Note 14 - Subsequent Events

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Subsequent Events [Text Block]

NOTE

14

–

SUBSEQUENT EVENTS

On

March 5, 2020,

the Company entered into Conversion and Exchange Agreements (the “Exchange Agreements”) with certain holders (the “Holders”) of the Company’s

7%

Convertible Senior Notes due

2020

(the “Convertible Notes”) having an aggregate original principal amount of

$27.4

million. Pursuant to the terms of the Exchange Agreements, the Holders exchanged an aggregate amount payable of

$27.3

million under the Convertible Notes for an aggregate of

10,000

shares of Series

1

Preferred Stock and the Holders converted the remaining aggregate amount payable of

$17.5

million of Convertible Notes into

2.6

million shares of common stock in accordance with the terms of the existing Indenture. Following the transactions, all of the Convertible Notes held by the Holders, as well as all the remaining Convertible Notes held by others that were converted in accordance with the existing Indenture at maturity have been satisfied in full and cancelled.

On

March 5, 2020,

the Company entered into an agreement with its senior lender, Apollo Global Management LLC (“Apollo”), in which the Company acquired the option to extend the current

May 2021

maturity date of its loan to

May 2022. 

The fee to acquire this option included the repricing of

362,500

warrants held by Apollo to

$6.75

and an increase in the applicable prepayment premium of up to

7%

of the accreted value of the loan.

During the

first

quarter of fiscal year

2020,

the Company issued

408,992

shares of common stock in its

November 2018

ATM Offering for gross proceeds of

$4.0

million. As of

March 6, 2020,

the Company completed its

November 2018

At the Market Offering of up to

$25

million.