Subsequent Events

3 Months Ended

Mar. 31, 2017

Subsequent Events [Abstract]

Subsequent Events

Note 13 - Subsequent Events

Management has evaluated events that occurred subsequent to the end of the reporting period shown herein:

On or around April 4, 2017, the PTPI note holder converted $6,398.21 into 850,000 common shares of the Company. 

On or around April 4, 2017 the Company entered into a consulting agreement with a third party (“Consultant”) where, on a best-efforts basis, the Consultant will provide the Company with introductions to investment advisors, analysts, funding sources and other members of the financial community with whom it has established relationships, and will generally assist the Company in its efforts to enhance its visibility in the financial community. 

1. During the term of the Agreement the Company will pay the Consultant $2,000 per month to cover expenses. Consultant will accrue monthly cash fees until Company closes a qualified financing.

2. Upon execution of the Agreement, the Company will issue 25,000 shares (the first three months compensation) of the Company’s restricted common stock. In addition, the Company will issue further installments of 25,000 shares every three months while the Agreement remains in effect.  

The Company has instructed its transfer agent to issue the first installment of 25,000 shares to Consultant. 

On or around April 10, 2017 the Company engaged a third party (herein, “Third Party”) for the monthly services at a cost of $20,000 per month to: 

· Assist the Company regarding investor relations, company awareness, announcements and press releases;

· Assist the Company with evaluating and structuring financing;

· Assist the Company with identifying and retaining service providers;

· Providing strategic management consulting as requested; 

· Retaining contractors to work within the parameters of the services herein envisioned; and,

· Assist the Company with introductions to accredited investors. 

As compensation for the Services to be rendered by the Third Party, the Company paid the Consultant a fee in the amount of $20,000 commencing April 10, 2017, for each monthly period of service envisioned herein.

On or around April 10, 2017, the Company was billed by its transfer agent (“TA”) for approximately $11,500 for legal fees (“TA Charges”) in connection with a lawsuit brought by one of the Company’s shareholders against the TA. The Company is not a named party in this litigation. The Company disputes the TA Charges, and as such did not record it in its books. The Company’s position is that the TA Charges are not covered under the indemnification section of the Company’s agreement with its TA.