Settlement Agreement and Related Director and Officer Insurance Receivable

6 Months Ended

Jun. 30, 2018

Settlement Agreement and Related Director and Officer Insurance Receivable

Settlement Agreement and Related Director and Officer Insurance Receivable

9.  Settlement Agreement and Related Director and Officer Insurance Receivable

On August 7, 2018, the Company entered into a confidential settlement agreement and mutual release (the “Settlement Agreement”) with its former CEO, former CFO and a former and then current director.  For more details see Notes 10 and 11. The Company accrued approximately $1.5 million related to this Settlement Agreement as of June 30, 2018. The Company is also entitled to a partial reimbursement for this accrual from the Company’s insurance company of approximately $0.5 million (an increase to accounts receivable). This resulted in a net settlement expense of approximately $1.0 million for the three and six months ended June 30, 2018.