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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Encision Inc (PK) | USOTC:ECIA | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.01 | 3.23% | 0.32 | 0.162 | 0.34 | 0.32 | 0.27 | 0.30 | 13,538 | 21:00:10 |
☒
|
ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended March 31, 2017
|
☐
|
TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______
to _______
|
Colorado
|
|
84-1162056
|
(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
6797 Winchester Circle, Boulder, Colorado
|
|
80301
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Large accelerated filer
☐
|
|
Accelerated filer
☐
|
Non-accelerated filer
☐
|
|
Smaller reporting company
☒
|
Emerging growth company ☐ |
Common Stock, no par value
|
10,683,355
|
(Class)
|
(Outstanding at May 31, 2017)
|
|
|
Page
|
PART I
|
|
|
Item 1.
|
Business
|
2
|
Item 1A.
|
Risk Factors
|
9
|
Item 1B.
|
Unresolved Staff Comments
|
11
|
Item 2.
|
Properties
|
11
|
Item 3.
|
Legal Proceedings
|
11
|
Item 4.
|
Mine Safety Disclosures
|
11
|
|
|
|
PART II
|
|
|
Item 5.
|
Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
|
12
|
Item 6.
|
Selected Financial Data
|
12
|
Item 7.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
12
|
Item 7A.
|
Quantitative and Qualitative Disclosures About Market Risk
|
15
|
Item 8.
|
Financial Statements and Supplementary Data
|
16
|
Item 9.
|
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure |
31
|
Item 9A.
|
Controls and Procedures |
31
|
Item 9B.
|
Other Information |
31
|
PART III
|
||
Item 10.
|
Directors, Executive Officers and Corporate Governance |
32
|
Item 11.
|
Executive Compensation |
32
|
Item 12.
|
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
|
32
|
Item 13.
|
Certain Relationships and Related Transactions, and Director Independence |
32
|
Item 14.
|
Principal Accounting Fees and Services |
32
|
PART IV
|
||
Item 15. | Exhibits, Financial Statement Schedules | 33 |
Item 16. | Form 10-K Summary | 33 |
2017
|
2016
|
|||||||||||||||
Fiscal
|
High
|
Low
|
High
|
Low
|
||||||||||||
First quarter
|
$
|
0.45
|
$
|
0.31
|
$
|
0.77
|
$
|
0.37
|
||||||||
Second quarter
|
$
|
0.40
|
$
|
0.28
|
$
|
0.55
|
$
|
0.36
|
||||||||
Third quarter
|
$
|
0.40
|
$
|
0.19
|
$
|
0.50
|
$
|
0.30
|
||||||||
Fourth quarter
|
$
|
0.45
|
$
|
0.26
|
$
|
0.62
|
$
|
0.32
|
Item 7. |
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
Fiscal Year
|
Amount
|
|||
2018
|
285,034
|
|||
2019
|
293,585
|
|||
2020
|
99,800
|
|||
Total
|
$
|
678,419
|
Payment due by period
|
||||||||||||||||||||
Contractual obligations
|
Totals
|
Less than 1 year
|
1-3 years
|
3-5 years
|
More than 5 years
|
|||||||||||||||
Line of credit obligations
|
$
|
275,055
|
$
|
275,055
|
$
|
––
|
$
|
––
|
$
|
––
|
||||||||||
Lease obligations
|
678,419
|
285,034
|
393,385
|
––
|
––
|
|||||||||||||||
Total
|
$
|
953,474
|
$
|
560,089
|
$
|
393,385
|
$
|
––
|
$
|
––
|
||||||||||
|
Page
|
Report of Independent Registered Public Accounting Firm
|
17
|
|
|
Balance Sheets as of March 31, 2017 and 2016
|
18
|
|
|
Statements of Operations
for the fiscal years ended March 31, 2017 and 2016
|
19
|
|
|
Statements of Shareholders' Equity
for the fiscal years ended March 31, 2017 and 2016
|
20
|
|
|
Statements of Cash Flows
for the fiscal years ended March 31, 2017 and 2016
