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COMMITMENTS AND CONTINGENCIES
9 Months Ended
Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES

NOTE 12COMMITMENTS AND CONTINGENCIES

 

Legal Matters

 

From time to time, Company may be involved in legal proceedings in the ordinary course of business, which could result in litigation. While any litigation contains an element of uncertainty, we have no reason to believe that the outcome of such proceedings will have a material adverse effect on the financial condition or results of operations of the Company.

 

Other

 

The Company entered into an Agency Agreement dated September 13, 2017 pursuant to which a former officer and director agreed to be engaged as a non-exclusive sales agent for the Company’s products on an as needed basis for a term of three years in consideration of sales commissions including a monthly non-refundable minimum commission to be paid for 24 months. The minimum commitment during the term of the agreement is approximately $335,000.

 

In September 2017, the Company entered into a consulting agreement and agency agreement with an organization to provide ongoing business development and marketing analysis/support beginning October 1, 2017 for a period of 24 months but is cancelable at the end of the first year. The minimum commitment for the first year is $180,000 payable monthly at a rate of $15,000. The agreement also provides a one-time payment of $75,000 upon the Company meeting a performance target. The agency agreement provides for additional compensation to be paid upon successful customer acquisition and cash collection from introduced new customers.