|12 Months Ended|
Dec. 31, 2018
|Subsequent Events [Abstract]|
NOTE 15. SUBSEQUENT EVENTS
We evaluate subsequent events through the date of issuance of the consolidated financial statements. There have been no subsequent events that occurred during such period that would require adjustment to or disclosure in the financial statements as of and for the year ended December 31, 2018, except as follows:
On February 21, 2019, we entered into Amendment #1 to the Cravens Employment Agreement. Among other things, Amendment #1 provided (i) that any severance payments due to Mr. Cravens under the Cravens Employment Agreement be paid as a lump sum; (ii) that continuation of his medical and health insurance payments after termination be at our expense; (iii) that the 2020 Option vest in full in the event of termination following a change of control; and (iv) that the exercise price of the 2020 Option be set at $1.90 per share.
Also on February 21, 2019, we entered into Amendment #2 to the Hagerty Employment Agreement. Among other things, Amendment #2 provided (i) that any severance payments due to Mr. Hagerty under the Hagerty Employment Agreement be paid as a lump sum; and (ii) that continuation of his medical and health insurance payments after termination be at our expense.
On March 14, 2019, we issued a press release announcing the completion of our previously-disclosed strategic alternatives review. After a thorough evaluation of a range of strategic alternatives, including a sale of the company, we have decided to continue on our existing plan of product line and geographic expansions as an independent company.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef