Annual report pursuant to Section 13 and 15(d)

Subsequent Events

v3.8.0.1
Subsequent Events
 12 Months Ended
Dec. 31, 2017
Subsequent Events [Abstract]  
Subsequent Events

NOTE 13 – SUBSEQUENT EVENTS

 

The following equity and debt transactions occurred subsequent to December 31, 2017:

 

  ● All 500,000 outstanding shares of subscribed Series A convertible preferred stock, plus accrued dividends on such shares, were converted by the Company into 970,989 shares of common stock.
     
  ● Warrants to purchased 89,416 shares of common stock were exercised at exercise prices ranging from $0.20 to $0.40.
     
  ● Options to purchase 300,000 shares of commons stock at exercise prices ranging from $0.025 to $0.55 were forfeited. Of this amount, 200,000 shares at an exercise price of $0.025 were forfeited by the CEO and by an independent Board member (100,000 shares forfeited by each individual).
     
  ● Options to purchase 300,000 shares of common stock were exercised at an exercise price of $0.13 per share.
     
  ● Two noteholders with principal balances totaling $875,000 converted their promissory notes at a conversion rate of $0.65 per share. Accordingly, 1,346,154 shares in total of common stock were issued to these note holders.
     
  ● The Company issued 2,430,768 shares of common stock, at prices ranging from $0.50 to $0.65 per share, resulting in total proceeds of $1,400,000.
     
  ● The Company issued warrants to purchase 237,500 shares of common stock at $0.65 per share pursuant to a previously issued promissory note.
     
  ● The Company issued 370,000 shares of common stock for the payment of services.