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Subsequent Events
6 Months Ended
Jun. 30, 2016
Subsequent Events [Abstract]  
Subsequent Events

Note 12. Subsequent events

 

The Company has evaluated events that occurred subsequent to June 30, 2016, and through the date of the Condensed Consolidated Financial Statements.

 

Subsequent to June 30, 2016, and through the date of filing the Quarterly Report on Form 10–Q, the Company granted and issued a total of 10,000 shares to non–employees for services rendered. The shares were recorded at $35 using the closing market value on respective dates of issuance.

 

On August 2, 2016 (the “Closing Date”), the Company entered into a Securities Purchase Agreement (the “SPA”) with selected accredited investors (each an “Investor” and collectively, the “Investors”). Pursuant to the terms of the Purchase Agreement, the Company sold $2,050 in unsecured promissory notes (“Notes) in a private placement (the “Offering”). The Notes mature on September 30, 2019 or such other date as set forth in the Notes. The Notes bear interest at a rate of twelve per cent (12%) per annum, to be paid quarterly in arrears, with the first payment due on September 30, 2016 to be calculated on a pro–rata basis. In addition, for each one thousand dollars invested by an Investor, the Investor shall receive two detachable Warrants (“Warrant”), each of which is exercisable for one hundred (100) shares of the Company’s common stock: Each Warrant has an initial exercise price of $3.31 per share, and is exercisable for a period of thirty–six (36) months from the date of issuance.