Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

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Subsequent Events
6 Months Ended
Jun. 30, 2018
Subsequent Events [Abstract]  
Subsequent Events

Note 8. Subsequent Events

 

On July 23, 2018, the Company entered into amendments and restatements of the following investment agreements that it originally entered into on April 2, 2018 with the Investor:  (i) the SPA, (ii) the Note, (iii) the Warrants, (iv) the Registration Rights Agreement, and (v) the Purchase Agreement.  The foregoing agreements are described in the Company’s Form 8-K/A filed on May 21, 2018 (see Note 5. Long-Term Debt).

The following is a summary of the material amendments made to the foregoing agreements:

 

The Note was amended to remove the conversion provisions therein, and the SPA was amended to reflect that the Note is no longer convertible by the Investor.

 

The Purchase Agreement was amended to provide that the $200,000 commitment fee thereunder (the “Commitment Fee”) will be payable in cash instead of shares, and it will be due on the earlier of October 2, 2018 or the date of the first sale of shares by the Company under the Purchase Agreement.

 

The Registration Rights Agreement was amended to remove the shares underlying the Warrant as registrable securities thereunder and to reflect that no shares will be issuable pursuant to the Note or Commitment Fee, and the filing deadline and effectiveness deadline for the registration statement thereunder was changed to August 13, 2018 and September 13, 2018, respectively.    

 

As a result of foregoing amendment to the Registration Rights Agreement, the Warrant was amended to provide for the right of the Investor to exercise the Warrant on a cashless basis at all times.