Note 13 - Subsequent Events

6 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Subsequent Events [Text Block]

( 13 ) SUBSEQUENT EVENTS

Executive Management Changes

On 

August 6, 2020,

our Board of Directors accepted the resignation of James Pelrin as President and Chief Executive Officer (“CEO”) and as a director.  In connection with his resignation, we entered into a Separation and Consulting Agreement (the “Separation Agreement”) with Mr. Pelrin dated

August 6, 2020

pursuant to which Mr. Pelrin has agreed to provide consulting services for

three

months, subject to an extension of up to an additional

three

months at our option.  The Separation Agreement also provides that Mr. Pelrin is entitled to severance and other benefits. The full text of the Separation Agreement is included as Exhibit

10.1

to our Current Report on Form 

8

-K (

“8

-K”) filed on

August 11, 2020

with the SEC.

On

August 6, 2020, 

our Board of Directors approved, effective as of

August 24, 2020 (

the “Start Date”), the appointment of Richard N. Grant, Jr. to the position of President and CEO and to fill the vacancy on our Board of Directors left by Mr. Pelrin's resignation. We entered into a letter agreement with Mr. Grant, subject to his appointment as our President, CEO and a director, which appointments occurred on

August 6, 2020

and are effective as of the Start Date. The full text of the letter agreement is included as Exhibit

10.2

to our 

8

- K filed on

August 11, 2020

with the SEC.

On

August 6, 2020, 

our Board of Directors appointed Hugh T. Regan, Jr., our Chief Financial Officer and Treasurer, as interim President and CEO until Mr. Grant assumes his position as President and CEO.