Subsequent Events

3 Months Ended

Mar. 31, 2020

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

The Company received $3.3 million of proceeds from the U.S. Small Business Administration Paycheck Protection Program (PPP) in May and plans to balance the employee-related actions previously taken with the needs of the business to ensure a portion of the loan will be forgiven. In the meantime, the Company also initiated a company-wide cost reduction initiative targeted at eliminating discretionary spending and ensuring that remaining expenditures are reduced in line with the lower demand for our products in light of COVID-19 impact to the business. The Company's Executive Leadership Team and all employees with annual salaries exceeding 100,000 accepted a 20% and 15% eight-week reduction in pay, respectively, beginning May 4, 2020. Over the same eight-week period, the Company furloughed a portion of employees at our Buena, NJ manufacturing facility.

On May 26, 2020, the Company announced that it will effect a one-for-ten reverse stock split of its outstanding common stock, which will be effective for trading purposes as of the commencement of trading on May 28, 2020. The reverse stock split reduces the number of shares outstanding from approximately 53.9 million shares of common stock to approximately 5.4 million shares of common stock post-reverse split. The number of outstanding options and warrants will also be adjusted accordingly. The number of authorized shares of common stock and the par value per share will remain unchanged. All prior period share amounts will be retroactively adjusted to reflect the reverse stock split.