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Note 9 - Subsequent Events
12 Months Ended
Dec. 31, 2017
Subsequent Events [Abstract]  
Note 9 - Subsequent Events

NOTE 9— Subsequent Events

 

On January 31, 2018, the Company entered into an Amended and Restated Business Financing Agreement (the “Financing Agreement”) with Western Alliance Bank (the “Bank), that provides for a $2.5 million revolving line of credit and a $4.0 million term loan that the Company may use to repurchase shares of common stock. The Company drew down $4.0 million term loan on March 1, 2018. See Note 3 – Bank Financing Arrangements for more information.

 

The Company commenced a tender offer on February 2, 2018 to purchase up to 1,250,000 shares of Company’s common stock at a price not less than $3.75 per share or more than $4.25 per share. The offer was completed on March 9, 2018. The Company repurchased and retired 1,250,000 shares of its common stock representing approximately 17.6% of total shares outstanding, at a price of $3.90 per share for a total payment of $4,875,000.