|
21
|
|
|
Notes to Financial Statements
|
22
|
March 31, 2017
|
March 31, 2016
|
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
45,117
|
$
|
292,840
|
||||
Restricted cash
|
50,000
|
25,000
|
||||||
Accounts receivable, net of allowance for doubtful accounts of
$33,000 at March 31, 2017 and $9,000 at March 31, 2016
|
1,042,281
|
839,850
|
||||||
Inventories, net of reserve for obsolescence of $50,000 at March 31, 2017 and $410,000 at March 31, 2016
|
1,128,412
|
1,730,747
|
||||||
Prepaid expenses
|
62,290
|
91,989
|
||||||
Total current assets
|
2,328,100
|
2,980,426
|
||||||
Equipment:
|
||||||||
Furniture, fixtures and equipment, at cost
|
3,161,687
|
3,950,710
|
||||||
Accumulated depreciation
|
(2,693,302
|
)
|
(3,389,533
|
)
|
||||
Equipment, net
|
468,385
|
561,177
|
||||||
Patents, net of accumulated amortization of $212,345 at March 31, 2017 and $179,317 at March 31, 2016
|
253,980
|
252,889
|
||||||
Other assets
|
16,450
|
15,926
|
||||||
TOTAL ASSETS
|
$
|
3,066,915
|
$
|
3,810,418
|
||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
402,914
|
$
|
355,890
|
||||
Accrued compensation
|
267,399
|
246,203
|
||||||
Other accrued liabilities
|
248,130
|
257,506
|
||||||
Line of credit
|
275,055
|
387,491
|
||||||
Deferred rent
|
30,384
|
30,384
|
||||||
Total current liabilities
|
1,223,882
|
1,277,474
|
||||||
Long-term liability:
|
||||||||
Deferred rent
|
40,512
|
70,896
|
||||||
Total liabilities
|
1,264,394
|
1,348,370
|
||||||
Commitments and contingencies (Note 4)
|
||||||||
Shareholders' equity:
|
||||||||
Preferred stock, no par value: 10,000,000 shares authorized; none issued and outstanding
|
––
|
––
|
||||||
Common stock and additional paid-in capital, no par value: 100,000,000 shares authorized; 10,683,355 and 10,673,225 issued and outstanding at March 31, 2017 and 2016, respectively
|
23,752,131
|
23,682,365
|
||||||
Accumulated (deficit)
|
(21,949,610
|
)
|
(21,220,317
|
)
|
||||
Total shareholders' equity
|
1,802,521
|
2,462,048
|
||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
$
|
3,066,915
|
$
|
3,810,418
|
||||
Years Ended
|
March 31, 2017
|
March 31, 2016
|
||||||
NET REVENUE
|
$
|
8,869,599
|
$
|
9,336,078
|
||||
COST OF REVENUE
|
4,464,134
|
4,759,067
|
||||||
GROSS PROFIT
|
4,405,465
|
4,577,011
|
||||||
OPERATING EXPENSES:
|
||||||||
Sales and marketing
|
2,511,451
|
2,558,785
|
||||||
General and administrative
|
1,455,628
|
1,476,803
|
||||||
Research and development
|
1,126,630
|
1,249,787
|
||||||
Total operating expenses
|
5,093,709
|
5,285,375
|
||||||
OPERATING LOSS
|
(688,244
|
)
|
(708,364
|
)
|
||||
Interest expense, net
|
(59,721
|
)
|
(46,903
|
)
|
||||
Other income (expense), net
|
18,672
|
(124,933
|
)
|
|||||
Interest and other income (expense), net
|
(41,049
|
)
|
(171,836
|
)
|
||||
LOSS BEFORE PROVISION FOR INCOME TAXES
|
(729,293
|
)
|
(880,200
|
)
|
||||
Provision for income taxes
|
––
|
––
|
||||||
NET LOSS
|
$
|
(729,293
|
)
|
$
|
(880,200
|
)
|
||
Net loss per share—basic and diluted
|
$
|
(0.07
|
)
|
$
|
(0.08
|
)
|
||
Weighted average shares—basic and diluted
|
10,677,080
|
10,673,225
|
||||||
Shares of Common Stock
|
Common Stock and Additional Paid-in Capital
|
Accumulated
Deficit
|
Total Shareholders' Equity
|
|||||||||||||
BALANCES AT MARCH 31, 2015
|
10,673,225
|
$
|
23,607,688
|
$
|
(20,340,117
|
)
|
$
|
3,267,571
|
||||||||
Net loss
|
––
|
––
|
(880,200
|
)
|
(880,200
|
)
|
||||||||||
Compensation expense related to equities
|
––
|
74,677
|
––
|
74,677
|
||||||||||||
BALANCES AT MARCH 31, 2016
|
10,673,225
|
$
|
23,682,365
|
$
|
(21,220,317
|
)
|
$
|
2,462,048
|
||||||||
Net loss
|
––
|
––
|
(729,293
|
)
|
(729,293
|
)
|
||||||||||
Compensation expense related to equities
|
––
|
69,766
|
––
|
69,766
|
||||||||||||
Common stock issued
|
10,130
|
––
|
––
|
––
|
||||||||||||
BALANCES AT MARCH 31, 2017
|
10,683,355
|
$
|
23,752,131
|
$
|
(21,949,610
|
)
|
$
|
1,802,521
|
Years Ended
|
March 31, 2017
|
March 31, 2016
|
||||||
Cash flows from operating activities:
|
||||||||
Net loss
|
$
|
(729,293
|
)
|
$
|
(880,200
|
)
|
||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
224,877
|
318,692
|
||||||
Stock-based compensation expense related to stock options
|
69,766
|
74,677
|
||||||
Provision for doubtful accounts, net change
|
24,000
|
(2,500
|
)
|
|||||
Provision for inventory obsolescence, net change
|
(360,000
|
)
|
170,000
|
|||||
Change in operating assets and liabilities:
|
||||||||
Accounts receivable
|
(226,431
|
)
|
128,005
|
|||||
Inventories
|
962,335
|
436,907
|
||||||
Prepaid expenses and other assets
|
29,175
|
21,898
|
||||||
Accounts payable
|
47,024
|
(319,521
|
)
|
|||||
Accrued compensation and other accrued liabilities
|
(18,565
|
)
|
(113,796
|
)
|
||||
Net cash provided by (used in) operating activities
|
22,888
|
(165,838
|
)
|
|||||
Cash flows from investing activities:
|
||||||||
Acquisition of property and equipment
|
(105,357
|
)
|
(77,113
|
)
|
||||
Patent costs
|
(27,818
|
)
|
(21,356
|
)
|
||||
Net cash used in investing activities
|
(133,175
|
)
|
(98,469
|
)
|
||||
Cash flows from financing activities:
|
||||||||
Borrowings from (paydowns to) credit facility, net change
|
(112,436
|
)
|
323,491
|
|||||
Change in restricted cash
|
(25,000
|
)
|
(25,000
|
)
|
||||
Net cash provided by (used in) financing activities
|
(137,436
|
)
|
298,491
|
|||||
Net increase (decrease) in cash and cash equivalents
|
(247,723
|
)
|
34,184
|
|||||
Cash and cash equivalents, beginning of fiscal year
|
292,840
|
258,656
|
||||||
Cash and cash equivalents, end of fiscal year
|
$
|
45,117
|
$
|
292,840
|
||||
Supplemental disclosures of cash flow information:
|
||||||||
Cash paid during the year for interest
|
$
|
49,980
|
$
|
14,835
|
Years Ended
|
March 31, 2017
|
March 31, 2016
|
||||||
Balance, beginning of year
|
$
|
9,000
|
$
|
11,500
|
||||
Provision for estimated (recoveries) losses
|
24,352
|
(1,338
|
)
|
|||||
Write-off of uncollectible accounts
|
(352
|
)
|
(1,162
|
)
|
||||
Balance, end of year
|
$
|
33,000
|
$
|
9,000
|
Years Ended
|
March 31, 2017
|
March 31, 2016
|
||||||
Balance, beginning of year
|
$
|
20,000
|
$
|
20,000
|
||||
Provision for estimated warranty claims
|
2,482
|
1,194
|
||||||
Claims made
|
(2,482
|
)
|
(1,194
|
)
|
||||
Balance, end of year
|
$
|
20,000
|
$
|
20,000
|
March 31, 2017
|
March 31, 2016
|
|||||||
Raw materials
|
$
|
857,345
|
$
|
1,469,630
|
||||
Finished goods
|
321,067
|
671,117
|
||||||
Total gross inventories
|
1,178,412
|
2,140,747
|
||||||
Less reserve for obsolescence
|
(50,000
|
)
|
(410,000
|
)
|
||||
