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Subsequent Events
6 Months Ended
Jun. 30, 2018
Subsequent Events [Abstract]  
Subsequent Events

Note 12. Subsequent Events

 

The Company has evaluated the impacts of subsequent events through August 14, 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 June 30, 2018 through August 14, 2018, the Company issued 302,000 shares of its common stock to consultants in exchange for services.

 

Restricted shares issued to employees

 

On August 1, 2018 the Company granted 250,000 shares of restricted common stock to an officer. The award vests over an 18 month period.

 

Subsequent to June 30, 2018 through August 14, 2018, the Company granted 105,000 shares of restricted common stock to two employees. The awards vest over an 18-month period.

 

Appointment of chief operating officer

 

On July 11, 2018, the board of directors appointed Mr. Stephen Schaeffer as Chief Operating Officer of the Company. Pursuant to Mr. Schaeffer’s employment agreement dated August 17, 2017, as amended, Mr. Schaeffer receives annual cash compensation of $250 plus bonuses for achieving certain milestones.

 

Warrant exercises

 

Subsequent to June 30, 2018 through August 14, 2018, the Company issued 1,975,000 shares of common stock upon the cashless exercise of warrants to purchase 235,211 shares of common stock.