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Subsequent Events
12 Months Ended
Dec. 31, 2015
Subsequent Events [Abstract]  
Subsequent Events

7.     Subsequent Events

 

On December 15, 2016, the Company's Majority shareholders sold 475,679 (11,891,976  pre-split) of their outstanding shares to an individual resulting in a change in control of the Company.

 

On December 15, 2016, Retrospettiva, Inc., a California corporation (the "Company"), accepted the resignation of Borivoje Vukadinovic as the sole Officer and as a member of the Company's Board of Directors.  His resignation did not involve any disagreement with the Company. On December 15, 2016, Mr. Fred W. Wagenhals ("Mr. Wagenhals") was appointed as sole Officer and the sole member of the Company's Board of Directors.  On December 15, 2016, Mr. Wagenhals accepted the appointment.

 

On December 15, 2016, the Company's Board of Directors, in conjunction with the corporate actions referenced herein approved the following: (i) to change its name from Retrospettiva, Inc. to AMMO, Inc., and (ii) a change to the Company's OTC trading symbol. 

 

On December 15, 2016, the Company's Board of Directors approved a 1-for-25 reverse stock split ("Reverse Split") of the issued and outstanding shares of Common Stock of the Company.  As a result of the Reverse Split, the current 14,425,903 issued and outstanding shares of Common Stock shall represent 577,056 post Reverse Split shares; no shareholder shall be reversed below 100 shares and any and all fractional shares resulting from the Reverse Split shall be rounded up to the next whole share.

 

              On December 15, 2016, our Board of Directors approved an agreement and plan of merger to re-domicile and change the Company's state of incorporation from California to the State of Delaware and to carry out a continuance of our company from the State of California to the State of Delaware.

 

            On December 30, 2016, we filed articles of merger with the California Secretary of State to effect the domicile change to the State of Delaware and we filed a Certificate of Merger with the Delaware Secretary of State to effect the domicile change to the State of Delaware.

 

In conjunction with the domicile change, our Board of Directors adopted a new certificate of incorporation under the laws of the State of Delaware to increase our authorized number of shares of common stock from 15,000,000 to 100,000,000 shares of common stock, with a par value of $0.001.

 

On December 15, 2016, the Company owed approximately $317,000 in debt and related accrued interest payable to Borivoje Vukadinovic and Gary Agron ("Debt Holders").  The Company authorized a Debt Conversion Agreement, dated December 15, 2016, between the Company and the Debt Holders pursuant to which Debt Holders and the Company mutually agree to the  following: 1) cancel approximately $292,000 of the total debt owed to the Debt Holders ("Debt Cancellation"); and 2) in consideration for Debt Cancellation, the Company will convert a total amount of Twenty-Five Thousand Dollars ($25,000), which is equal to certain amounts remaining owed by Company to Debt Holders into a onetime conversion ratio of 500,000 restricted shares of the Company's common stock (post stock split) to be valued at $0.05 per share.  The balance of the debt of approximately $292,000 was canceled by the debt holders. The Debt Conversion Agreement was not executed nor the 500,000 shares issued as of February 10, 2017.

 

On January 3, 2017 the Company and Ammo, Inc. a Delaware corporation (Ammo), executed a binding letter of intent (LOI) whereby the Company and Ammo will execute a Plan of Merger Agreement in which the Company will acquire 100% of Ammo in exchange for up to 18,000,000 post-split shares of common stock of the Company.  As of the date of this filing, the Company is still in due diligence stages and has no plans to finalize the transaction until the completion of the due diligence stage and final documentation.

 

On February 3, 2017, the Financial Industry Regulatory Authority ("FINRA") approved: (i) the Company's name change to AMMO, Inc.; and (ii) the plan of merger to re-domicile and change the Company's state of incorporation from California to the State of Delaware and to carry out a continuance of our company from the State of California to the State of Delaware; and (iii) the 1-for-25 Reverse Split of the issued and outstanding shares of Common Stock of the Company.  Additionally, the Company's ticker symbol will change from "RTRO" to "POWW".