Total net inventories
|
$
|
1,128,412
|
$
|
1,730,747
|
Years Ended
|
March 31, 2017
|
March 31, 2016
|
||||||
Balance, beginning of year
|
$
|
410,000
|
$
|
240,000
|
||||
Provision for estimated obsolescence
|
104,700
|
221,427
|
||||||
Write-off of obsolete inventory
|
(464,700
|
)
|
(51,427
|
)
|
||||
Balance, end of year
|
$
|
50,000
|
$
|
410,000
|
March 31, 2017
|
March 31, 2016
|
|||||||
Patents issued
|
$
|
424,080
|
$
|
280,669
|
||||
Accumulated amortization
|
(208,479
|
)
|
(165,167
|
)
|
||||
Patents issued, net of accumulated amortization
|
215,601
|
115,502
|
||||||
Patent applications
|
42,245
|
151,537
|
||||||
Accumulated amortization
|
(3,866
|
)
|
(14,150
|
)
|
||||
Patent applications, net of accumulated amortization
|
38,379
|
137,387
|
||||||
Total net patents and patent applications
|
$
|
253,980
|
$
|
252,889
|
Fiscal Year
|
Amount
|
|||
2018
|
$
|
26,728
|
||
2019
|
26,728
|
|||
2020
|
26,728
|
|||
2021
|
26,728
|
|||
2022 and following
|
147,068
|
|||
Total
|
$
|
253,980
|
March 31, 2017
|
March 31, 2016
|
|||||||
Warranty
|
$
|
20,000
|
$
|
20,000
|
||||
Sales commissions
|
88,715
|
83,445
|
||||||
Lease normalization
|
31,828
|
31,365
|
||||||
Sales and use tax
|
16,505
|
17,453
|
||||||
Marketing fees
|
8,466
|
10,363
|
||||||
Professional fees
|
47,596
|
40,454
|
||||||
Payroll taxes
|
24,577
|
21,823
|
||||||
Miscellaneous
|
10,443
|
32,603
|
||||||
Total other accrued liabilities
|
$
|
248,130
|
$
|
257,506
|
Years Ended
|
March 31, 2017
|
March 31, 2016
|
||||||
Cost of sales
|
$
|
2,648
|
$
|
2,287
|
||||
Sales and marketing
|
12,645
|
11,822
|
||||||
General and administrative
|
49,333
|
56,381
|
||||||
Research and development
|
5,140
|
4,187
|
||||||
Stock-based compensation expense
|
$
|
69,766
|
$
|
74,677
|
Years Ended
|
March 31, 2017
|
March 31, 2016
|
||||||
Net loss
|
$
|
(729,293
|
)
|
$
|
(880,200
|
)
|
||
Weighted-average shares
— basic
|
10,677,080
|
10,673,225
|
||||||
Effect of dilutive potential common shares
|
—
|
—
|
||||||
Weighted-average shares — diluted
|
10,677,080
|
10,673,225
|
||||||
Net loss per share — basic and diluted
|
$
|
(0.07
|
)
|
$
|
(0.08
|
)
|
||
Antidilutive equity units
|
954,286
|
700,924
|
Years Ended
|
March 31, 2017
|
March 31, 2016
|
||||||
Risk-free interest rate
|
1.1% to 1.7%
|
1.6%
|
|
|||||
Expected life (in years)
|
5.0
|
5.0
|
||||||
Expected volatility
|
81% to 87%
|
72% to 75%
|
||||||
Expected dividend
|
0%
|
|
0%
|
|
STOCK OPTIONS OUTSTANDING
|
||||||||
Number
Outstanding
|
Weighted-Average Exercise Price per Share
|
|||||||
BALANCE AT MARCH 31, 2015
|
330,000
|
$
|
0.96
|
|||||
Granted
|
139,000
|
0.57
|
||||||
Forfeited/expired
|
(58,000
|
)
|
0.83
|
|||||
BALANCE AT MARCH 31, 2016
|
411,000
|
$
|
0.85
|
|||||
Granted
|
285,000
|
0.31
|
||||||
Forfeited/expired
|
(11,000
|
)
|
0.86
|
|||||
BALANCE AT MARCH 31, 2017
|
685,000
|
$
|
0.63
|
STOCK OPTIONS OUTSTANDING
|
||||||||
Number
Outstanding
|
Weighted-Average Exercise Price per Share
|
|||||||
BALANCE AT MARCH 31, 2015
|
245,000
|
$
|
0.96
|
|||||
Granted
|
—
|
—
|
||||||
Forfeited/expired
|
—
|
—
|
||||||
BALANCE AT MARCH 31, 2016
|
245,000
|
$
|
0.96
|
|||||
Granted
|
—
|
—
|
||||||
Forfeited/expired
|
—
|
—
|
||||||
BALANCE AT MARCH 31, 2017
|
245,000
|
$
|
0.96
|
STOCK OPTIONS OUTSTANDING
|
