curr_10q.htm

0001477932-17-002294.txt : 20170515 0001477932-17-002294.hdr.sgml : 20170515 20170515164456 ACCESSION NUMBER: 0001477932-17-002294 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 50 CONFORMED PERIOD OF REPORT: 20170331 FILED AS OF DATE: 20170515 DATE AS OF CHANGE: 20170515 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Cure Pharmaceutical Holding Corp. CENTRAL INDEX KEY: 0001643301 STANDARD INDUSTRIAL CLASSIFICATION: PLASTICS, FOIL & COATED PAPER BAGS [2673] IRS NUMBER: 371765151 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-204857 FILM NUMBER: 17845042 BUSINESS ADDRESS: STREET 1: 1620 BEACON PLACE CITY: OXNARD STATE: CA ZIP: 93033 BUSINESS PHONE: 805-824-0410 MAIL ADDRESS: STREET 1: 1620 BEACON PLACE CITY: OXNARD STATE: CA ZIP: 93033 FORMER COMPANY: FORMER CONFORMED NAME: Makkanotti Group Corp. DATE OF NAME CHANGE: 20150526 10-Q 1 curr_10q.htm FORM 10-Q curr_10q.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2017

¨ Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from __________ to __________

Commission file number 333-204857

CURE PHARMACEUTICAL HOLDING CORP.

(Exact name of registrant as specified in its charter)

Nevada

2673

37-1765151

(State or other jurisdiction
of incorporation or organization)

(Primary Standard Industrial

Classification Number)

(IRS Employer

Identification Number)

1620 Beacon Place, Oxnard, California 93033

(Address of principal executive offices)

(805) 824-0410

(Issuer’s telephone number)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer

¨

Accelerated filer

¨

Non-accelerated filer

¨

Smaller reporting company

x

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x

On May 12, 2017, we had 23,351,252 shares of common stock, par value $0.001 per share (the “Common Stock”) issued and outstanding.

TABLE OF CONTENTS

Page

PART I. FINANCIAL INFORMATION:

Item 1.

Unaudited Condensed Consolidated Financial Statements

3

Condensed Consolidated Balance Sheets as of March 31, 2017 (Unaudited) and December 31, 2016

3

Unaudited Condensed Consolidated Statements of Operations for the three month periods ended March 31, 2017 and 2016

4

Unaudited Condensed Consolidated Statements of Cash Flows for the three month periods ended March 31, 2017 and 2016

5

Notes to the Unaudited Condensed Consolidated Financial Statements

6

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

14

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

18

Item 4.

Controls and Procedures

19

PART II. OTHER INFORMATION:

Item 1.

Legal Proceedings

20

Item 1A.

Risk Factors

20

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

20

Item 3.

Defaults Upon Senior Securities

20

Item 4.

Mine Safety Disclosure

20

Item 5.

Other Information

20

Item 6.

Exhibits

21

Signatures

22

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

CURE PHARMACEUTICAL HOLDING CORP.

Condensed Consolidated Balance Sheets

March 31,
2017

December 31,
2016

(Unaudited)

(Audited)

Assets

Current assets:

Cash

$ 460,902

$ 1,106,142

Accounts receivable

38,138

7,049

Inventory

79,358

81,285

Prepaid expenses and other assets

702,341

223,879

Total current assets

1,280,739

1,418,355

Property and equipment, net

352,525

370,648

Intellectual property and patents, net

894,689

894,510

Other assets

147,529

151,579

Total assets

$ 2,675,482

$ 2,835,092

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

$ 293,981

$ 265,386

Accrued expenses

29,921

26,305

Current portion of loan payable

22,548

33,277

Current portion of note payable

50,000

50,000

Current portion of capital lease payable

6,390

9,453

Deferred revenue

183,938

173,618

Total current liabilities

586,778

558,039

License Fees

560,000

560,000

Total liabilities

1,146,778

1,118,039

Stockholders’ equity:

Common stock: $0.001 par value; authorized 75,000,000 shares; 23,336,673 shares issued and outstanding as of March 31, 2017 and December 31, 2016

23,337

23,337

Additional paid-in capital

14,214,423

12,412,430

Stock payable

630,000

-

Accumulated deficit

(13,339,056 )

(10,718,714 )

Total stockholders’ equity

1,528,704

1,717,053

Total liabilities and stockholders’ equity

$ 2,675,482

$ 2,835,092

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

3

Table of Contents

CURE PHARMACEUTICAL HOLDING CORP.

Condensed Consolidated Statements of Operations (Unaudited)

For the Three Months Ended March 31, 2017 and 2016

Three Months
Ended
March 31,
2017

Three Months
Ended
March 31,

2016

(Unaudited)

(Unaudited)

Revenue

Net product sales

$ 27,497

$ 28,511

Consulting research & development income

4,448

-

Shipping and other sales

-

98

Total revenues

31,945

28,609

Cost of goods sold

35,550

27,165

Gross profit (loss)

(3,605 )

1,443

Research and development expenses

219,620

127,352

Selling, general and administrative expenses

2,402,547

293,436

Total costs and expenses

2,622,167

420,788

Net loss from operations

(2,625,772 )

(419,345 )

Other income (expense):

Interest income

4

366

Other income

8,571

10,071

Loss on disposal of PP&E

-

(3,323 )

Other expense

(994 )

(12,143 )

Interest expense

(2,151 )

(51,718 )

Other income (expense)

5,430

(56,746 )

Net loss before income taxes

(2,620,342 )

(476,091 )

Provision for income taxes

-

-

Net loss

$ (2,620,342 )

$ (476,091 )

Net loss per share, basic and diluted

$ (0.11 )

$ (0.07 )

Weighted average shares outstanding, basic and diluted

23,336,673

6,629,260

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

4

Table of Contents

CURE PHARMACEUTICAL HOLDING CORP.

Condensed Consolidated Statements of Cash Flows (Unaudited)

For the Three Months Ended March 31, 2017 and 2016

For the Three

For the Three

Months Ended

Months Ended

March 31,
2017

March 31,
2016

(Unaudited)

(Unaudited)

Cash flows from operating activities

Net loss

$ (2,620,342 )

$ (476,091 )

Adjustment to reconcile net loss to net cash used in operating activities:

Depreciation and amortization

48,258

37,173

Loss from joint venture

994

2,040

Loss on disposal of PP&E

-

3,323

Amortization of prepaid stock –based compensation

115,644

-

Warrants issued for services

1,801,993

-

Change in other assets and liabilities:

Restricted cash

-

(50,000 )

Accounts receivable

(31,089 )

(5,576 )

Inventory

1,927

3,757

Prepaid expenses and other assets

35,894

(14,598 )

Other assets

8,056

18,159

Accounts payable

28,595

(204,823 )

Accrued expenses

3,616

25,227

Deferred revenue

10,320

(10,434 )

Net cash used in operating activities

(596,134 )

(671,843 )

Cash flows from investing activities

Advanced on note receivable

-

(18,290 )

Purchase in intangible assets

(11,000 )

(14,965 )

Payment to joint venture investment

(5,000 )

(20,421 )

Acquisition of property and equipment, net

(19,314 )

(28,898 )

Net cash used in investing activities

(35,314 )

(82,574 )

Cash flows from financing activities

Proceeds from loan

-

1,046,960

Loan repayments

(10,729 )

(131,266 )

Capital lease payments

(3,063 )

(2,713 )

Net cash provided (used) by financing activities

(13,792 )

912,981

Net increase (decrease) in cash and cash equivalents

(645,240 )

158,564

Cash and cash equivalents, beginning of period

1,106,142

13,352

Cash and cash equivalents, end of period

$ 460,902

$ 171,916

Supplemental cash flow information

Cash paid for interest and income taxes:

Interest

$ 2,151

$ 19,344

Income taxes

-

-

Non-cash financing activities:

Common stock to be issued for prepaid expense

$ 514,356

$ -

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

5

Table of Contents

CURE PHARMACEUTICAL HOLDING CORP.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2017

(UNAUDITED)

NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS

Cure Pharmaceutical Holding Corp (the “Company”), formally known as Makkanotti Group Corp, was incorporated in the State of Nevada on May 15, 2014. The Company was formed to engage in the business of manufacturing food paper bags in Nicosia, Cyprus. On November 7, 2016, the Company changed its name to Cure Pharmaceutical Holding Corp.

On November 7, 2016, the Company, in a reverse take-over transaction, acquired Cure Pharmaceutical Corporation (“Cure Pharmaceutical”), a specialty pharmaceutical and bioscience company based in California that specializes in drug delivery technologies, by executing a Share Exchange Agreement and Conversion Agreement (“Exchange Agreement”) by and among the Company and a holder of a majority of the issued and outstanding capital stock of the registrant prior to the closing (the “Majority Stockholder”), on the one hand, and Cure Pharmaceutical, a California corporation, all of the shareholders of Cure Pharmaceutical’s issued and outstanding share capital (the “Cure Pharm Shareholders”) and the holders of certain convertible promissory notes of Cure Pharmaceutical (“Cure Pharm Noteholders”), on the other hand. Hereinafter, this share exchange transaction is described as the “Share Exchange.” As a result of the Share Exchange, Cure Pharmaceutical became a wholly owned subsidiary of the Company, and the Cure Pharm Shareholders and Cure Pharm Noteholders became the controlling shareholders of the Company.

For accounting purposes, Cure Pharmaceutical shall be the surviving entity. The transaction is accounted for using the reverse acquisition method of accounting. As a result of the recapitalization and change in control, Cure Pharmaceutical is the acquiring entity in accordance with ASC 805, Business Combinations.

Cure Pharmaceutical Corporation is a specialty pharmaceutical and bioscience company with a focus in drug delivery technologies. Cure leverages novel drug delivery technologies to develop and commercialize new applications of proven therapeutics through Oral Thin Film (“OTF”) via our proprietary patented CureFilm™ Technology as well as through transdermal applications. Our micro encapsulation of drug actives in our CureFilm™ Technology allows for a higher volume of an active and if required, multiple actives to be produced on a single oral thin film strip.

The Company is focused on partnering with pharmaceutical and biotech companies seeking to deliver drug actives utilizing and benefitting from our proprietary OTF and transdermal applications and when preferable to take our own products from clinical process to commercialization. We are focused on both the human and veterinary prescription, OTC and nutraceutical markets. Cure represents the complete solution for OTF drug delivery therapeutics from inception to finished product utilizing our CGMP/FDA registered manufacturing facility and processes.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principal of Consolidation and Basis of Presentation

The condensed consolidated financial statements include the accounts of Cure Pharmaceutical Holding Corp (“CPHC”) and its wholly-owned subsidiary, Cure Pharmaceutical Corporation (“Cure”), collectively referred to as (“Cure”, “we”, “us”, “our” or the “Company” All significant inter-company balances and transactions have been eliminated in consolidation. The Company’s film strip product represents the principal operations of the Company.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial statements and with the instructions to Form 10-Q and Article 8 of Regulation S-X of the United States Securities and Exchange Commission (“SEC”). Accordingly, they do not contain all information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements. In the opinion of the Company’s management, the accompanying unaudited condensed consolidated financial statements contain all the adjustments necessary (consisting only of normal recurring accruals) to present the financial position of the Company as of March 31, 2017, and the results of operations and cash flows for the periods presented. The results of operations for the three months ended March 31, 2017 and 2016, are not necessarily indicative of the operating results for the full fiscal year or any future period. These unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and related notes thereto included in Form 10-K for the fiscal period ended December 31, 2016 filed with the Securities and Exchange Commission (the “SEC”) on April 17, 2017.

