|12 Months Ended|
Dec. 31, 2019
|Subsequent Events [Abstract]|
Note 12 – Subsequent Events
The Company has analyzed its operations subsequent to December 31, 2019 and noted the following subsequent events:
On January 22, 2020, the Company entered into a license agreement (the "Shared Space Agreement") with Orchestra BioMed, Inc., a greater than 5% holder of the Company's common stock and in which David Hochman, the Chairman of the Company's board of directors, serves as the Chairman of the board of directors and chief executive officer, and Darren Sherman, a member of the Company's board of directors, serves as a director and as president and chief operating officer, to grant the use of 35% of the Fort Lauderdale premises and shall expand to approximately 60% to 70% of the premises during the term. The term expires on September 14, 2024. The Company charged a one-time license fee in the amount of $29 upon entering into the agreement. The Company charges a license fee in monthly installments which increases during the term on specific dates that correspond to the approximate increase in use size. The monthly license fee ranges from $12 to $17.
On February 6, 2020, the Company's Compensation Committee approved the issuance of 260,153 options, in the aggregate, to executives and directors which vest over a three-year period on a quarterly basis to purchase shares of the Company's common stock with an exercise price equal to $2.16 per share of common stock.
On February 6, 2020, the Company's Compensation Committee approved the issuance of 260,153 restricted stock unit awards, in the aggregate, to executives and directors which vests over a three-year period on a quarterly basis.
On February 6, 2020, the Company's Compensation Committee approved the issuance of 831,014 options to employees which vest over a three-year period on a quarterly basis to purchase shares of the Company's common stock with an exercise price equal to $2.16 per share of common stock.
On February 6, 2020, the Company entered into a services agreement whereby it agreed to issue warrants to purchase 120,000 shares of common stock of the Company. The warrants will vest over a one-year period on a monthly basis and expire three years from the date of issuance. 60,000 of the granted warrants are exercisable at a price equal to $2.16 per share of common stock, and 60,000 of the remaining warrants granted are exercisable at a price equal to $3.50 per share of common stock.
On February 21, 2020, the Company issued 15,070 shares of common stock upon the vesting of 15,070 restricted stock unit awards.
On March 27, 2020 the Company adopted the 2020 Plan to better align the Company's cost structure with the resources required to more efficiently and effectively execute on its commercial strategy of creating a strong foundation in the market by establishing national and regional hospitals networks as Pure Vu reference centers. Most significantly, the 2020 Plan will result in the reduction of the Company's overall headcount by approximately 50%, including a material reduction of the Company's commercial team, the implementation of tighter expense controls, and the termination of the lease of the Company's planned corporate office facility in Norwood, Massachusetts.
On March 11, 2020, the Company entered into a lease for a facility in Norwood, Massachusetts. Prior to occupying the space, on March 30, 2019, the Company executed a lease termination agreement with the landlord of the facility for the early termination of the lease. The termination agreement requires the Company to pay a termination fee and releases the Company from any further obligations under the lease, effective upon the payment of the termination fee.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef