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Subsequent Events | 3 Months Ended
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Mar. 31, 2018
Subsequent Events [Abstract] |
Subsequent Events | Note 15. Subsequent Events On May 2, 2018, Charles Myers, Chief Executive Officer, President and member of the Company’s Board of Directors (the Board) resigned from all positions with the Company, effective immediately, to pursue other opportunities. The Board accepted Mr. Myers resignation on May 2, 2018. Mr. Myer’s decision to resign was not related to a disagreement with the Company over any of its operations, policies, or practices. In connection with his resignation, Mr. Myers will be eligible to receive the following severance benefits pursuant to a general release of claims as set forth in his employment agreement: a lump sum cash payment in the amount of $484,000; the reimbursement of business expenses in accordance with Company policies; the acceleration of all of his unvested options exercisable for a total of 282,994 shares; a lump sum payment in the amount of approximately $3,200 covering twelve months of monthly premiums for disability insurance under the Company’s disability insurance plan; and the continuation of his health coverage pursuant to COBRA at the Company’s expense for a period of twelve months following his last day of employment. In connection with Mr. Myers’ resignation, the Company expects to book stock compensation expense of approximately $1.2 million for the three months ended June 30, 2018. Effective May 2, 2018, the Board appointed the Company’s current Chairman, James K. Sims, as interim Chief Executive Officer of the Company. For his services as interim Chief Executive Officer, Mr. Sims will be paid a monthly retainer of $33,333, which equates to an annual retainer of $400,000 and was granted 175,000 options on May 8, 2018, which will vest in equal quarterly installments over the two years following his commencement of service as interim Chief Executive Officer, subject to his continued service in the role or as a member of the Board on each vesting date. The stock options will also vest in full upon a change in control of the Company. On April 2, 2018, Glenn Selbo, Chief Operating Officer, resigned from his position with the Company. Following his resignation, Mr. Selbo will be providing consulting services to the Company. Mr. Selbo’s outstanding stock options will continue to vest during the term of his consulting services. In connection with his resignation, Mr. Selbo will be eligible to receive the following severance benefits pursuant to a general release of claims as set forth in his employment agreement: a lump cash payment in the amount of $150,000; and the continuation of his health coverage pursuant to COBRA at the Company’s expense for a period of six months following is last day of employment. In connection with Mr. Selbo’s resignation, the Company expects to record stock compensation expense of approximately $44,000 for the three months ended June 30, 2018.

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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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