6

Table of Contents

CURE PHARMACEUTICAL HOLDING CORP.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2017

(UNAUDITED)

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. These estimates and assumptions also affect the reported amounts of revenues, costs and expenses during the reporting period. Management evaluates these estimates and assumptions on a regular basis. Actual results could differ from those estimates.

Cash and Cash Equivalents

The Company considers all cash on hand and in banks, including accounts in book overdraft positions, certificates of deposit and other highly-liquid investments with maturities of three months or less, when purchased, to be cash and cash equivalents. As of March 31, 2017 and December 31, 2016, the Company had no cash equivalents. At March 31, 2017 and December 31, 2016, the Company maintains its cash and cash equivalents in banks insured by the Federal Deposit Insurance Corporation (“FDIC”) in accounts that at times may be in excess of the federally insured limit of $250,000 per bank. The Company minimizes this risk by placing its cash deposits with major financial institutions.

Investment in Associates

An associate is an entity over which the Company has significant influence through a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the investee but not control or joint control over those policies.

The results of assets and liabilities of associates are incorporated in the condensed consolidated financial statements using the equity method of accounting. Under the equity method, investments in associates are carried in the consolidated balance sheet at cost as adjusted for post-acquisition changes in the Company’s share of the net assets of the associate, less any impairment in the value of the investment. Losses of an associate in excess of the Company’s interest in that associate are not recognized. Additional losses are provided for, and a liability is recognized, only to the extent that the Company has incurred legal or constructive obligations or made payments on behalf of the associate.

Any excess of the cost of acquisition over the Company’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities of the associate recognized at the date of acquisition is recognized as goodwill. The goodwill is included within the carrying amount of the investment.

On January 8, 2016, the Company received 50% ownership in Cure Innovations, Inc (“CI”). CI was created in 2015 by IncuBrands Studio, Inc (“IncuBrands”). The Company and IncuBrands each own 50% of the common stock of CI. The Company and IncuBrands entered into a Joint Venture agreement in 2013 to distribute several OTF products utilizing IncuBrands marketing and contacts in various industries as well as utilize the Company’s technology and capabilities of manufacturing OTF’s.

On December 6, 2016, the Company entered into a Joint Venture Agreement (“Joint Venture”) with Pace Wellness, Inc. (“Pace”) to jointly develop three Active Pharmaceutical Ingredients (“API”) within the nonprescription and/or Over-the-Counter (OTC) medicines specifically utilizing the Company’s patented and proprietary CureFilm™ Technology. The three API’s to be jointly developed are Diphenhydramine HCL, Omeprazole and a third API to be determined at a later date (“Products”). Pace shall be the exclusive global distributor of the Products under the Solves Strips® branding or other private or branded labels. All benefits, advantages, and liabilities derived from, or incurred in respect of the Joint Venture shall be borne by the parties in proportion of their respective participating interests of 50/50 equal interest.

Property and Equipment

The Company capitalizes expenditures related to property and equipment, subject to a minimum rule, that have a useful life greater than one year for: (1) assets purchased; (2) existing assets that are replaced, improved or the useful lives have been extended; or (3) all land, regardless of cost. Acquisitions of new assets, additions, replacements and improvements (other than land) costing less than the minimum rule in addition to maintenance and repair costs, including any planned major maintenance activities, are expensed as incurred. Depreciation has been provided using the straight-line method on the following estimated useful lives:

Manufacturing equipment

5-7 Years

Computer and other equipment

3-7 Years

Leasehold Improvements

Lesser of useful life or the term of the lease

7

Table of Contents

CURE PHARMACEUTICAL HOLDING CORP.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2017

(UNAUDITED)

Accounts Receivable

Accounts receivable are generally unsecured. The Company establishes an allowance for doubtful accounts receivable based on the age of outstanding invoices and management’s evaluation of collectability. Accounts are written off after all reasonable collection efforts have been exhausted and management concludes that likelihood of collection is remote. Any future recoveries are applied against the allowance for doubtful accounts.

Impairment of Long-Lived Assets

Long-lived assets include equipment and intangible assets other than those with indefinite lives. We assess the carrying value of our long-lived asset groups when indicators of impairment exist and recognize an impairment loss when the carrying amount of a long-lived asset is not recoverable when compared to undiscounted cash flows expected to result from the use and eventual disposition of the asset.

Indicators of impairment include significant underperformance relative to historical or projected future operating results, significant changes in our use of the assets or in our business strategy, loss of or changes in customer relationships and significant negative industry or economic trends. When indications of impairment arise for a particular asset or group of assets, we assess the future recoverability of the carrying value of the asset (or asset group) based on an undiscounted cash flow analysis. If carrying value exceeds projected, net, undiscounted cash flows, an additional analysis is performed to determine the fair value of the asset (or asset group), typically a discounted cash flow analysis, and an impairment charge is recorded for the excess of carrying value over fair value. There was no impairment on our long-lived assets during the three months ended March 31, 2017. For the year ended December 31, 2016, the Company wrote off $58,522 of patents.

Revenue Recognition

The Company recognizes revenue in accordance with the FASB ASC 605, Revenue Recognition. ASC 605 requires that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred and/or service has been performed; (3) the selling price is fixed and determinable; and (4) collectability is reasonably assured. The Company believes that these criteria are satisfied upon shipment from our facility. Freight billed to customers is presented as revenues, and the related freight costs are presented as cost of goods sold. Deferred revenue is recognized when earned and all significant obligations have been satisfied.

Advertising Expense

The Company expenses marketing, promotions and advertising costs as incurred. Such costs are included in general and administrative expense in the accompanying statements of operations. The Company recorded advertising costs of $1,876 for the three months period ended March 31, 2017 and none for the three month period ended March 31, 2016.

Research and Development

Costs incurred in connection with the development of new products and processes are charged to research and development expenses as incurred.

Income Taxes

The Company utilizes FASB ASC 740, “Income Taxes,” which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the difference between the tax basis of assets and liabilities and their financial reporting amounts based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. A valuation allowance is recorded when it is “more likely-than-not” that a deferred tax asset will not be realized.

8

Table of Contents

CURE PHARMACEUTICAL HOLDING CORP.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2017

(UNAUDITED)

The Company generated a deferred tax asset through net operating loss carry-forward. However, a valuation allowance of 100% has been established due to the uncertainty of the Company’s realization of the net operating loss carry forward prior to its expiration.

Stock-Based Compensation

Stock-based compensation is accounted for based on the requirements of the Share-Based Payment Topic of ASC 718 which requires recognition in the consolidated financial statements of the cost of employee and director services received in exchange for an award of equity instruments over the period the employee or director is required to perform the services in exchange for the award (presumptively, the vesting period). The ASC also requires measurement of the cost of employee and director services received in exchange for an award based on the grant-date fair value of the award.

Pursuant to ASC Topic 505-50, for share-based payments to consultants and other third-parties, compensation expense is determined at the “measurement date.” The expense is recognized over the vesting period of the award. Until the measurement date is reached, the total amount of compensation expense remains uncertain. The Company initially records compensation expense based on the fair value of the award at the reporting date.

Fair Value Measurements

The Company adopted the provisions of ASC Topic 820, “Fair Value Measurements and Disclosures”, which defines fair value as used in numerous accounting pronouncements, establishes a framework for measuring fair value and expands disclosure of fair value measurements.

The estimated fair value of certain financial instruments, including cash and cash equivalents are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments.

ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value:

Level 1 — quoted prices in active markets for identical assets or liabilities

Level 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable

Level 3 — inputs that are unobservable (for example cash flow modeling inputs based on assumptions)

The Company has no assets or liabilities valued at fair value on a recurring basis.

Basic and diluted loss per share

Basic loss per share is computed by dividing the net loss to common stockholders for the period by the weighted average number of common shares outstanding during the period. Diluted loss per share is computed by dividing the net loss for the period by the weighted average number of common and dilutive common equivalent shares outstanding during the period. Common equivalent shares, which consist of stock options and warrants, have been excluded from the diluted loss per share calculation because their effect is anti-dilutive.

Going Concern

The Company’s financial statements are prepared using U.S. GAAP applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company had an accumulated deficit at March 31, 2017 of $13,339,056. The Company had a working capital of $693,961 as at March 31, 2017. These factors raise substantial doubt about the Company’s ability to continue as a going concern for one year from the issuance of the financial statements. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it establishes a revenue stream and becomes profitable. The Company is continually analyzing its current costs and is attempting to make additional cost reductions where possible. We expect that we will continue to generate losses from operations throughout 2017.

9

Table of Contents

CURE PHARMACEUTICAL HOLDING CORP.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2017

(UNAUDITED)

In order to continue as a going concern and to develop a reliable source of revenues, and achieve a profitable level of operations the Company will need, among other things, additional capital resources. Management’s plans to continue as a going concern include raising additional capital through borrowing and/or sales of equity and debt securities. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans.

The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments relating to the recoverability and classification of assets and liabilities that might be necessary if the Company is unable to continue as a going concern.

Recently Issued Standards

In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities. The purpose is to enhance the reporting model for financial instruments to provide users of financial statements with more decision-useful information. This ASU is effective for the Company in the first quarter of 2018. Early adoption is not permitted except for limited provisions. The Company does not expect the adoption of this amendment to have a material effect on its financial condition and results of operations.

In March 2016, the FASB issued ASU No. 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The new standard requires recognition of the income tax effects of vested or settled awards in the income statement and involves several other aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. This new standard became effective for the Company on January 1, 2017. The adoption of this standard did not have a material impact on its financial position, results of operations or statements of cash flows upon adoption.

In August, 2016, the FASB issued Accounting Standards Update No. 2016-15, Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force) (“ASU 2016-15”). The amendments in ASU 2016-15 address eight specific cash flow issues and apply to all entities that are required to present a statement of cash flows under ASC Topic 230, Statement of Cash Flows. The amendments in ASU 2016-15 are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption during an interim period. The Company has not yet completed the analysis of how adopting this guidance will affect its consolidated financial statements.

In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. This new standard clarifies the definition of a business and provides a screen to determine when an integrated set of assets and activities is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. This new standard will be effective for the Company on January 1, 2018; however, early adoption is permitted with prospective application to any business development transaction.

There are various other updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries and are not expected to a have a material impact on the Company’s financial position, results of operations or cash flows.

NOTE 3 - INVENTORY

Inventory consists of raw materials, packaging components, work-in-process and finished goods. The Company’s inventory is stated at the lower of cost (FIFO cost basis) or market. The carrying value of inventory consisted of the following at March 31, 2017 and December 31, 2016:

March 31,
2017

December 31, 2016

Raw materials

$ 65,631

$ 68,047

Packaging components

83,030

84,927

Work-in-process

19,578

17,406

Finished goods

-

-

168,239

170,380

Reserve for obsolescence

(88,881 )

(89,095 )

Total inventory

$ 79,358

$ 81,285

10

Table of Contents

CURE PHARMACEUTICAL HOLDING CORP.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2017

(UNAUDITED)

NOTE 4 – LOAN PAYABLE

Loan payable consist of the following at March 31, 2017 and December 31, 2016:

2017

2016

Note to a company due September 29, 2017 including interest at 13.25% per annum; unsecured; interest due monthly

$ 22,548

$ 33,277

Current portion of loan payable

22,548

33,277

Loan payable, less current portion

$ -

$ -

NOTE 5 – NOTE PAYABLE

Notes payable consist of the following at March 31, 2017 and December 31, 2016:

2017

2016

Note to an individual, non-interest bearing, unsecured and has no fixed terms of repayment

$ 50,000

$ 50,000

50,000

50,000

Current portion of loan payable

50,000

50,000

Loan payable, less current portion

$ -

$ -

NOTE 6 – WARRANT AGREEMENTS

On January 3, 2017, the Company issued 1,300,000 warrants in connection with commissions earned in relation to the Company’s Private Label Exclusive Distribution and License agreement with Red Barn Pet Products, LLC. Warrants that vest at the end of a one-year period are amortized over the vesting period using the straight-line method.

The Company’s warrant activity was as follows:

Warrants

Weighted Average
Exercise Price

Weighted Average Contractual Remaining Life

Outstanding, December 31, 2016

4,392,107

1.97

6.17

Granted

1,300,000

2.00

0.76

Exercised

-

-

-

Forfeited/Expired

-

-

-

Outstanding, March 31, 2017

5,692,107

1.98

6.15

Exercisable at March 31, 2017

3,490,665

1.99

3.20

11

Table of Contents

CURE PHARMACEUTICAL HOLDING CORP.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2017

(UNAUDITED)

Range of
Exercise Price

Number of
Warrants

Weighted Average Remaining Contractual Life (years)

Weighted Average Exercise Price

Number of Warrants Exercisable

Weighted Average Exercise Price

$

1.00 - $2.00

5,692,107

6.15

$

1.98

3,628,256

$

1.99

5,692,107

6.15

$

1.98

3,628,256

$

1.99

The weighted-average fair value of warrants granted to during the three months ended March 31, 2017 and year ended December 31, 2016, and the weighted-average significant assumptions used to determine those fair values, using a Black-Scholes-Merton (“Black-Scholes”) option pricing model are as follows:

March 31,
2017

December 31,
2016

Significant assumptions (weighted-average):

Risk-free interest rate at grant date

1.93 %

1.83 %

Expected stock price volatility

81.28 %

84.42 %

Expected dividend payout

-

-

Expected option life (in years)

3

3

Expected forfeiture rate

0 %

0 %

NOTE 7 – STOCKHOLDERS’ EQUITY

Authorized Stock

The Company has authorized to issue is 75,000,000 common shares with a par value of $0.001 per share.

As of March 31, 2017 and December 31, 2016, there were 23,336,673, shares of the Company’s common stock issued and outstanding.

Common Share Issuances

As of March 31, 2017, the Company agreed to issue 300,000 common stock shares at $2.10 per share for consulting services to be performed over a one year period.

NOTE 8 - COMMITMENTS AND CONTINGENCIES

Litigation:

From time to time the Company may become a party to litigation in the normal course of business. Management believes that there are no current legal matters that would have a material effect on the Company’s financial position or results of operations.

Operating leases

The Company maintains its corporate offices and manufacturing facility at 1620 Beacon Place, Oxnard, CA 93033, which contains approximately 25,000 square feet. The Company is currently on a month-to-month lease.

The Company also leases additional office and warehouse space at 1610 and 1612 Fiske Place, Oxnard, CA 93033, which contains approximately 6,547 square feet. The Company is currently on a month-to-month lease.

Total rent expense for the three month periods ended March 31, 2017 and 2016 was $72,400 and $71,968, respectively.

NOTE 9 – SUBSEQUENT EVENTS

On April 7, 2017, the Company entered into an agreement with an investor relations firm where the Company issued 14,579 shares of restricted common stock at $6.86 per share for investor relation services to be performed over a 12 month period.

12

Table of Contents

CURE PHARMACEUTICAL HOLDING CORP.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2017

(UNAUDITED)

On April 15, 2017 (the “Effective Date”), the Company entered into an employment agreement with Richard Serbin (“Executive”) to serve as the Company’s Head of Global Corporate Development with such customary responsibilities, duties and authority normally associated with such position. In the performance of such duties, the Executive shall report to the Chief Executive Officer and shall receive a base salary at a rate of $150,000 per annum (such annual base salary, as it may be adjusted from time to time, the “Annual Base Salary”). The Annual Base Salary shall be paid in equal installments in accordance with the customary payroll practices of the Company, but no less frequently than monthly. On the Effective Date, the Company will grant to Executive an award representing 125,000 shares of restricted stock of the Company (the “Shares”) which Shares will vest as long as Executive is employed by the Company with 15,625 shares vesting every three months beginning on the three-month anniversary of the Effective Date and every three months thereafter. The term of employment under the employment agreement (the “Term”) shall commence on the Effective Date and continue for a period of one year, unless terminated in accordance with Section 3 of the employment agreement. Following the expiration of the initial Term, the Term shall be extended by one year unless terminated by either the Executive or the Company.

On April 24, 2017, the Company entered into an agreement with a consultant where the Company is to issue 100,000 shares of restricted common stock at $7.00 per share for consulting services to be performed over a 6 month period.

On April 27, 2017, the Company received $650,000 by issuing a senior secured promissory note (“Promissory Note”) to a company that is due August 27, 2017 (“Maturity Date”). The Promissory Note carries an original issue discount (“OID”) of $10,000 which amount is included in the Promissory Note. No interest shall accrue on this Promissory Note unless the Promissory Note is not repaid by the Maturity Date at which the Promissory Note shall accrue interest at 10% per annum. The Promissory Note is secured by the Company’s intellectual property.

On May 1, 2017, the Company paid $642,500 to initiate a research project with Technion Research & Development Foundation Ltd. (“TRDF”) and Cannakids. The research project to be performed by TRDF will perform studies regarding the effectiveness of certain cannabinoid strain extracts for specific genetic sub-types of cancer. The final terms of the research project shall be completed by the end of May 2017.

On May 9, 2017, the Company amended the Warrant Agreements to Burge Capital, LLC and Thaos Capital, LLC dated November 15, 2016 and Zaisan Wealth Builders Inc dated December 8, 2016 whereas all or any part of these Warrants shall be exercisable by the registered Holder at any time and from time to time from and after the Original Issue Date, and through and including 5:30 P.M., U.S. Pacific Standard Time, on the Expiration Date. At 5:30 P.M., U.S. Pacific Standard time on the Expiration Date, the portion of these Warrant not exercised prior thereto shall be and become void and of no value. In addition, whenever the Company proposes to register any of its securities under the Securities Act, the Company will give prompt written notice to the Holders of its intention to effect such registration and will include in such registration all Warrant Shares with respect to which the Company has received a written notice from the Holder for inclusion therein within 15 days after the receipt of the Company’s notice. The Company will pay, or cause to be paid, the registration expenses of the Holder in all piggyback registrations. These piggyback registration rights shall be effective only upon the earlier of: (1) the Company’s Uplisting or (2) November 15, 2017, the one year anniversary of the Company’s merger transaction.

13

Table of Contents

ITEM 2. MANAGEMENT’ DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Statements made in this Form 10-Q that are not historical or current facts are “forward-looking statements” made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 (the “Act”) and Section 21E of the Securities Exchange Act of 1934. These statements often can be identified by the use of terms such as “may,” “will,” “expect,” “believe,” “anticipate,” “estimate,” “approximate” or “continue,” or the negative thereof. We intend that such forward-looking statements be subject to the safe harbors for such statements. We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Any forward-looking statements represent management’s best judgment as to what may occur in the future. However, forward-looking statements are subject to risks, uncertainties and important factors beyond our control that could cause actual results and events to differ materially from historical results of operations and events and those presently anticipated or projected. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events.

BUSINESS

CURE Pharmaceutical Holding Corp. (the “Company”) was incorporated in the State of Nevada on May 15, 2014. The Company was formerly named Makkanotti Group Corp. and was formed to engage in the business of manufacturing food paper bags in Nicosia, Cyprus.

On November 7, 2016, the board of directors and the majority stockholder of the then outstanding shares of registrant’s common stock executed a written consent to change registrant’s name from Makkanotti Group Corp. to CURE Pharmaceutical Holdings Corp. The Certificate of Amendment to Articles of Incorporation was filed with the State of Nevada on November 30, 2016.

CURE Pharmaceutical Corporation

Our wholly owned subsidiary and operating business, Cure Pharmaceutical, located in Oxnard, California was originally incorporated in July 2011 as a developer of advanced oral thin film (“OTF”) for the delivery of nutraceutical, Over-The-Counter (“OTC”) and prescription products for human and veterinary markets. We utilize drug delivery technologies to develop and commercialize new applications of proven therapeutics through our CureFilm™ technology, as well as through sublingual and transdermal applications. Our exclusive micro encapsulation of drug actives allows for a higher volume of an active and if required, multiple actives to be produced on a single OTF strip. We expect this technology will allow us to produce a broad spectrum of pharmaceutical, OTC and nutraceutical products.

Our Product

CureFilm™ Technology and Value Proposition

Typical forms of drug delivery that consumers have been familiar with over the years, include tablets, capsules, chewables, gummies, and more recent developments, such as melts and sublingual drops and sprays. We believe that we are one of the companies at the forefront of OTF drug delivery technology. Our OTF product is about the size of a postage stamp using a matrix that maximizes the amount of “active” drug that can be delivered via OTF.

Our CureFilm™ Technology consists of patented, patent pending and trade secrets in two areas: OTF – Core Technology, Sublingual Technology and Transdermal (skin) Technology.

Our proprietary multi-layer CureFilm™ allows dosages of many pharmaceutical, OTC and nutraceutical products to be put onto a small strip applied to the cheek (buccal), or under the tongue (sublingual). We believe that what sets us apart from the competition is our proprietary patented CureFilm™ Technology, multi-layer systems and formulation technologies that:

·

Consists of two components - a liquid-based film layer that contains and stabilizes the active ingredients, and a powder matrix layer.

·

Provides improved stability as well as delivery of active ingredients.

·

Contains functional qualities to include extra flavoring ingredients, pliability enhancers, and mucosal permeation enhancers.

In a two-layer strip, the layers are designed to work together, in combination with the powder composition. The powder composition can be varied, as can the muco-adhesion properties of the strips, to alter the dissolution and absorption rates of the medicament. A complete multilayer system allows for increased stability, higher loading of active ingredients, and increased taste and palatability.