STOCK OPTIONS EXERCISABLE
|
|||||||||||||||||||||
Range of Exercise Prices
|
Number
Outstanding
|
Weighted-Average Remaining Contractual Life (in Years)
|
Weighted-Average Exercise Price
per Share
|
Number
Exercisable
|
Weighted-Average Exercise Price
per Share
|
|||||||||||||||||
|
$0.30 - $0.74
|
440,000
|
4.0
|
$
|
0.41
|
68,201
|
$
|
0.60
|
||||||||||||||
|
$0.82 - $1.09
|
370,000
|
1.7
|
$
|
0.89
|
250,718
|
$
|
0.90
|
||||||||||||||
|
$1.15 - $1.50
|
120,000
|
1.1
|
$
|
1.26
|
102,426
|
$
|
1.27
|
||||||||||||||
930,000
|
2.7
|
$
|
0.71
|
421,345
|
$
|
0.94
|
RSUs OUTSTANDING
|
||||||||
Number
Outstanding
|
Weighted-Average Exercise Price per Share
|
|||||||
BALANCE AT MARCH 31, 2016
|
44,924
|
$
|
0.67
|
|||||
Granted
|
—
|
—
|
||||||
Exercised
|
(10,130
|
)
|
0.80
|
|||||
Forfeited/expired
|
(10,508
|
)
|
0.66
|
|||||
BALANCE AT MARCH 31, 2017
|
24,286
|
$
|
0.62
|
Fiscal Year
|
Amount
|
|||
2018
|
285,034
|
|||
2019
|
293,585
|
|||
2020
|
99,800
|
|||
Total
|
$
|
678,419
|
Years Ended
|
March 31, 2017
|
March 31, 2016
|
||||||
Current:
|
||||||||
Federal
|
$
|
––
|
$
|
––
|
||||
State
|
––
|
––
|
||||||
Total current
|
––
|
––
|
||||||
Deferred:
|
||||||||
Federal
|
––
|
(291,000
|
)
|
|||||
State
|
––
|
(30,000
|
)
|
|||||
Total deferred
|
––
|
(321,000
|
)
|
|||||
Valuation allowance
|
––
|
321,000
|
||||||
Total
|
$
|
––
|
$
|
––
|
Years Ended
|
March 31, 2017
|
March 31, 2016
|
||||||
Expected income tax rate
|
$
|
(248,000
|
)
|
$
|
(299,000
|
)
|
||
State income taxes, net of federal tax benefit
|
(26,000
|
)
|
(31,000
|
)
|
||||
Change in valuation allowance
|
248,000
|
315,000
|
||||||
Other permanent differences
|
26,000
|
15,000
|
||||||
Income tax expense
|
$
|
––
|
$
|
––
|
Years Ended
|
March 31, 2017
|
March 31, 2016
|
||||||
Other deferred assets
|
$
|
99,000
|
$
|
225,000
|
||||
Valuation allowance
|
(99,000
|
)
|
(225,000
|
)
|
||||
Current deferred tax assets
|
––
|
––
|
||||||
Credits and net operating loss
carryforwards
|
4,775,000
|
4,190,000
|
||||||
Valuation allowance
|
(4,775,000
|
)
|
(4,190,000
|
)
|
||||
Long-term deferred tax assets
|
––
|
––
|
||||||
Total deferred tax assets
|
––
|
––
|
||||||
Valuation allowance
|
––
|
––
|
||||||
Long-term deferred tax liabilities
|
––
|
––
|
||||||
Total deferred tax liabilities
|
––
|
––
|
||||||
Net deferred tax assets (liabilities)
|
$
|
––
|
$
|
––
|
Years Ended
|
March 31, 2017
|
March 31, 2016
|
||||||
Differences in reporting long-term assets
|
$
|
99,000
|
$
|
225,000
|
||||
Credits and net operating loss carryforwards
|
4,775,000
|
4,190,000
|
||||||
Less valuation allowance
|
(4,874,000
|
)
|
(4,415,000
|
)
|
||||
Total deferred tax assets
|
$
|
––
|
$
|
––
|
Plan Category
|
Number of securities to be issued upon exercise of outstanding equity units
|
Weighted-average exercise price of equity units
|
Number of securities remaining available for future issuance under equity units plan
|
|||||||||
Equity compensation plans approved by security holders
|
709,286
|
$
|
0.63
|
190,714
|
||||||||
Equity compensation plans not approved by security holders
|
245,000
|
$
|
0.96
|
––
|
||||||||
Total
|
954,286
|
$
|
0.71
|
190,714
|
3.1 |
Articles of Incorporation of the Company, as amended. (Incorporated by reference from Registration Statement #333-4118-D dated June 25, 1996).
