XML 26 R14.htm IDEA: XBRL DOCUMENT v3.8.0.1
NOTE PAYABLES - RELATED PARTY
12 Months Ended
Dec. 31, 2017
Debt Disclosure [Abstract]  
NOTE PAYABLE - RELATED PARTY

NOTE 7 – NOTES PAYABLE – RELATED PARTY

On December 16, 2016, Ammo and Mansfield entered into a note purchase and sale agreement to purchase a promissory note held by Mansfield, and payable by ATAC.  Ammo purchased the promissory note for $1,035,000. The Managing Member of Mansfield is related to the President of Ammo.  The $1,035,000 was payable on or before the closing date of the note purchase and sale agreement, however, at December 31, 2016, $960,000 of the note balance remained outstanding. As of December 31, 2017, the note had been paid off. Interest on the note was imputed in the amount of $46,340.

In connection with the acquisition of the patent completed August 22, 2017, the Company was obligated to pay $200,000 to Hallam, Inc.'s shareholders. The first $100,000 was paid on August 22, 2017 and a note was executed in the amount of $100,000 which was paid on February 2, 2018.

On August 29, 2017, the Company borrowed $100,000 from an attorney and issued 40,000 common stock purchase warrants with an exercise price of $0.50, expiring two (2) years from date of issuance.  The warrants were valued at $46,188 and recognized as interest expense in 2017.  Note was paid on October 31, 2017.