14

Table of Contents

Another recent advancement in our CureFilm™ Technology utilizes micro-encapsulation of selected active ingredients. In the micro-encapsulation process, microscopic particles or droplets envelop the active ingredients to protect and shield them. The technique used in the micro-encapsulation process depends on various factors including the physical and chemical properties of the active ingredients. This micro-encapsulation technology has allowed the delivery of higher dosing with better flavor masking.

We have various types of CureFilm™ dietary supplement products that are being commercialized and developed. These include:

Commercialized:

·

MacuStrip Vitamin complex (eye health product)

·

ID Life Sleep melatonin

·

Electrolyte (Adult and Pediatric)

·

E6 Berry Caffeine

·

Hang-Over Relief

In Development:

·

Aspirin

·

Loratadine

·

Tadalifil

·

Sildenafil

·

Loperamide

·

Vitamin B12

·

Vitamin D3

·

Folic Acid

Clinical Development

We partner with pharmaceutical companies looking for new methods to deliver drug actives. Under Section (505)(b)(2) of the Food, Drug, and Cosmetic Act, (“(505)(b)(2)”) the FDA may grant market exclusivity for a term of up to three years of exclusivity following approval of a listed drug that contains previously approved active ingredients but is approved in a new dosage, dosage form, route of administration or combination. The 505(b)(2) pathway is also the regulatory approach to be followed if an applicant intends to file an application for a product containing a drug that is already approved by the FDA for a certain indication and for which the applicant is seeking approval for a new indication or for a new use, the approval of which is required to be supported by new clinical trials, other than bioavailability studies. We have implemented a strategy under which we actively look for such so-called “repurposing opportunities” and determine whether our proprietary CureFilm™ Technology adds value to the product.

We currently have five such drug repurposing projects in our development pipeline, although there can be no assurance that such projects will be fully developed. The companies we partner with are typically responsible for managing the regulatory approval process of the product with the FDA and/or other regulatory bodies, as well as for the marketing and distribution of the products. On a case-by-case basis, we may be responsible for providing all or part of the documentation required for the regulatory submission.

In addition to pursuing partnering arrangements that provide for the full funding of a drug development project, we may undertake development of selected product opportunities until the marketing and distribution stage. We would first assess the potential and associated costs for successful development of a product, and then determine at which stage it would be most prudent to seek a partner, balancing costs against the potential for higher returns later in the development process. We currently have five of such potential drug candidates in our product pipeline, all of which are in the formulation development and pre-clinical phase of development. However, there can be no assurance that we will be able to fully develop, market and distribute OTF products for these drug candidates.

15

Table of Contents

Competition

We face competition from other companies, academic institutions, governmental agencies and other public and private research organizations for collaborative arrangements with pharmaceutical and biotechnology companies, in recruiting and retaining highly qualified scientific and management personnel and for licenses to additional technologies. Many of our competitors, including Monosol, BioDelivery Sciences International, IntelGenx and LTS Lohmann, will have substantially greater financial, technical and human resources than we have. Our success will be based in part on our ability to build, obtain regulatory approval for and market acceptance of, and actively manage a portfolio of drugs that addresses unmet medical needs and creates value in patient therapy.

The OTF manufacturing industry is relatively new, having only emerged over the last ten years. Although currently there are just a handful of current players within this industry, we expect that we will be subject to competition from numerous other companies that currently operate or are planning to enter the markets in which we compete. To date, among manufacturers of OTF, some medications that either are or have been available by OTF manufacturers in the marketplace include:

·

Zuplenz (the first oral soluble film approved by the FDA as a prescription medication)

·

Benadryl (diphenhydramine product and anti-histamine used for allergies and mild sedative)

·

Gas-X (simethicone product for bloating, gas, and gastrointestinal complaint)

·

Melatonin PM (hormonal product sold as a “dietary supplement” marketed for insomnia)

·

Orajel Kids (benzocaine product for dental pain)

·

Suboxone (buprenorphine and naloxone fixed dosage combination product for opioid addiction)

·

Subutex (buprenorphine product for opioid addiction)

·

Sudafed (phenylephrine or pseudoephedrine product for nasal congestion)

·

TheraFlu (combination product of pain reliever, anti-pyretic and decongestant)

·

Triaminic (children’s anti-tussive product)

The barriers to enter this market are the “know how’s” of developing and formulating consumer desired products which taste great. Also, the high cost of entry by companies who have no expertise in the market makes entry by competitors risky since the technology to develop product is expensive and proprietary. The key factors affecting the development and commercialization of our drug delivery products are likely to include, among other factors:

·

The safety and efficacy of our products;

·

The relative speed with which we can develop products;

·

Generic competition for any product that we develop;

·

Our ability to defend our existing intellectual property and to broaden our intellectual property and technology base;

·

Our ability to differentiate our products;

·

Our ability to develop products that can be manufactured on a cost effective basis;

·

Our ability to manufacture our products in compliance with cGMP and any other regulatory requirements; and

·

Our ability to obtain financing.

In order to establish ourselves as a viable industry partner, we plan to continue to invest in our research and development activities and in our manufacturing technology expertise, in order to further strengthen our technology base and to develop the ability to manufacture our CureFilm™ products ourselves, at competitive costs. Our failure to compete effectively could have a material adverse effect on our business.

Significant Employees

We currently have no significant employees.

Office

Our office located at 1620 Beacon Place, Oxnard, California 93033. Our phone number is (805) 824-0410.

Government Regulation

We will be required to comply with all regulations, rules and directives of governmental authorities and agencies applicable to our business in any jurisdiction which we would conduct activities. We do not believe that regulation will have a material impact on the way we conduct our business.

16

Table of Contents

RESULTS OF OPERATIONS

Revenues for the Three Months Ended March 31, 2017 and 2016.

Revenues for the three months ended March 31, 2017 were $31,945 as compared to $28,609 for the three months ended March 31, 2016. The slight increase was principally due to the Company completing a couple of R&D phases with two customers. The Company did not generate this type of revenue in the three months ended March 31, 2016.

Cost of Goods Sold

Cost of goods sold was $35,550 in the three months ended March 31, 2017 compared to $27,165 in the three months ended March 31, 2016. Cost of goods sold increased by $8,385 in the three months ended March 31, 2017 compared to the three months ended March 31, 2016. During the three months ended March 31, 2017, the Company utilized a new third party converter for one of our customers. Due to the vendor having issues converting, we incurred additional unexpected costs than normal.

Selling, General and Administrative Expenses

Selling, general and administrative expenses for the three months ended March 31, 2017 amounted to $2,402,547, and for three months ended March 31, 2016 amounted to $293,436. For the three months ended March 31, 2017 and 2016, selling, general and administrative expenses were mainly comprised of amortization, commission, insurance, payroll, consulting and rent expenses. The increase in the three months ended March 31, 2017 compared to the three months ended March 31, 2016 was due to the increase in payroll, insurances and public market expenses as well as noncash transactions relating to common stock to be issued for consulting services and recording the fair value of the warrants issued for services.

Research and Development Expenses

For the three months ended March 31, 2017, research and development expenses increased to $219,620 compared to the three months ended March 31, 2016 of $127,352. As the Company was able to raise funds during 2016 by issuing convertible promissory notes, we were able to continue to focus on spending on improving our intellectual property. At the same time the Company focused on developing potential partnerships with pharmaceutical and bioscience companies and new OTC products.

LIQUIDITY AND CAPITAL RESOURCES

For the three months ended March 31, 2017

As of March 31, 2017, our total assets were $2,675,482 comprised of cash of $460,902, accounts receivable of $38,138, inventory of $79,358, prepaid expenses and other assets of $702,341, net property and equipment of $352,525, net intangibles of $894,689, and other assets of $147,529. Our total liabilities were $1,146,778 comprised of accounts payable of $293,981, accrued expenses of $29,921, current portion of loan and note payables of $72,548, current portion of capital lease payable of $6,390, deferred revenue of $183,938 and license fees of $560,000.

Cash flows used in operating activities

For the three months ended March 31, 2017, operating activities consumed $596,134 of cash. This was primarily the result of a net loss of $2,620,342, offset by depreciation and amortization of $48,258, stock payable for services of $115,644, and warrants issued for services of $1,801,993 as well as the changes in accounts receivable of $31,089, prepaid expenses of $35,894, accounts payable of $28,595 and deferred revenue of $10,320.

Cash flows used in investing activities

Investment activities used an additional $35,314 of cash during the three months ended March 31, 2017, primarily as a result of payments for patents and costs associated in the development and improvement of our intellectual property of $11,000, payment to investment of $5,000 and acquisition of property and equipment of $19,314.

Cash flows provided by financing activities

Financing activities used $13,972 of cash for the three months ended March 31, 2017, primarily as the result of repayments of loan and capital lease payables of $13,972.

17

Table of Contents

CRITICAL ACCOUTNING POLICIES

The preparation of financial statements in conformity with generally accepted accounting principles of the United States (“U.S. GAAP”) requires estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities in the financial statements and accompanying notes. The SEC has defined a company’s critical accounting policies as the ones that are most important to the portrayal of the company’s financial condition and results of operations, and which require the company to make its most difficult and subjective judgments, often as a result of the need to make estimates of matters that are inherently uncertain. Based on this definition, we have identified the critical accounting policies and judgments addressed below. We also have other key accounting policies, which involve the use of estimates, judgments, and assumptions that are significant to understanding our results. For additional information, see Note 2 – “Summary of Significant Accounting Policies”. Although we believe that our estimates, assumptions, and judgments are reasonable, they are based upon information presently available. Actual results may differ significantly from these estimates under different assumptions, judgments, or condition

Impairment of Long-Lived Assets

Going Concern

The Company has an accumulated deficit balance as of March 31, 2017. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it establishes a revenue stream and becomes profitable. The Company is continually analyzing its current costs and is attempting to make additional cost reductions where possible. We expect that we will continue to generate losses from operations throughout the remainder of 2017.

OFF-BALANCE SHEET ARRANGEMENTS

As of the date of this Quarterly Report, we do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Not Applicable.

18

Table of Contents

ITEM 4. CONTROLS AND PROCEDURES

Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(t) under the Exchange Act. Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Our internal control over financial reporting includes those policies and procedures that:

1. Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of our assets;

2. Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. GAAP, and that our receipts and expenditures are being made only in accordance with the authorization of our management and directors; and

3. Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Management assessed the effectiveness of our internal control over financial reporting as of March 31, 2017. Based on this assessment, management concluded that the Company did not maintain effective internal controls over financial reporting as a result of the identified material weakness in our internal control over financial reporting described below. In making this assessment, management used the framework set forth in the report entitled Internal Control--Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission, or COSO. The COSO framework summarizes each of the components of a company’s internal control system, including (i) the control environment, (ii) risk assessment, (iii) control activities, (iv) information and communication and (v) monitoring.

