, 2023, Mr. Knowles and Mr. Dumont will hold the director positions until the Company’s next annual meeting of stockholders or until their respective successors are elected and qualified, subject to their earlier death, resignation or removal.

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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 https://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 https://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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