Note 13 - Subsequent Events
|12 Months Ended|
Dec. 31, 2016
|Notes to Financial Statements|
|Subsequent Events [Text Block]||
Amendment to Loan Agreement
2017,we entered into a waiver and amendment (the “First Amendment”) to the
2016Loan Agreement with WAB. Pursuant to the First Amendment, WAB agreed to waive the default resulting from the failure to comply with the performance to plan revenue covenants described in the
2016Loan Agreement for the measuring periods ending
2016.In addition, the First Amendment added a financial covenant that until the Company maintains a ratio of minimum unrestricted cash in accounts with WAB to indebtedness of at least
1.00,the Company must at all times maintain unrestricted cash in accounts with WAB in an amount equal to or greater than
$2,000,000,which financial covenant shall no longer apply at such time that the Company achieves a ratio of minimum unrestricted cash in accounts with WAB to indebtedness of at least
Sublease Agreement and Relocation of Corporate Headquarters to Englewood, Colorado
2017,the Company entered into a sublease agreement (the “Sublease”) for approximately
12,400square feet of building space for the relocation of the Company’s corporate headquarters to Englewood, Colorado (the “Sublease Premises”), which was effective as of
2017.Physical relocation is planned toward the end of the
2017pending completion of the build-out of all office and warehouse facilities.
The term of the Sublease will commence on the later of (i)
120days after the date sublandlord delivers possession of the Sublease Premises to the Company or (iii) upon substantial completion of the
tenantimprovements pursuant to the Sublease (the “Commencement Date”), and will expire
36months after the Commencement Date, or such earlier date as the Master Lease
maybe terminated pursuant to the terms thereof.
The monthly base rent under the Sublease will be equal to
$20.50per rentable square foot of the Sublease Premises during the
firstyear. The monthly base rent will be equal to
21.75per rentable square foot during the
thirdyears, respectively. In connection with the execution of the Sublease, the Company also agreed to pay a security deposit of approximately
$22,000.The Company is entitled to an allowance of approximately
tenantimprovements relating to the engineering, design and construction of the Sublease Premises.
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.
No definition available.