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Subsequent Events
6 Months Ended
Jun. 30, 2020
Subsequent Events [Abstract]  
Subsequent Events

16. SUBSEQUENT EVENTS UPDATE

 

Sale of shares in Anfield Energy Inc.

 

On July 22, 2020, the Company entered into a share purchase agreement to sell 1,210,455 common shares of the Company’s holdings in Anfield Energy Inc. for approximately $45 thousand. Following the sale, the Company owns 2,420,910 shares in Anfield Energy Inc.

 

Settlement of Texas Litigation

 

On July 30, 2020, the Company, in their capacity as third-party plaintiffs in the lawsuit against its former President and Chief Executive Officer, David Veltiri, filed a Notice of Voluntary Dismissal of its lawsuit against Mr. Veltri. The Company expects that all matters relating to the Texas Litigation will be dismissed in August 2020.

 

Arbitration of Employment Claim.

 

In July 2020, the Company received a request for arbitration from a former employee claiming that the Company breached the former employee’s employment agreement (the “Agreement”) due to a termination of employment without cause. The Agreement requires that any disputes be submitted to binding arbitration. The Company has insurance for these types of claims and has reported the request for arbitration to its insurance carrier. The Company believes it is probable that the insurance carrier will come to a settlement with the former employee and has accrued $100 thousand at June 30, 2020 representing the amount of the insurance deductible.