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Related-Party Transactions
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6 Months Ended |
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Jun. 30, 2011
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| Related-Party Transactions [Abstract] | |
| Related-Party Transactions |
14. Related-Party Transactions
One of the Company’s Directors, Mr. Alexander (“Hap”) Ellis, III, is a partner of RockPort
Capital Partners (“RockPort”), a shareholder in the Company which subscribed for $0.9 million
of Secured Convertible Notes discussed in Note 8.
In October 2008, the Company’s Board of Directors unanimously adopted a resolution to
waive the Non-Executive Directors’ right to receive, and the Company’s obligation to pay, any
director fees with respect to participation in Board and Committee meetings and other matters
with effect from July 1, 2008 and continuing thereafter until the Directors elect to adopt
resolutions reinstating such fees. On May 1, 2009, the Directors adopted a resolution to
reinstate the accrual of director fees effective January 1, 2009, with a payment schedule to be
determined at a later date. As of December 31, 2009 an amount of $0.4 million was accrued for
Directors fees and was due and payable to the Directors. As part of the $4.0 million issuance
of Secured Convertible Notes discussed in Note 8, the Company agreed to pay director fees
accrued as of December 31, 2009, which amounted to $0.4 million. These fees were paid on
October 15, 2010 immediately prior to the merger in a combination of stock and cash, with the
cash portion being $0.1 million.
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