|12 Months Ended|
Dec. 31, 2018
|Notes to Financial Statements|
|NOTE 20 – SUBSEQUENT EVENTS||
On January 1, 2019, The Company issued 2,500 shares of common stock to one consultant with a value per share of approximately $6.10.
On January 26, 2019, The Company issued 1,000 shares of common stock to one lender in connection with a 125,000 replacement promissory note.
In February 2019, the Company issued an aggregate of 833 shares of Common Stock to shareholder who held an amount of shares prior to the Reverse Stock Split not evenly divisible by the reverse split ratio of 1-for-100. These 833 shares were issued to round up such shareholders to the next whole share.
On February 14, 2019, The Company entered into a First Amendment to Lease extending the office lease in Anaheim, California from July 1, 2019 and expiring on September 30, 2024 with rent beginning at $5,522 per month escalating to $6,552 per month.
On February 22, 2019, The Company entered into a subscription agreement with an investor in the amount of $100,000, pursuant to which the investor purchased 22,222 shares at a price per share of approximately $4.50.
On March 29, 2019, The Company issued a total of 6,205 shares of common stock to its five directors with a value per share of approximately $4.03.
In March 2019, the Company entered into subscription agreements with two investors, one of whom is Louis Lucido, a director, pursuant to which the Investors purchased shares of the Company’s common stock. The investors purchased a total of 400,000 shares at a purchase price of $15.00 per share for a total of $6,000,000 invested. The investors will also receive royalties from each future sale of the Company’s weight loss program. A total of $37.50 out of the gross sales amount of each program sold will be paid to the investors starting on the date the first program is sold and ending on the 3rd anniversary of the initial sales date; and a total of $25.00 out of the gross sales amount of each program sold will be paid to the investors thereafter, ending on the 15th anniversary of the initial sales date.
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.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef