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Subsequent Events
9 Months Ended
Dec. 31, 2018
Subsequent Events [Abstract]  
Subsequent Events

NOTE 8 - SUBSEQUENT EVENTS

 

On January 2, 2019, the Company hired a new President of Global Commercial Sales and Marketing. Included in the compensation for this position was a stock grant totaling 250,000 shares of the Company’s restricted common stock. Per the terms of the agreement, 50,000 shares were issued as a signing bonus, and the remainder shall vest ratably over the next three years, or as sales hurdles are achieved.

 

On January 11, 2019, Enlight Group II, LLC, a wholly owned subsidiary of Ammo, Inc., entered into Binding Letter of Intent with the Jagemann Stamping Company, a Wisconsin corporation.

 

On January 23, 2019, Enlight Group II, LLC executed a definitive Asset Purchase Agreement whereby Enlight Group II, LLC will acquire 100% of all the assets of Jagemann Stamping Company’s (“JSC”) ammunition casing and projectile manufacturing and sales operations. The aggregate purchase price is $15,400,000 in cash and 1,000,000 shares of AMMO, Inc.’s Common Stock for 51% of the assets and JSC will contribute 49% of the assets to Enlight Group II, LLC. The parties expect to complete the transaction on or before March 31, 2019.

 

Jagemann Stamping Company is engaged exclusively in the business of full-service stamping involving, among other things, the manufacture and sale of deep drawn stampings for use in the ammunition casing and projectile industries.

 

On January 22, 2019, we introduced our TAC-PTM or Tactical Precision line of ammunition for Military and Specialized Law Enforcement customers. TAC-PTM is our new line of defense ammunition that includes match grade capability in both a solid copper boat tail and armor piercing configurations. The TAC-P™ line is also available with our patented one-way luminescent or O.W.L. Technology™.

 

As of January 31, 2019, we sold an additional 1,259,500 shares of common stock and 629,750 warrants to purchase common stock at a price per share of $2.00 totaling $2,519,000. We accrued commissions of $302,280 and 151,140 warrants payable in connection with the sale of these shares. Additionally, 85,000 shares of common stock were issued to employees for stock bonuses.