• Filing Date: 2018-05-15
  • Form Type: 10-Q
  • Description: Quarterly report
v3.8.0.1
SUBSEQUENT EVENTS
3 Months Ended
Mar. 31, 2018
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS

Issuance of Series B and B1 Preferred Stock Shares In-Kind

We paid the accrued dividends on our Series B Preferred Stock and Series B1 Preferred Stock, which were accrued as of March 31, 2018, in-kind by way of the issuance of 52,192 restricted shares of Series B Preferred Stock pro rata to each of the then holders of our Series B Preferred Stock in April 2018 and the issuance of 291,337 restricted shares of Series B1 Preferred Stock pro rata to each of the then holders of our Series B1 Preferred Stock in April 2018. If converted in full, the 52,192 shares of Series B Preferred Stock would convert into 52,192 shares of common stock and the 291,337 shares of Series B1 Preferred Stock would convert into 291,337 shares of common stock.

Options Granted

Effective April 12, 2018, the Board of Directors granted options to purchase a total of 687,000 shares of our common stock to several employees of the Company, vesting at 25% per year over four years.

Conversion of Series B Preferred Stock

On April 25, 2018, the Company issued 32,149 shares of common stock in connection with the conversion by a holder of 32,149 shares of our Series B Preferred Stock.

Conversion of Series B1 Preferred Stock

On April 25, 2018, the Company issued 133,264 shares of common stock in connection with the conversion by a holder of 133,264 shares of our Series B1 Preferred Stock.

Specialty Environmental Services

On April 30, 2018, the Company entered into and closed an Asset Purchase Agreement (the "APA") with Specialty Environmental Services ("SES") pursuant to which the Company agreed to buy substantially all of SES's customer relations, vehicles, equipment, supplies and tools in Texas for an aggregate purchase price of $269,826. We recognized all the consideration in tangible and intangible assets as of the purchase date.

Conversion of Series A Preferred Stock

On May 7, 2018, the Company issued 33,708 shares of common stock in connection with the conversion by a holder of 33,708 shares of our Series A Preferred Stock.