Subsequent Events

9 Months Ended

Sep. 30, 2018

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

EF Realisation Liquidation

On October 9, 2018, EF Realisation notified the Company that it had completed a voluntary liquidation and distribution of assets to certain of its shareholders, including the sale or distribution of all of EF Realisation's 4,174,259 shares of the Company's Class A Stock, representing approximately 17% of the Company's total Class A Stock outstanding at the time. Following the liquidation, EF Realisation is no longer a shareholder of the Company.

Pursuant to the Board Representation Agreement by and between the Company and EF Realisation (the "Board Representation Agreement"), John H. Murray and Dr. Christopher Rowland (the "EF Realisation Directors") each submitted their resignations to the Company's Board of Directors on October 10, 2018 and October 9, 2018, respectively. Under the terms of the Board Representation Agreement, the EF Realisation Directors are required to submit each Board resignation when EF Realisation's ownership of Class A Stock falls below 15% and 10%, respectively, which occurred as a result of the EF Realisation liquidation noted above.

Also in connection with the EF Realisation liquidation, the Company repurchased and retired 2,500 shares of Class B Stock from Dr. Christopher Rowland at a cost of $10,000 on September 28, 2018 (see Note 9, Stockholders' Equity). The Class B Stock was originally issued to Dr. Rowland in connection with the Company's reorganization in 2016. After the repurchase and retirement of the Class B Stock, there are no shares of Class B Stock issued and outstanding.