Subsequent Events |
3 Months Ended | |||||||||||||||||||||||||||||||
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Mar. 31, 2018 | ||||||||||||||||||||||||||||||||
| Subsequent Events [Abstract] | ||||||||||||||||||||||||||||||||
| Subsequent Events |
Note 13 — Subsequent Events
Lease
On April 20, 2018, the Company entered into an amendment to the operating lease agreement for its current facilities which extended the lease term from May 31, 2018 to May 31, 2021. Future minimum payments under the lease, as amended, are as follows:
Legal Proceedings
On April 11, 2018, the Company received $203,121 pursuant to a Judgment of Garnishment dated March 23, 2018 and related to the non-payment of an overdue accounts receivable balance by a former customer of the Company. The judgment included the past due balance of $162,000 plus late fees and recovery of legal costs. At March 31, 2018, the Company had fully reserved the $162,000 balance in its allowance for doubtful accounts. The Company did not reverse the allowance for doubtful accounts at March 31, 2018 as the funds could be subject to clawback during the quarter ending June 30, 2018 if the former customer files for bankruptcy. Realignment
On April 16, 2018, the Company realigned into two separate operating divisions: Power Conversion Systems to focus on its PPSA™ and B-TRAN to develop its Bi-directional bi-polar junction TRANsistor (B-TRAN™) solid state switch technology. |
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