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SUBSEQUENT EVENTS
6 Months Ended
Jun. 30, 2016
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS
 
On July 6, 2016, we entered into a Share Purchase Agreement, or the Purchase Agreement, with Dr. Victor Plessky, pursuant to which we acquired from Dr. Plessky all of the issued and outstanding capital stock of GVR Trade S.A., or GVR, for a purchase price consisting of $600,000 in cash (subject to adjustment as provided in the Purchase Agreement) and 125,000 shares of our common stock with a fair value of $545,000 based on per share price of $4.36 as of the date of acquisition, for a total purchase price of approximately $1.1 million. GVR is now a wholly-owned direct subsidiary of Resonant. Immediately following the execution of the Purchase Agreement, GVR entered into agreements providing for the employment of Dr. Plessky as GVR’s Director of Engineering. Dr. Plessky and his team have been instrumental in developing some of the most advanced techniques in advanced filter design. Dr. Plessky co-founded GVR in 1996 and purchased 100% of the company in 2003. The acquisition will be accounted for as business combination. Since the closing of this acquisition occurred subsequent to our quarter-end, the allocation of the purchase price to the underlying assets acquired and liabilities assumed is subject to a formal valuation process, which has not yet been completed. The purchase price allocation will be finalized as soon as practicable within the measurement period, but not later than one year following the acquisition date.

Effective as of July 26, 2016, we entered into a separation agreement with our Chief Financial Officer ("CFO") in connection with his resignation from the company. Under the separation agreement, the former CFO will receive a sum of $225,000, payable in two equal installments on August 5, 2016 and September 30, 2016; reimbursement of up to $3,220 per month for premiums for continuation coverage for health, dental and vision insurance for our former CFO and his eligible dependents for a period of 12 months or such earlier date when he enrolls for similar coverage with a subsequent employer; acceleration of vesting of a portion of the unvested restricted stock units and unvested stock options; extension of time to exercise all vested stock options until June 30, 2017; and participation, on a pro-rated basis, in the 2016 bonus plan if we award equity performance bonuses to other management employees for fiscal year 2016.

In connection with the departure of our former CFO, on July 26, 2016, we entered into an agreement with Bridgepoint Consulting LLC to provide the accounting, financial and related services of Ross Goolsby. Mr. Goolsby also will serve as our principal financial and accounting officer, with the title Interim Chief Financial Officer, commencing immediately following the date we file our Quarterly Report on Form 10-Q for the quarter ended June 30, 2016 and continuing until we appoint a permanent successor to our former CFO.

We evaluated subsequent events through August 10, 2016, the date of issuance of the condensed consolidated financial statements for the three and six months ended June 30, 2016.