Identified Material Weakness

A material weakness in our internal control over financial reporting is a control deficiency, or combination of control deficiencies, that results in more than a remote likelihood that a material misstatement or the financial statements will not be prevented or detected. Management identified the segregation of duties as a material weakness during its assessment of internal controls over financial reporting as of March 31, 2017. As of March 31, 2017, we had one full-time employee with the requisite expertise in the key functional areas of finance and accounting. As a result, there is a lack of proper segregation of duties necessary to ensure that all transactions are accounted for accurately and in a timely manner. As our resources allow, we will add financial personnel to our management team.

Changes In Internal Control Over Financial Reporting

There were no changes in our internal controls over financial reporting during the fiscal quarter ended March 31, 2017 that materially affected, or is reasonably likely to have a material affect, on our internal control over financial reporting.

19

Table of Contents

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

In the ordinary course of business, the Company may become a party to various legal proceedings generally involving contractual matters, infringement actions, product liability claims and other matters. The Company is not a party to any lawsuit or administrative proceeding as of the date hereof. Its management is not aware of any lawsuits or administrative proceedings that are threatened or anticipated, and we are not considering the institution or prosecution of any legal proceeding as of the date hereof.

ITEM 1A. RISK FACTORS

Not Applicable.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITES

None.

ITEM 4. MINE SAFETY DISCLOSURE

None.

ITEM 5. OTHER INFORMATION

None.

20

Table of Contents

ITEM 6. EXHIBITS

31.1

Certification of Chief Executive Officer pursuant to section 302 of the Sarbanes-Oxley Act of 2002

31.2

Certification of Chief Financial Officer pursuant to section 302 of the Sarbanes-Oxley Act of 2002

32.1

Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2

Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS

XBRL Instance Document

101.SCH

XBRL Taxonomy Extension Schema Document

101.CAL

XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF

XBRL Taxonomy Extension Definition Linkbase Document

101.LAB

XBRL Taxonomy Extension Label Linkbase Document

101.PRE

XBRL Taxonomy Extension Presentation Linkbase Document

21

Table of Contents

SIGNATURES

In accordance with the requirements of the Exchange Act, the Registrant caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

CURE PHARMACEUTICAL HOLDING CORP.

Dated: May 15, 2017

By:

/s/ Robert Davidson

Robert Davidson

Chief Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated:

/s/ Robert Davidson

Robert Davidson

Chief Executive Officer

May 15, 2017

/s/ Mark Udell

Mark Udell

Chief Financial Officer

May 15, 2017

EX-31.1 2 curr_ex311.htm CERTIFICATION curr_ex311.htm

EXHIBIT 31.1

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES OXLEY ACT OF 2002

AND RULE 13A-14 OF THE EXCHANGE ACT OF 1934

CERTIFICATION

I, Robert Davidson, certify that:

1.

I have reviewed this quarterly report on Form 10-Q of CURE Pharmaceutical Holding Corp.;

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.

I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures, to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal year (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.

I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 15, 2017

By:

/s/ Robert Davidson

Robert Davidson

Chief Executive Officer and

Principal Executive Officer

EX-31.2 3 curr_ex312.htm CERTIFICATION curr_ex312.htm

EXHIBIT 31.2

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES OXLEY ACT OF 2002

AND RULE 13A-14 OF THE EXCHANGE ACT OF 1934

CERTIFICATION

I, Mark Udell, certify that:

1.

I have reviewed this quarterly report on Form 10-Q of CURE Pharmaceutical Holding Corp.;

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a – 15(f) and 15d – 15(f)) for the registrant and have:

a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of the annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.

The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 15, 2017

By:

/s/ Mark Udell

Mark Udell

Chief Financial Officer

EX-32.1 4 curr_ex321.htm CERTIFICATION curr_ex321.htm

EXHIBIT 32.1

CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER

PURSUANT TO 18 U.S. C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of CURE Pharmaceutical Holding Corp., (the “Company”) on Form 10-Q for the three months ended March 31, 2017, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Rob Davidson, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

(1) The Report fully complies with the requirements of Section 13 (a) or 15 (d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 15, 2017

By:

/s/ Robert Davidson

Robert Davidson

Chief Executive Officer and

Principal Executive Officer

EX-32.2 5 curr_ex322.htm CERTIFICATION curr_ex322.htm

EXHIBIT 32.2

CERTIFICATION OF THE PRINCIPAL FINANCIAL OFFICER

PURSUANT TO 18 U.S. C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of CURE Pharmaceutical Holding Corp., (the “Company”) on Form 10-Q for the three months ended March 31, 2017, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Mark Udell, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

Date: May 15, 2017

By:

/s/ Mark Udell

Mark Udell

Chief Financial Officer

EX-101.INS 6 curr-20170331.xml XBRL INSTANCE DOCUMENT 0001643301 2017-01-01 2017-03-31 0001643301 2017-05-12 0001643301 2016-12-31 0001643301 2016-03-31 0001643301 2016-01-01 2016-03-31 0001643301 2017-03-31 0001643301 us-gaap:LeaseholdImprovementsMember 2017-01-01 2017-03-31 0001643301 curr:ManufacturingEquipmentMember us-gaap:MaximumMember 2017-01-01 2017-03-31 0001643301 us-gaap:ComputerEquipmentMember us-gaap:MinimumMember 2017-01-01 2017-03-31 0001643301 us-gaap:ComputerEquipmentMember us-gaap:MaximumMember 2017-01-01 2017-03-31 0001643301 2016-01-08 0001643301 curr:ExercisePriceRangeMember 2017-01-01 2017-03-31 0001643301 curr:TransactionOneMember 2017-03-31 0001643301 curr:TransactionTwoMember 2017-03-31 0001643301 us-gaap:LoansPayableMember 2016-12-31 0001643301 us-gaap:LoansPayableMember 2017-03-31 0001643301 curr:NotePayableMember 2016-12-31 0001643301 2015-12-31 0001643301 curr:ManufacturingEquipmentMember us-gaap:MinimumMember 2017-01-01 2017-03-31 0001643301 curr:NotePayableMember 2017-03-31 0001643301 us-gaap:LoansPayableMember 2017-01-01 2017-03-31 0001643301 curr:ExercisePriceRangeMember 2017-03-31 0001643301 curr:LicenseAgreementMember 2017-01-01 2017-01-03 0001643301 us-gaap:CommonStockMember 2017-03-31 0001643301 us-gaap:InvestorMember us-gaap:RestrictedStockMember 2017-04-07 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure utr:sqft 0001643301 10-Q 2017-03-31 false --12-31 No No Yes Smaller Reporting Company 2017

1106142

171916

460902

13352

370648

352525

1717053

1528704

0.001

2.10

6.86

75000000

Cure Pharmaceutical Holding Corp (the Company), formally known as Makkanotti Group Corp, was incorporated in the State of Nevada on May 15, 2014. The Company was formed to engage in the business of manufacturing food paper bags in Nicosia, Cyprus. On November 7, 2016, the Company changed its name to Cure Pharmaceutical Holding Corp.   On November 7, 2016, the Company, in a reverse take-over transaction, acquired Cure Pharmaceutical Corporation (Cure Pharmaceutical), a specialty pharmaceutical and bioscience company based in California that specializes in drug delivery technologies, by executing a Share Exchange Agreement and Conversion Agreement (Exchange Agreement) by and among the Company and a holder of a majority of the issued and outstanding capital stock of the registrant prior to the closing (the Majority Stockholder), on the one hand, and Cure Pharmaceutical, a California corporation, all of the shareholders of Cure Pharmaceuticals issued and outstanding share capital (the Cure Pharm Shareholders) and the holders of certain convertible promissory notes of Cure Pharmaceutical (Cure Pharm Noteholders), on the other hand. Hereinafter, this share exchange transaction is described as the Share Exchange. As a result of the Share Exchange, Cure Pharmaceutical became a wholly owned subsidiary of the Company, and the Cure Pharm Shareholders and Cure Pharm Noteholders became the controlling shareholders of the Company.   For accounting purposes, Cure Pharmaceutical shall be the surviving entity. The transaction is accounted for using the reverse acquisition method of accounting. As a result of the recapitalization and change in control, Cure Pharmaceutical is the acquiring entity in accordance with ASC 805, Business Combinations.   Cure Pharmaceutical Corporation is a specialty pharmaceutical and bioscience company with a focus in drug delivery technologies. Cure leverages novel drug delivery technologies to develop and commercialize new applications of proven therapeutics through Oral Thin Film (OTF) via our proprietary patented CureFilm Technology as well as through transdermal applications. Our micro encapsulation of drug actives in our CureFilm Technology allows for a higher volume of an active and if required, multiple actives to be produced on a single oral thin film strip.   The Company is focused on partnering with pharmaceutical and biotech companies seeking to deliver drug actives utilizing and benefitting from our proprietary OTF and transdermal applications and when preferable to take our own products from clinical process to commercialization. We are focused on both the human and veterinary prescription, OTC and nutraceutical markets. Cure represents the complete solution for OTF drug delivery therapeutics from inception to finished product utilizing our CGMP/FDA registered manufacturing facility and processes.

<table cellspacing="0" cellpadding="0" style="width: 100%"> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; text-align: justify">Manufacturing equipment</td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 30%; font: 12pt Times New Roman, Times, Serif; text-align: center">5-7 Years</td> <td style="width: 1%"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; text-align: justify">Computer and other equipment</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; text-align: center">3-7 Years</td> <td> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">Leasehold Improvements</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; text-align: center">Lesser of useful life or the term of the lease</td> <td> </td></tr> </table>

Q1 CURE PHARMACEUTICAL HOLDING CORP.

