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19. SUBSEQUENT EVENTS
9 Months Ended
Sep. 30, 2020
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

On September 22, 2020, we entered into an employment agreement with Halden S. Shane, or the CEO Employment Agreement, pursuant to which Mr. Shane will continue to serve as our Chief Executive Officer for an additional three-year term. The CEO Employment Agreement, effective October 1, 2020, replaces Mr. Shane’s previous employment agreement, which expired by its terms on December 31, 2020. Under the Employment Agreement, Mr. Shane is entitled to an annual base salary of $500,000, a signing bonus of 375,000 warrants at a strike price equal to the VWAP for the three-day period prior to the date of issuance and having a ten-year term, an annual bonus of 31,250 stock options to be granted pursuant to the 2016 Plan and a performance-based bonus at the discretion of our Board. In connection with the CEO Employment Agreement, on October 1, 2020 we issued 375,000 warrants to Mr. Shane, with such warrants being exercisable at $6.17 per share.

 

On October 1, 2020, our stock commenced trading on the NASDAQ Capital Market.

 

On October 1, 2020, we entered into an employment agreement with Elissa J. Shane, or the COO Employment Agreement, pursuant to which Ms. Shane will continue to serve as our Chief Operating Officer for an additional three-year term effective as of the date of the agreement. The COO Employment Agreement replaces Ms. Shane’s previous employment agreement, which expired by its terms on December 31, 2020. Under the Employment Agreement, Ms. Shane is entitled to an annual base salary of $270,000, a signing bonus of 93,750 warrants at a strike price equal to the VWAP for the three-day period prior to the date of issuance and having a ten-year term and a performance based bonus at the discretion of our Board. In connection with the COO Employment Agreement, on October 1, 2020 we issued 93,750 warrants to Ms. Shane, with such warrants being exercisable at $6.17 per share.

 

In October 2020, 12,500 shares of common stock were issued to Nick Jennings, our Chief Financial Officer, in connection with the exercise of warrants for which we received proceeds of $30,000.