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SUBSEQUENT EVENTS
3 Months Ended
Mar. 31, 2014
SUBSEQUENT EVENTS  
SUBSEQUENT EVENTS

10.  SUBSEQUENT EVENTS

 

Effective May 9, 2014, the Company reduced its workforce by 13.7% in an effort to cut costs. The Company expects its compensation costs will be reduced in an amount exceeding $1 million annually. The Company expects to pay approximately $300 thousand in severance costs in the second quarter of 2014.

 

On April 11, 2014, the Company issued a letter of credit in the amount of $535,224 to fund the purchase of manufacturing equipment. Such letter of credit is secured by funds held in a Company bank account.