23336673

300000

14579

23336673

-2620342

-476091

State of Nevada 2014-05-15 Lesser of useful life or the term of the lease

250000

0.50

1876

1.00 -693961

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" id="hdcell" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">March 31, 2017</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">December 31, 2016</td> <td style="text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Raw materials</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td id="ffcell" style="vertical-align: bottom; width: 9%; text-align: right">65,631</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">68,047</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Packaging components</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">83,030</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">84,927</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Work-in-process</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">19,578</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">17,406</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Finished goods</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">168,239</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">170,380</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Reserve for obsolescence</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right">(88,881</td> <td style="vertical-align: bottom; text-align: justify">)</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right">(89,095</td> <td style="vertical-align: bottom; text-align: justify">)</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Total inventory</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: justify">$</td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right">79,358</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: justify">$</td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right">81,285</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>

Loan payable consist of the following at March 31, 2017 and December 31, 2016:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" id="hdcell" style="border-bottom: black 1pt solid; text-align: center">2017</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2016</td> <td style="text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Note to a company due September 29, 2017 including interest at 13.25% per annum; unsecured; interest due monthly</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 1pt solid; text-align: justify">$</td> <td id="ffcell" style="vertical-align: bottom; border-bottom: black 1pt solid; width: 9%; text-align: right">22,548</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 1pt solid; text-align: justify">$</td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; width: 9%; text-align: right">33,277</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Current portion of loan payable</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">22,548</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">33,277</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Loan payable, less current portion</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>

Notes payable consist of the following at March 31, 2017 and December 31, 2016:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" id="hdcell" style="border-bottom: black 1pt solid; text-align: center">2017</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2016</td> <td style="text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" id="ffcell" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Note to an individual, non-interest bearing, unsecured and has no fixed terms of repayment</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 1pt solid; text-align: justify">$</td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; width: 9%; text-align: right">50,000</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 1pt solid; text-align: justify">$</td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; width: 9%; text-align: right">50,000</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">50,000</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">50,000</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Current portion of loan payable</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">50,000</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">50,000</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Loan payable, less current portion</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: justify">$</td> <td style="border-bottom: black 2.25pt double; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: justify">$</td> <td style="border-bottom: black 2.25pt double; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>

The Companys warrant activity was as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" id="hdcell" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Warrants</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Weighted Average Exercise Price</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Weighted Average Contractual Remaining Life</td> <td style="text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Outstanding, December 31, 2016</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td id="ffcell" style="vertical-align: bottom; width: 9%; text-align: right">4,392,107</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right">1.97</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right">6.17</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Granted</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">1,300,000</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">2.00</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">0.76</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Exercised</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Forfeited/Expired</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Outstanding, March 31, 2017</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right">5,692,107</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right">1.98</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right">6.15</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Exercisable at March 31, 2017</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right">3,490,665</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right">1.99</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right">3.20</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Range of Exercise Price</td> <td> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Number of Warrants</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Weighted Average Remaining Contractual Life (years)</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Weighted Average Exercise Price</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Number of Warrants Exercisable</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Weighted Average Exercise Price</td> <td> </td></tr> <tr style="background-color: #CCEEFF"> <td style="width: 1%; text-align: justify">$</td> <td style="vertical-align: top; width: 19%; text-align: right">1.00 - $2.00</td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom-style: solid; border-bottom-width: 1pt"> </td> <td style="vertical-align: bottom; width: 13%; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right">5,692,107</td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom-style: solid; border-bottom-width: 1pt"> </td> <td style="vertical-align: bottom; width: 13%; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right">6.15</td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify">$</td> <td style="vertical-align: bottom; width: 13%; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right">1.98</td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom-style: solid; border-bottom-width: 1pt"> </td> <td style="vertical-align: bottom; width: 13%; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right">3,628,256</td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify">$</td> <td style="vertical-align: bottom; width: 13%; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right">1.99</td> <td style="vertical-align: bottom; width: 1%"> </td></tr> <tr style="background-color: white"> <td> </td> <td> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right">5,692,107</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right">6.15</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: justify">$</td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right">1.98</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right">3,628,256</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: justify">$</td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right">1.99</td> <td style="vertical-align: bottom"> </td></tr> </table>

The weighted-average fair value of warrants granted to during the three months ended March 31, 2017 and year ended December 31, 2016, and the weighted-average significant assumptions used to determine those fair values, using a Black-Scholes-Merton (Black-Scholes) option pricing model are as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" id="hdcell" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">March 31, 2017</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">December 31, 2016</td> <td style="text-align: justify"> </td></tr> <tr> <td style="vertical-align: top; text-align: justify">Significant assumptions (weighted-average):</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" id="ffcell" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Risk-free interest rate at grant date</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right">1.93</td> <td style="vertical-align: bottom; width: 1%; text-align: justify">%</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right">1.83</td> <td style="vertical-align: bottom; width: 1%; text-align: justify">%</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Expected stock price volatility</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">81.28</td> <td style="vertical-align: bottom; text-align: justify">%</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">84.42</td> <td style="vertical-align: bottom; text-align: justify">%</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Expected dividend payout</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Expected option life (in years)</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">3</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">3</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Expected forfeiture rate</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">0</td> <td style="vertical-align: bottom; text-align: justify">%</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">0</td> <td style="vertical-align: bottom; text-align: justify">%</td></tr> </table>

2017-09-29

1300000

2.00

P6Y1M24D

P9M4D P0Y P0Y P6Y1M24D

P3Y2M12D

1.00

2.00

4392107

5692107

1.97

1.98

3628256

1.99

0.0193

0.0183

0.8128

0.8442

P3Y

0.00 0.00 130000

72400

71968

25000

6547

50000

0.1325

P7Y

P3Y

P7Y

P5Y

50000

23351252

2835092

2675482

-10718714

-13339056

630000

12412430

14214423

23337

1118039

1146778

560000 560000

558039

586778

173618

183938

9453

6390

50000

33277

22548

26305

29921

265386

293981

2835092

2675482

151579

147529

894510

894689

1418355

1280739

223879

702341

7049

38138

23336673

6629260

-0.11

-0.07

-2620342

-476091

5430

-56746

2151

51718

994

12143

-3323

8571

10071

366

-2625772

-419345

2622167

420788

2402547

293436

219620

127352

-3605

1443

35550

27165

31945

28609

4448

27497

28511

2151

19344

-645240

158564

-13792

912981

3063

2713

10729

131266

1046960

-35314

-82574

19314

28898

5000

20421

11000

14965

18290

-596134

-671843

10320

-10434

3616

25227

28595

-204823

-8056

-18159

-35894

14598

-1927

-3757

31089

5576

50000

1801993

115644

-3323

-994 -2040

48258

37173

514356

Principal of Consolidation and Basis of Presentation   The condensed consolidated financial statements include the accounts of Cure Pharmaceutical Holding Corp (CPHC) and its wholly-owned subsidiary, Cure Pharmaceutical Corporation (Cure), collectively referred to as (Cure, we, us, our or the Company All significant inter-company balances and transactions have been eliminated in consolidation. The Companys film strip product represents the principal operations of the Company.   The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial statements and with the instructions to Form 10-Q and Article 8 of Regulation S-X of the United States Securities and Exchange Commission (SEC). Accordingly, they do not contain all information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements. In the opinion of the Companys management, the accompanying unaudited condensed consolidated financial statements contain all the adjustments necessary (consisting only of normal recurring accruals) to present the financial position of the Company as of March 31, 2017, and the results of operations and cash flows for the periods presented. The results of operations for the three months ended March 31, 2017 and 2016, are not necessarily indicative of the operating results for the full fiscal year or any future period. These unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and related notes thereto included in Form 10-K for the fiscal period ended December 31, 2016 filed with the Securities and Exchange Commission (the SEC) on April 17, 2017.   Use of Estimates   The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. These estimates and assumptions also affect the reported amounts of revenues, costs and expenses during the reporting period. Management evaluates these estimates and assumptions on a regular basis. Actual results could differ from those estimates.   Cash and Cash Equivalents   The Company considers all cash on hand and in banks, including accounts in book overdraft positions, certificates of deposit and other highly-liquid investments with maturities of three months or less, when purchased, to be cash and cash equivalents. As of March 31, 2017 and December 31, 2016, the Company had no cash equivalents. At March 31, 2017 and December 31, 2016, the Company maintains its cash and cash equivalents in banks insured by the Federal Deposit Insurance Corporation (FDIC) in accounts that at times may be in excess of the federally insured limit of $250,000 per bank. The Company minimizes this risk by placing its cash deposits with major financial institutions.   Investment in Associates   An associate is an entity over which the Company has significant influence through a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the investee but not control or joint control over those policies.   The results of assets and liabilities of associates are incorporated in the condensed consolidated financial statements using the equity method of accounting. Under the equity method, investments in associates are carried in the consolidated balance sheet at cost as adjusted for post-acquisition changes in the Companys share of the net assets of the associate, less any impairment in the value of the investment. Losses of an associate in excess of the Companys interest in that associate are not recognized. Additional losses are provided for, and a liability is recognized, only to the extent that the Company has incurred legal or constructive obligations or made payments on behalf of the associate.   Any excess of the cost of acquisition over the Companys share of the net fair value of the identifiable assets, liabilities and contingent liabilities of the associate recognized at the date of acquisition is recognized as goodwill. The goodwill is included within the carrying amount of the investment.   On January 8, 2016, the Company received 50% ownership in Cure Innovations, Inc (CI). CI was created in 2015 by IncuBrands Studio, Inc (IncuBrands). The Company and IncuBrands each own 50% of the common stock of CI. The Company and IncuBrands entered into a Joint Venture agreement in 2013 to distribute several OTF products utilizing IncuBrands marketing and contacts in various industries as well as utilize the Companys technology and capabilities of manufacturing OTFs.   On December 6, 2016, the Company entered into a Joint Venture Agreement (Joint Venture) with Pace Wellness, Inc. (Pace) to jointly develop three Active Pharmaceutical Ingredients (API) within the nonprescription and/or Over-the-Counter (OTC) medicines specifically utilizing the Companys patented and proprietary CureFilm Technology. The three APIs to be jointly developed are Diphenhydramine HCL, Omeprazole and a third API to be determined at a later date (Products). Pace shall be the exclusive global distributor of the Products under the Solves Strips® branding or other private or branded labels. All benefits, advantages, and liabilities derived from, or incurred in respect of the Joint Venture shall be borne by the parties in proportion of their respective participating interests of 50/50 equal interest.   Property and Equipment   The Company capitalizes expenditures related to property and equipment, subject to a minimum rule, that have a useful life greater than one year for: (1) assets purchased; (2) existing assets that are replaced, improved or the useful lives have been extended; or (3) all land, regardless of cost. Acquisitions of new assets, additions, replacements and improvements (other than land) costing less than the minimum rule in addition to maintenance and repair costs, including any planned major maintenance activities, are expensed as incurred. Depreciation has been provided using the straight-line method on the following estimated useful lives:   <table cellspacing="0" cellpadding="0" style="width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; text-align: justify">Manufacturing equipment</td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 30%; font: 12pt Times New Roman, Times, Serif; text-align: center">5-7 Years</td> <td style="width: 1%"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; text-align: justify">Computer and other equipment</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; text-align: center">3-7 Years</td> <td> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">Leasehold Improvements</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; text-align: center">Lesser of useful life or the term of the lease</td> <td> </td></tr> </table>   Accounts Receivable   Accounts receivable are generally unsecured. The Company establishes an allowance for doubtful accounts receivable based on the age of outstanding invoices and managements evaluation of collectability. Accounts are written off after all reasonable collection efforts have been exhausted and management concludes that likelihood of collection is remote. Any future recoveries are applied against the allowance for doubtful accounts.   Impairment of Long-Lived Assets   Long-lived assets include equipment and intangible assets other than those with indefinite lives. We assess the carrying value of our long-lived asset groups when indicators of impairment exist and recognize an impairment loss when the carrying amount of a long-lived asset is not recoverable when compared to undiscounted cash flows expected to result from the use and eventual disposition of the asset.   Indicators of impairment include significant underperformance relative to historical or projected future operating results, significant changes in our use of the assets or in our business strategy, loss of or changes in customer relationships and significant negative industry or economic trends. When indications of impairment arise for a particular asset or group of assets, we assess the future recoverability of the carrying value of the asset (or asset group) based on an undiscounted cash flow analysis. If carrying value exceeds projected, net, undiscounted cash flows, an additional analysis is performed to determine the fair value of the asset (or asset group), typically a discounted cash flow analysis, and an impairment charge is recorded for the excess of carrying value over fair value. There was no impairment on our long-lived assets during the three months ended March 31, 2017. For the year ended December 31, 2016, the Company wrote off $58,522 of patents.   Revenue Recognition   The Company recognizes revenue in accordance with the FASB ASC 605, Revenue Recognition. ASC 605 requires that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred and/or service has been performed; (3) the selling price is fixed and determinable; and (4) collectability is reasonably assured. The Company believes that these criteria are satisfied upon shipment from our facility. Freight billed to customers is presented as revenues, and the related freight costs are presented as cost of goods sold. Deferred revenue is recognized when earned and all significant obligations have been satisfied.   Advertising Expense   The Company expenses marketing, promotions and advertising costs as incurred. Such costs are included in general and administrative expense in the accompanying statements of operations. The Company recorded advertising costs of $1,876 for the three months period ended March 31, 2017 and none for the three month period ended March 31, 2016.   Research and Development   Costs incurred in connection with the development of new products and processes are charged to research and development expenses as incurred.   Income Taxes   The Company utilizes FASB ASC 740, Income Taxes, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the difference between the tax basis of assets and liabilities and their financial reporting amounts based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. A valuation allowance is recorded when it is more likely-than-not that a deferred tax asset will not be realized.   The Company generated a deferred tax asset through net operating loss carry-forward. However, a valuation allowance of 100% has been established due to the uncertainty of the Companys realization of the net operating loss carry forward prior to its expiration.   Stock-Based Compensation   Stock-based compensation is accounted for based on the requirements of the Share-Based Payment Topic of ASC 718 which requires recognition in the consolidated financial statements of the cost of employee and director services received in exchange for an award of equity instruments over the period the employee or director is required to perform the services in exchange for the award (presumptively, the vesting period). The ASC also requires measurement of the cost of employee and director services received in exchange for an award based on the grant-date fair value of the award.   Pursuant to ASC Topic 505-50, for share-based payments to consultants and other third-parties, compensation expense is determined at the measurement date. The expense is recognized over the vesting period of the award. Until the measurement date is reached, the total amount of compensation expense remains uncertain. The Company initially records compensation expense based on the fair value of the award at the reporting date.   Fair Value Measurements   The Company adopted the provisions of ASC Topic 820, Fair Value Measurements and Disclosures, which defines fair value as used in numerous accounting pronouncements, establishes a framework for measuring fair value and expands disclosure of fair value measurements.   The estimated fair value of certain financial instruments, including cash and cash equivalents are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments.   ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value:   Level 1 quoted prices in active markets for identical assets or liabilities Level 2 quoted prices for similar assets and liabilities in active markets or inputs that are observable Level 3 inputs that are unobservable (for example cash flow modeling inputs based on assumptions)   The Company has no assets or liabilities valued at fair value on a recurring basis.   Basic and diluted loss per share   Basic loss per share is computed by dividing the net loss to common stockholders for the period by the weighted average number of common shares outstanding during the period. Diluted loss per share is computed by dividing the net loss for the period by the weighted average number of common and dilutive common equivalent shares outstanding during the period. Common equivalent shares, which consist of stock options and warrants, have been excluded from the diluted loss per share calculation because their effect is anti-dilutive.   Going Concern   The Companys financial statements are prepared using U.S. GAAP applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company had an accumulated deficit at March 31, 2017 of $13,339,056. The Company had a working capital of $693,961 as at March 31, 2017. These factors raise substantial doubt about the Companys ability to continue as a going concern for one year from the issuance of the financial statements. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it establishes a revenue stream and becomes profitable. The Company is continually analyzing its current costs and is attempting to make additional cost reductions where possible. We expect that we will continue to generate losses from operations throughout 2017.   In order to continue as a going concern and to develop a reliable source of revenues, and achieve a profitable level of operations the Company will need, among other things, additional capital resources. Managements plans to continue as a going concern include raising additional capital through borrowing and/or sales of equity and debt securities. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans.   The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments relating to the recoverability and classification of assets and liabilities that might be necessary if the Company is unable to continue as a going concern.   Recently Issued Standards   In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities. The purpose is to enhance the reporting model for financial instruments to provide users of financial statements with more decision-useful information. This ASU is effective for the Company in the first quarter of 2018. Early adoption is not permitted except for limited provisions. The Company does not expect the adoption of this amendment to have a material effect on its financial condition and results of operations.   In March 2016, the FASB issued ASU No. 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The new standard requires recognition of the income tax effects of vested or settled awards in the income statement and involves several other aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. This new standard became effective for the Company on January 1, 2017. The adoption of this standard did not have a material impact on its financial position, results of operations or statements of cash flows upon adoption.   In August, 2016, the FASB issued Accounting Standards Update No. 2016-15, Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force) (ASU 2016-15). The amendments in ASU 2016-15 address eight specific cash flow issues and apply to all entities that are required to present a statement of cash flows under ASC Topic 230, Statement of Cash Flows. The amendments in ASU 2016-15 are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption during an interim period. The Company has not yet completed the analysis of how adopting this guidance will affect its consolidated financial statements.   In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. This new standard clarifies the definition of a business and provides a screen to determine when an integrated set of assets and activities is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. This new standard will be effective for the Company on January 1, 2018; however, early adoption is permitted with prospective application to any business development transaction.   There are various other updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries and are not expected to a have a material impact on the Companys financial position, results of operations or cash flows.

