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Subsequent Events (Details Narrative)
2 Months Ended
Mar. 09, 2018
Subsequent Events [Abstract]  
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.