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Subsequent Events
12 Months Ended
Jan. 02, 2016
Subsequent Events [Abstract]  
Subsequent Events

Subsequent to the year ended January 2, 2016, the Company entered into Securities Purchase Agreement (“SPA”) with an existing stockholder to raise $500,000 in a registered direct offering. Pursuant to the SPA, the Company sold a total of 384,615 Units at a purchase price of $1.30 per Unit, with each Unit consisting of one share of the Company’s common stock and a warrant to purchase one half of a share of common stock with an exercise price of $1.60 and a term of 3 years. The offering was made pursuant to a prospectus supplement dated March 11, 2016 and an accompanying prospectus dated May 8, 2015 pursuant to the Company’s shelf registration statement on Form S-3 that was filed with the Securities and Exchange Commission on May 8, 2015 and became effective on June 5, 2015 (File No. 333-203204). The prospectus supplement registered the shares of common stock issued in the offering and the common stock underlying the warrants.

 

On March 14, 2016, the Board of Directors increased the base salaries of Frank L. Jaksch Jr., Thomas C. Varvaro and Troy A. Rhonemus, the Company’s Chief Executive Officer, Chief Financial Officer and Chief Operating Officer, respectively. Effective as of March 14, 2016, the base salary for Mr. Jaksch increased from $275,000 to $320,000, an increase of 16.4%, the base salary for Mr. Varvaro increased from $225,000 to $250,000, an increase of 11.1%, and the base salary for Mr. Rhonemus increased from $190,000 to $210,000, an increase of 10.5%.