Inventory consists of raw materials, packaging components, work-in-process and finished goods. The Companys inventory is stated at the lower of cost (FIFO cost basis) or market. The carrying value of inventory consisted of the following at March 31, 2017 and December 31, 2016:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" id="hdcell" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">March 31, 2017</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">December 31, 2016</td> <td style="text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Raw materials</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td id="ffcell" style="vertical-align: bottom; width: 9%; text-align: right">65,631</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify">$</td> <td style="vertical-align: bottom; width: 9%; text-align: right">68,047</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Packaging components</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">83,030</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">84,927</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Work-in-process</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">19,578</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">17,406</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Finished goods</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">168,239</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">170,380</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Reserve for obsolescence</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right">(88,881</td> <td style="vertical-align: bottom; text-align: justify">)</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right">(89,095</td> <td style="vertical-align: bottom; text-align: justify">)</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Total inventory</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: justify">$</td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right">79,358</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: justify">$</td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right">81,285</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>

Loan payable consist of the following at March 31, 2017 and December 31, 2016:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" id="hdcell" style="border-bottom: black 1pt solid; text-align: center">2017</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2016</td> <td style="text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Note to a company due September 29, 2017 including interest at 13.25% per annum; unsecured; interest due monthly</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 1pt solid; text-align: justify">$</td> <td id="ffcell" style="vertical-align: bottom; border-bottom: black 1pt solid; width: 9%; text-align: right">22,548</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 1pt solid; text-align: justify">$</td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; width: 9%; text-align: right">33,277</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Current portion of loan payable</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">22,548</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">33,277</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Loan payable, less current portion</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify">$</td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>

Notes payable consist of the following at March 31, 2017 and December 31, 2016:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" id="hdcell" style="border-bottom: black 1pt solid; text-align: center">2017</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">2016</td> <td style="text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" id="ffcell" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Note to an individual, non-interest bearing, unsecured and has no fixed terms of repayment</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 1pt solid; text-align: justify">$</td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; width: 9%; text-align: right">50,000</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom: black 1pt solid; text-align: justify">$</td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; width: 9%; text-align: right">50,000</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">50,000</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">50,000</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Current portion of loan payable</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">50,000</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: justify"> </td> <td style="border-bottom: black 1pt solid; vertical-align: bottom; text-align: right">50,000</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Loan payable, less current portion</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: justify">$</td> <td style="border-bottom: black 2.25pt double; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom: black 2.25pt double; text-align: justify">$</td> <td style="border-bottom: black 2.25pt double; vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>

On January 3, 2017, the Company issued 1,300,000 warrants in connection with commissions earned in relation to the Companys Private Label Exclusive Distribution and License agreement with Red Barn Pet Products, LLC. Warrants that vest at the end of a one-year period are amortized over the vesting period using the straight-line method.   The Companys warrant activity was as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" id="hdcell" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Warrants</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Weighted Average Exercise Price</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Weighted Average Contractual Remaining Life</td> <td style="text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Outstanding, December 31, 2016</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td id="ffcell" style="vertical-align: bottom; width: 9%; text-align: right">4,392,107</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right">1.97</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right">6.17</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Granted</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">1,300,000</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">2.00</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">0.76</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Exercised</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Forfeited/Expired</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Outstanding, March 31, 2017</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right">5,692,107</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right">1.98</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right">6.15</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Exercisable at March 31, 2017</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right">3,490,665</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right">1.99</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: justify"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right">3.20</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="vertical-align: bottom"> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Range of Exercise Price</td> <td> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Number of Warrants</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Weighted Average Remaining Contractual Life (years)</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Weighted Average Exercise Price</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Number of Warrants Exercisable</td> <td> </td> <td> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">Weighted Average Exercise Price</td> <td> </td></tr> <tr style="background-color: #CCEEFF"> <td style="width: 1%; text-align: justify">$</td> <td style="vertical-align: top; width: 19%; text-align: right">1.00 - $2.00</td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom-style: solid; border-bottom-width: 1pt"> </td> <td style="vertical-align: bottom; width: 13%; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right">5,692,107</td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom-style: solid; border-bottom-width: 1pt"> </td> <td style="vertical-align: bottom; width: 13%; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right">6.15</td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify">$</td> <td style="vertical-align: bottom; width: 13%; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right">1.98</td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom-style: solid; border-bottom-width: 1pt"> </td> <td style="vertical-align: bottom; width: 13%; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right">3,628,256</td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 1%; border-bottom-style: solid; border-bottom-width: 1pt; text-align: justify">$</td> <td style="vertical-align: bottom; width: 13%; border-bottom-style: solid; border-bottom-width: 1pt; text-align: right">1.99</td> <td style="vertical-align: bottom; width: 1%"> </td></tr> <tr style="background-color: white"> <td> </td> <td> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right">5,692,107</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right">6.15</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: justify">$</td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right">1.98</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right">3,628,256</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: justify">$</td> <td style="vertical-align: bottom; border-bottom-style: double; border-bottom-width: 2.25pt; text-align: right">1.99</td> <td style="vertical-align: bottom"> </td></tr> </table>   The weighted-average fair value of warrants granted to during the three months ended March 31, 2017 and year ended December 31, 2016, and the weighted-average significant assumptions used to determine those fair values, using a Black-Scholes-Merton (Black-Scholes) option pricing model are as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">March 31, 2017</td> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td> <td colspan="2" style="border-bottom-style: solid; border-bottom-width: 1pt; text-align: center">December 31, 2016</td> <td style="text-align: justify"> </td></tr> <tr> <td style="vertical-align: top; text-align: justify">Significant assumptions (weighted-average):</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td colspan="2" style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Risk-free interest rate at grant date</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right">1.93</td> <td style="vertical-align: bottom; width: 1%; text-align: justify">%</td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 1%; text-align: justify"> </td> <td style="vertical-align: bottom; width: 9%; text-align: right">1.83</td> <td style="vertical-align: bottom; width: 1%; text-align: justify">%</td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Expected stock price volatility</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">81.28</td> <td style="vertical-align: bottom; text-align: justify">%</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">84.42</td> <td style="vertical-align: bottom; text-align: justify">%</td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Expected dividend payout</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">-</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: top; text-align: justify">Expected option life (in years)</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">3</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">3</td> <td style="vertical-align: bottom; text-align: justify"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; text-align: justify">Expected forfeiture rate</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">0</td> <td style="vertical-align: bottom; text-align: justify">%</td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: justify"> </td> <td style="vertical-align: bottom; text-align: right">0</td> <td style="vertical-align: bottom; text-align: justify">%</td></tr> </table>

Authorized Stock   The Company has authorized to issue is 75,000,000 common shares with a par value of $0.001 per share.   As of March 31, 2017 and December 31, 2016, there were 23,336,673, shares of the Companys common stock issued and outstanding.   Common Share Issuances   As of March 31, 2017, the Company agreed to issue 300,000 common stock shares at $2.10 per share for consulting services to be performed over a one year period.

