Subsequent Events

9 Months Ended

Sep. 30, 2017

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

(a)    On October 2, 2017, in recognition of Jay C. Nadel's contribution and dedication in building the Company towards $200 million in value pursuant to his Advisory Agreement dated February 22, 2011 (the "Nadel Agreement"), the Compensation Committee of the Company's Board of Directors (the "Committee"), comprised of independent directors, deemed it in the best interest of the Company and its stockholders and upon recommendation of Richard J. Kurtz, Chairman of the Board and majority stockholder of the Company, granted a stock award to Mr. Nadel, of 3,747,118 shares of Common Stock (the “Nadel Stock Award”), which was approved by the Company’s Board of Directors. The Nadel Stock Award was fully vested as of the date of grant. The transaction was valued and recorded as $2,960,223 (calculated by multiplying the 3,747,118 shares by the $0.79 closing price of the Company's common stock on the date of grant).

(b)    On October 4, 2017, in recognition of Douglas Kramer’s many years of service and dedication to the Company, together with excellent service in creating value for stockholders, the Committee, comprised of independent directors, deemed it in the best interest of the Company and its stockholders to grant a stock award to Mr. Kramer of 500,000 shares of Common Stock (the “Kramer Stock Award”), which was approved by the Company’s Board of Directors. The Kramer Stock Award was fully vested as of the date of grant. The transaction was valued and recorded as $380,000 (calculated by multiplying the 500,000 shares by the $0.76 closing price of the Company's common stock on the date of grant).

(c)    On October 4, 2017, the Company entered into a definitive merger agreement with Icynene U.S. Holding Corp. ("Icynene") and Blaze Merger Sub Inc. ("Merger Sub"), pursuant to which Merger Sub will merge with and into the Company, with the Company as the surviving corporation and wholly-owned subsidiary of Icynene. The transaction is valued at approximately $160 million, including net debt.

(d)     The Company has evaluated subsequent events through the date of filing this report.