|12 Months Ended|
Dec. 31, 2017
|Notes to Financial Statements|
|NOTE 21 – SUBSEQUENT EVENTS||
Sale of common stock
In January 2018, the Company entered into subscription agreements with two investors, pursuant to which the Investors purchased shares of the Companys common stock. The investors purchased a total of 1,250,000 shares at a purchase price of $0.12 per share for a total of $150,000 invested.
Issuance of common stock
In January and February 2018, the Company issued an aggregate of 50,000 common shares for consulting services.
In January 2018, the Company issued 125,000 common shares as employee compensation.
In January 2018, the Company issued an aggregate of 100,000 common shares as commitment fees towards debt financing.
In January 2018, the Company issued 1,000,000 common shares in connection with a distribution agreement.
On February 9, 2018, the Company entered into a Investment Agreement and a Registration Rights Agreement with Northbridge Financial Inc. Under the terms of the Investment Agreement, Northbridge has agreed to provide the Company with up to ten million dollars ($10,000,000) of funding in the form of purchases of shares of the Companys common stock. Northbridge will only make these purchases after a registration statement on Form S-1 registering these future shares is declared effective by the Securities and Exchange Commission.
On January 26, 2018, the Comany issued and sold two promissory notes, each in the principal amount of $125,000 or $250,000 in the aggregate (the Notes), to two investors, (the Investors) The Notes bear interest at a rate of eight percent (8%) per annum. The Notes are due and payable on or before July 26, 2018 and may be prepaid at any time without penalty.
In the event the Company fails to make any payment due or to perform any terms of the Notes, the Investors have the right to (i) to declare the full, unpaid balance of the Notes, plus interest and other charges; accruing thereon, immediately due and payable; (ii) to specifically enforce the terms of the Notes by suit in equity; (iii) to bring an action for the unpaid and overdue payments without waiving the right to pursue the principal balance, interest, and additions thereto which are due pursuant to the terms of the Notes; and (iv) to pursue any and all other rights and remedies provided in law or equity.
As additional consideration for the Notes, the Company will issue an aggregate of 100,000 shares of the Companys common stock (the Inducement Shares) to the Investors within fifteen (15) days of receipt of funds from the Investors.
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.