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Subsequent Events
3 Months Ended
Mar. 31, 2016
Subsequent Events [Abstract]  
Subsequent Events

Note 15 - Subsequent Events

 

Management has evaluated events that occurred subsequent to the end of the fiscal year shown herein.

 

On April 5, 2016, Erik Klinger was appointed by the Company to serve as the Chief Financial Officer of the Company.

 

There is no understanding or arrangement between Mr. Klinger and any other person pursuant to which he was appointed as an executive officer.  Mr. Klinger does not have any family relationship with any director, executive officer or person nominated or chosen by us to become an executive officer.  Mr. Klinger has not had direct or indirect material interest in any transaction or proposed transaction, in which the Company was or is a proposed participant, exceeding $120,000.

 

Erik Klinger is an executive with over 20 years of experience. Mr. Klinger is the founder and CEO of Dealounge, an online deal platform that specializes in distributing under-covered merger and acquisition deals in the lower middle market to a broader audience of private equity firms, strategic acquirers and family offices. From 2011 through 2014, Mr. Klinger founded and operated Ocelot Partners, a due diligence and advisory firm. From 2004 through 2011, Mr. Klinger co-founded and operated a financial staffing firm that focused on placing interim CFOs and Controllers in public and private companies. Mr. Klinger began his career at Andersen Consulting from 1992 through 1994 and at PricewaterhouseCoopers LLP from 1994 through 1997, both located in New York. Mr. Klinger received a Bachelor of Arts in Engineering Sciences modified with Economics from Dartmouth College in 1992 and a MBA in Finance from the Anderson School at UCLA in 1999.

  

On April 13, 2016, the Company was approved to be upgraded and reinstated to the QTCQB marketplace, after having submitted required documentation and having met the exchange’s requirements.

 

On April 16, 2016 (the "Effective Date"), Mansour Khatib and the Company entered into an Employment Agreement (the "Agreement") pursuant to which Mr. Mansour Khatib agreed to serve as the Chief Marketing Officer of the Company. Mr. Mansour Khatib was also appointed as a director of the Company on the Effective Date. Pursuant to the terms of the Employment Agreement, Mr. Khatib will receive an annual salary of $100,000 upon the Company generating $1,000,000 in revenue during any three (3) month period.

 

There is no understanding or arrangement between Mr. Khatib and any other person pursuant to which he was appointed as an executive officer and director. Mr. Khatib does not have any family relationship with any director, executive officer or person nominated or chosen by us to become a director or an executive officer. Mr. Khatib has not had direct or indirect material interest in any transaction or proposed transaction, in which the Company was or is a proposed participant, exceeding $120,000.

 

From 2009 through 2012, Mr. Khatib served as the CEO and CFO of The Merchandise Company, located in Long Beach, California. From 2012 through the present, Mr. Khatib has served as a U.S. Business and Marketing Sales Representative for KB Racking, located in Toronto, Canada. From May 2013 through July 2014, Mr. Khatib served as VP of Marketing for Sun Energy Partners, LLC, developing solar rooftop projects. From July 2014 through the present, Mr. Khatib has served as the CTO for New Energy Ventures, LLC, a company that is developing utility scale projects in New Jersey, California, and smaller projects in Mexico, the Caribbean and Peru. Mr. Khatib received B.A. in Economics from Fachhochschule Wuppertal in Wuppertal, Germany in 1988 and a Bachelors in Electro Engineering & Computer Technology from University Aachen in Aachen, Germany in 1985.

 

In addition, Dr. Danny Rittman was appointed by the Company as Co-Chairman of the Company. Mr. Rittman was serving as a director of the company at the time of his appointment as Co-Chairman. Additionally, on April 19, 2016, in consideration of past accomplishments achieved by Dr. Rittman on behalf of the Company and for future anticipated achievements, the Company entered into an Amended and Restated Employment Agreement with Dr. Danny Rittman pursuant to which Mr. Rittman will continue to act as the Company's CTO for a term of one (1) year as extended in consideration of (i) a base salary of $12,000 per month from January 1, 2016 through January 1, 2017.

 

On or around April 14, 2016, a third party converted $1,505 of the note payable. The Company issued 200,000 shares at a conversion price of $0.0075273. The sole note payable on the Company’s books was reduced by $1,505 as a result of this conversion.