|
3.2 |
Bylaws of the Company. (Incorporated by reference from Current Report on Form 8-K filed on October 30, 2007).
|
3.3 |
First Amended and Restated Bylaws (incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K filed on May 31, 2017).
|
4.1 |
Form of certificate for shares of Common Stock. (Incorporated by reference from Registration Statement #333-4118-D dated June 25, 1996).
|
10.1 |
Lease Agreement dated June 3, 2004 between Encision Inc. and DaPuzzo Investment Group, LLC (Incorporated by reference from Quarterly Report on Form 10-QSB filed on August 12, 2004).
|
10.2 |
Encision Inc. 2007 Stock Option Plan (Incorporated by reference from Proxy Statement dated June 30, 2007). †
|
10.3 |
Encision Inc. 2014 Stock Option Plan (Incorporated by reference from Proxy Statement dated July 11, 2014). †
|
10.4 |
Loan and Security Agreement between Encision Inc. and Silicon Valley Bank (Incorporated by reference from Current Report on Form 8-K filed on November 10, 2006).
|
10.5* |
Manufacturing, Supply and License Agreement dated April 3, 2009 between Encision Inc. and Intuitive Surgical Inc. (Incorporated by reference from Annual Report on Form 10-K filed on June 29, 2009).
|
10.6* |
Development, License, and Non-Commercial Supply Agreement dated January 19, 2011 between Encision Inc and Boston Scientific Corporation(Incorporated by reference from Annual Report on Form 10-K filed on June 15,2011).
|
10.7 |
Employment Agreement, dated December 17, 2013, between Encision Inc. and Gregory J. Trudel (Incorporated by reference from Current Report on Form 8-K filed on December 23, 2013). †
|
10.8 |
Employment Agreement, dated November 14, 2016, between Encision Inc. and Gregory J. Trudel (Incorporated by reference to Exhibit 10-1 to our Current Report on Form 8-K filed on November 18, 2016). †
|
10.9 |
Amended and Restated Loan and Security Agreement between Encision Inc. and Silicon Valley Bank dated May 10, 2012 (Incorporated by reference from Annual Report on Form 10-K filed on June 28, 2013).
|
10.10 |
First Amendment to Amended and Restated Loan and Security Agreement, dated May 19, 2014, by and between Encision Inc. and Silicon Valley Bank (Incorporated by reference to Current Report on Form 8-K filed on May 23, 2014).
|
10.11 |
Second Amendment to Amended and Restated Loan and Security Agreement, dated May 31, 2015, by and between Encision Inc. and Silicon Valley Bank (Incorporated by reference to Current Report on Form 8-K filed on June 3, 2015).
|
10.12 |
Loan and Security Agreement between Encision Inc. and Crestmark Bank dated March 15, 2016 (incorporated by reference to Exhibit 10.11 to our Annual Report on Form 10-K filed on June 14, 2016).
|
31.1 |
Section 302 Certification of Principal Executive Officer **
|
31.2 |
Section 302 Certification of Principal Financial and Accounting Officer **
|
32.1 |
Section 906 Certifications **
|
* |
Certain portions of this exhibit have been omitted pursuant to a request for confidential treatment and have been filed separately with the Securities and Exchange Commission.
|
† |
Denotes management contract or compensatory plan or arrangement.
|
ENCISION INC. | |||
Dated: June 14, 2017
|
By:
|
/s/ Mala Ray | |
Mala Ray
Controller
Principal Accounting Officer & Principal Financial Officer
|
|||
/s/ Mala Ray
|
June 14, 2017
|
|||
Mala Ray
Controller
Principal Accounting Officer & Principal Financial Officer
|
|
/s/ Patrick W. Pace
|
June 14, 2017
|
|||
Patrick W. Pace
Director
|
|
/s/ Robert H. Fries
|
June 14, 2017
|
|||
Robert H. Fries
Director
|
/s/ Vern D. Kornelsen
|
June 14, 2017
|
|||
Vern D. Kornelsen
Director
|
/s/ Gregory J. Trudel
|
June 14, 2017
|
|||
Gregory J. Trudel
President and CEO
Principal Executive Officer
Director
|
/s/ David W. Newton
|
June 14, 2017
|
|||
David W. Newton
Vice President - Technology
Director
|
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