Subsequent Events

12 Months Ended

Dec. 31, 2018

Subsequent Events

Subsequent Events

16. Subsequent Events

The Company made a cash redemption payment on the debt to IRT on January 10, 2019 totaling $312,500. The Company also made redemption payments on the debt to IRT on February 14, 2019 and February 28, 2019 utilizing company stock totaling 541,143 shares with a redemption value of $100,000.

On February 27, 2019, the Company received a letter from Nasdaq indicating that, based upon the Company’s continued non-compliance with the Minimum Bid Price Rule as well as the fact that the Company has not yet held an annual meeting of shareholders within twelve months of the end of the Company’s fiscal year end, the Company’s common stock would be subject to delisting unless the Company timely requests a hearing before a Nasdaq Hearings Panel (the “Panel”). The Company timely requested a hearing before the Panel and were granted a meeting, scheduled to occur on April 11, 2019. The request will stay any further action by Nasdaq at least pending the issuance of a decision following the hearing and the expiration of any additional extension that may be granted by the Panel. The Company is considering all of its options to regain compliance; however, there can be no assurance that the Panel will grant the Company’s request for continued listing or that the Company will be able to evidence compliance with the continued listing criteria within the period of time that the Panel may grant it to do so.