Note 11 – Subsequent Events



On July 28, 2017, the Company held a Special Meeting at which the Company’s stockholders approved, among other proposals, an increase in the number of authorized shares of common stock from 38,500,000 to 77,000,000 and approval of the issuance of common stock upon conversion of the Series 4 Preferred Stock. As such, the Series 4 Preferred Stock will convert to common stock as described in Note 4. In addition, the Stock Appreciation Rights and Restricted Stock Units described in Note 6 will be reclassified to the equity section of the balance sheet, as the Company now has available authorized shares to settle these awards.