XML 31 R16.htm IDEA: XBRL DOCUMENT v3.20.1
Subsequent Events
12 Months Ended
Dec. 31, 2019
Notes to Financial Statements  
Note 10. Subsequent Events

Note 10. Subsequent Events

 

Management has reviewed material events subsequent of the period ended December 31, 2019 and prior to the filing of financial statements in accordance with FASB ASC 855 “Subsequent Events.” 

 

On January 2 2020, the Company granted Alan L. Rubino, an option to purchase up to 620,571 shares of the Company’s common stock at a price of $3.20. The option was granted in fulfillment of the Company’s obligation under the terms of the Employment Agreement dated November 15, 2019 between the Company and Mr. Rubino.

 

The Company has entered into a two-year lease dated February 18, 2020 for offices premises located at 4 Becker Farm Road, Suite 105, Roseland, New Jersey. Monthly base rent in year one of the lease is $3,998; and $4,100 in year 2 of the lease. The lease term (and payment of the monthly rent) commences (the “commencement date”) upon substantial completion of landlord’s work, which is expected to occur on or before May 31, 2020, subject to potential further delays as a result of the COVID-19 pandemic discussed below. The lease terminates on the last day of the calendar month immediately preceding the calendar month in which the second anniversary of the commencement date occurs.

 

The Company already has been impacted by the measures taken by government officials to contain the spread of COVID-19. The Company’s President and Chief Executive Officer and outside financial consultant are located in New Jersey. The governors of New York and New Jersey have announced statewide stay at home orders in attempt to prevent the further spread of COVID-19 in their respective states. Construction was stopped on the Company’s new offices in New Jersey due to Federal and State restrictions.

 

However, it is not possible at this time to fully assess the impact of the COVID-19 pandemic on the Company’s operations and capital requirements. Should the COVID-19 pandemic continue, it may adversely affect the Company’s ability to (i) retain employees and consultants; (ii) obtain additional financing on terms acceptable to the Company, if at all; (iii) delay regulatory submissions and approvals; (iv) delay, limit or preclude the Company from securing clinical study sites; (v) delay, limit or preclude the Company from achieving technology or product development goals, milestones, or objectives; and (vi) preclude or delay entry into joint venture or partnership arrangements. The occurrence of any one or more of such events may affect the Company’s ability to continue on its pathway to commercialization of its technology or products.