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Subsequent Events
3 Months Ended
Mar. 31, 2018
Subsequent Events [Abstract]  
Subsequent Events

Note 11. Subsequent Events

 

The Company has evaluated the impacts of subsequent events through May 9, 2018, and has determined that no such events occurred that were required to be reflected in the consolidated financial statements, except as described within the above notes and described below.

 

Shares Issued to Consultants

 

Subsequent to March 31, 2018 through May 9, 2018, the Company issued 223,000 shares of its common stock to consultants in exchange for services.

 

Shares Issued to Employees and Directors

 

On April 6, 2018, the Company issued 1,050,000 of its restricted common stock to certain executive employees and directors in connection with the commencement of its Bitcoin operation in Sweden. The shares were valued at $1,302 on date of grant and such value will recognized as non-cash compensation over the twelve-month vesting period.

 

Employment Agreement

 

On April 1, 2018, the Company entered into an Amended and Restated Executive Employment Agreement (the “Employment Agreement”) with Mr. Robert Ladd, which was executed on April 6, 2018. The Employment Agreement provides that Mr. Ladd has been reappointed for an initial term of two years. Mr. Ladd is entitled to receive an annualized base salary of $360,000 and is also eligible for a cash and/or equity bonus as the Compensation Committee may determine, from time to time, based on meeting performance objectives and bonus criteria to be mutually identified by Mr. Ladd and the Compensation Committee. In connection with the execution of the Employment Agreement, the Company issued to Mr. Ladd 600,000 shares of the Company’s restricted common stock, pursuant to the Company’s 2016 Stock Option Plan, vesting over a two-year period.

 

Warrant Exercise

 

On April 16, 2018, the Company issued 1,000,000 shares of its common stock in exchange for the cashless exercise of warrants.

 

On April 30, 2018, the Company received $313 in proceeds from the exercise of a warrant to purchase 625,000 shares of the Company’s common stock.

 

On May 2, 2018, the Company received $313 in proceeds from the exercise of a warrant to purchase 625,000 shares of the Company’s common stock.