Note P - Severance Expense

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Restructuring and Related Activities Disclosure [Text Block]

P. Severance Expense

On

August 31, 2018,

Daniel L. Cohen resigned from his position as the executive vice president, government and public relations of the Company, effective immediately. In connection with his resignation, Mr. Cohen and the Company entered into a separation and release agreement which included among other items, severance benefits. The severance benefits consisted of personnel and other related charges of approximately

$0.4

million and stock compensation expense of approximately

$1.2

million related to the acceleration of vesting on unvested shares subject to certain stock options and the extension of the exercise period for certain stock options. These severance benefits are presented as severance expense in the statement of operations for the fiscal year ended

December 31, 2018.

As of

December 31, 2018,

the Company had accrued severance expense recorded within accounts payable and accrued expenses in the amount of

$0.2

million.

No

severance expense or accrued severance expense is recorded for the year ended or as of

December 31, 2019. 

On

February 7, 2020,

the Company eliminated the chief business officer role and Gordon K. Johnson was separated from the Company.  As a result, the Company anticipates recognizing additional severance expense of approximately

$1.0

million over the

twelve

months following the separation date, comprised of severance payments and non-cash stock-based compensation expense of approximately

$0.4

million and

$0.6

million, respectively