Litigation:   From time to time the Company may become a party to litigation in the normal course of business. Management believes that there are no current legal matters that would have a material effect on the Companys financial position or results of operations.   Operating leases   The Company maintains its corporate offices and manufacturing facility at 1620 Beacon Place, Oxnard, CA 93033, which contains approximately 25,000 square feet. The Company is currently on a month-to-month lease.   The Company also leases additional office and warehouse space at 1610 and 1612 Fiske Place, Oxnard, CA 93033, which contains approximately 6,547 square feet. The Company is currently on a month-to-month lease.   Total rent expense for the three month periods ended March 31, 2017 and 2016 was $72,400 and $71,968, respectively.

On April 7, 2017, the Company entered into an agreement with an investor relations firm where the Company issued 14,579 shares of restricted common stock at $6.86 per share for investor relation services to be performed over a 12 month period.   On April 15, 2017 (the Effective Date), the Company entered into an employment agreement with Richard Serbin (Executive) to serve as the Companys Head of Global Corporate Development with such customary responsibilities, duties and authority normally associated with such position. In the performance of such duties, the Executive shall report to the Chief Executive Officer and shall receive a base salary at a rate of $150,000 per annum (such annual base salary, as it may be adjusted from time to time, the Annual Base Salary). The Annual Base Salary shall be paid in equal installments in accordance with the customary payroll practices of the Company, but no less frequently than monthly. On the Effective Date, the Company will grant to Executive an award representing 125,000 shares of restricted stock of the Company (the Shares) which Shares will vest as long as Executive is employed by the Company with 15,625 shares vesting every three months beginning on the three-month anniversary of the Effective Date and every three months thereafter. The term of employment under the employment agreement (the Term) shall commence on the Effective Date and continue for a period of one year, unless terminated in accordance with Section 3 of the employment agreement. Following the expiration of the initial Term, the Term shall be extended by one year unless terminated by either the Executive or the Company.   On April 24, 2017, the Company entered into an agreement with a consultant where the Company is to issue 100,000 shares of restricted common stock at $7.00 per share for consulting services to be performed over a 6 month period.   On April 27, 2017, the Company received $650,000 by issuing a senior secured promissory note (Promissory Note) to a company that is due August 27, 2017 (Maturity Date). The Promissory Note carries an original issue discount (OID) of $10,000 which amount is included in the Promissory Note. No interest shall accrue on this Promissory Note unless the Promissory Note is not repaid by the Maturity Date at which the Promissory Note shall accrue interest at 10% per annum. The Promissory Note is secured by the Companys intellectual property.   On May 1, 2017, the Company paid $642,500 to initiate a research project with Technion Research & Development Foundation Ltd. (TRDF) and Cannakids. The research project to be performed by TRDF will perform studies regarding the effectiveness of certain cannabinoid strain extracts for specific genetic sub-types of cancer. The final terms of the research project shall be completed by the end of May 2017.   On May 9, 2017, the Company amended the Warrant Agreements to Burge Capital, LLC and Thaos Capital, LLC dated November 15, 2016 and Zaisan Wealth Builders Inc dated December 8, 2016 whereas all or any part of these Warrants shall be exercisable by the registered Holder at any time and from time to time from and after the Original Issue Date, and through and including 5:30 P.M., U.S. Pacific Standard Time, on the Expiration Date. At 5:30 P.M., U.S. Pacific Standard time on the Expiration Date, the portion of these Warrant not exercised prior thereto shall be and become void and of no value. In addition, whenever the Company proposes to register any of its securities under the Securities Act, the Company will give prompt written notice to the Holders of its intention to effect such registration and will include in such registration all Warrant Shares with respect to which the Company has received a written notice from the Holder for inclusion therein within 15 days after the receipt of the Companys notice. The Company will pay, or cause to be paid, the registration expenses of the Holder in all piggyback registrations. These piggyback registration rights shall be effective only upon the earlier of: (1) the Companys Uplisting or (2) November 15, 2017, the one year anniversary of the Companys merger transaction.

The condensed consolidated financial statements include the accounts of Cure Pharmaceutical Holding Corp (CPHC) and its wholly-owned subsidiary, Cure Pharmaceutical Corporation (Cure), collectively referred to as (Cure, we, us, our or the Company All significant inter-company balances and transactions have been eliminated in consolidation. The Companys film strip product represents the principal operations of the Company.   The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial statements and with the instructions to Form 10-Q and Article 8 of Regulation S-X of the United States Securities and Exchange Commission (SEC). Accordingly, they do not contain all information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements. In the opinion of the Companys management, the accompanying unaudited condensed consolidated financial statements contain all the adjustments necessary (consisting only of normal recurring accruals) to present the financial position of the Company as of March 31, 2017, and the results of operations and cash flows for the periods presented. The results of operations for the three months ended March 31, 2017 and 2016, are not necessarily indicative of the operating results for the full fiscal year or any future period. These unaudited condensed consolidated financial statements should be read in conjunction with the financial statements and related notes thereto included in Form 10-K for the fiscal period ended December 31, 2016 filed with the Securities and Exchange Commission (the SEC) on April 17, 2017.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. These estimates and assumptions also affect the reported amounts of revenues, costs and expenses during the reporting period. Management evaluates these estimates and assumptions on a regular basis. Actual results could differ from those estimates.

The Company considers all cash on hand and in banks, including accounts in book overdraft positions, certificates of deposit and other highly-liquid investments with maturities of three months or less, when purchased, to be cash and cash equivalents. As of March 31, 2017 and December 31, 2016, the Company had no cash equivalents. At March 31, 2017 and December 31, 2016, the Company maintains its cash and cash equivalents in banks insured by the Federal Deposit Insurance Corporation (FDIC) in accounts that at times may be in excess of the federally insured limit of $250,000 per bank. The Company minimizes this risk by placing its cash deposits with major financial institutions.

An associate is an entity over which the Company has significant influence through a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the investee but not control or joint control over those policies.   The results of assets and liabilities of associates are incorporated in the condensed consolidated financial statements using the equity method of accounting. Under the equity method, investments in associates are carried in the consolidated balance sheet at cost as adjusted for post-acquisition changes in the Companys share of the net assets of the associate, less any impairment in the value of the investment. Losses of an associate in excess of the Companys interest in that associate are not recognized. Additional losses are provided for, and a liability is recognized, only to the extent that the Company has incurred legal or constructive obligations or made payments on behalf of the associate.   Any excess of the cost of acquisition over the Companys share of the net fair value of the identifiable assets, liabilities and contingent liabilities of the associate recognized at the date of acquisition is recognized as goodwill. The goodwill is included within the carrying amount of the investment.   On January 8, 2016, the Company received 50% ownership in Cure Innovations, Inc (CI). CI was created in 2015 by IncuBrands Studio, Inc (IncuBrands). The Company and IncuBrands each own 50% of the common stock of CI. The Company and IncuBrands entered into a Joint Venture agreement in 2013 to distribute several OTF products utilizing IncuBrands marketing and contacts in various industries as well as utilize the Companys technology and capabilities of manufacturing OTFs.   On December 6, 2016, the Company entered into a Joint Venture Agreement (Joint Venture) with Pace Wellness, Inc. (Pace) to jointly develop three Active Pharmaceutical Ingredients (API) within the nonprescription and/or Over-the-Counter (OTC) medicines specifically utilizing the Companys patented and proprietary CureFilm Technology. The three APIs to be jointly developed are Diphenhydramine HCL, Omeprazole and a third API to be determined at a later date (Products). Pace shall be the exclusive global distributor of the Products under the Solves Strips® branding or other private or branded labels. All benefits, advantages, and liabilities derived from, or incurred in respect of the Joint Venture shall be borne by the parties in proportion of their respective participating interests of 50/50 equal interest.

The Company capitalizes expenditures related to property and equipment, subject to a minimum rule, that have a useful life greater than one year for: (1) assets purchased; (2) existing assets that are replaced, improved or the useful lives have been extended; or (3) all land, regardless of cost. Acquisitions of new assets, additions, replacements and improvements (other than land) costing less than the minimum rule in addition to maintenance and repair costs, including any planned major maintenance activities, are expensed as incurred. Depreciation has been provided using the straight-line method on the following estimated useful lives:   <table cellspacing="0" cellpadding="0" style="width: 100%; font-size-adjust: none; font-stretch: normal"> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; text-align: justify">Manufacturing equipment</td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 30%; font: 12pt Times New Roman, Times, Serif; text-align: center">5-7 Years</td> <td style="width: 1%"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; text-align: justify">Computer and other equipment</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; text-align: center">3-7 Years</td> <td> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: top; font: 12pt Times New Roman, Times, Serif; text-align: justify">Leasehold Improvements</td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom; font: 12pt Times New Roman, Times, Serif; text-align: center">Lesser of useful life or the term of the lease</td> <td> </td></tr> </table>

Accounts receivable are generally unsecured. The Company establishes an allowance for doubtful accounts receivable based on the age of outstanding invoices and managements evaluation of collectability. Accounts are written off after all reasonable collection efforts have been exhausted and management concludes that likelihood of collection is remote. Any future recoveries are applied against the allowance for doubtful accounts.

Long-lived assets include equipment and intangible assets other than those with indefinite lives. We assess the carrying value of our long-lived asset groups when indicators of impairment exist and recognize an impairment loss when the carrying amount of a long-lived asset is not recoverable when compared to undiscounted cash flows expected to result from the use and eventual disposition of the asset.   Indicators of impairment include significant underperformance relative to historical or projected future operating results, significant changes in our use of the assets or in our business strategy, loss of or changes in customer relationships and significant negative industry or economic trends. When indications of impairment arise for a particular asset or group of assets, we assess the future recoverability of the carrying value of the asset (or asset group) based on an undiscounted cash flow analysis. If carrying value exceeds projected, net, undiscounted cash flows, an additional analysis is performed to determine the fair value of the asset (or asset group), typically a discounted cash flow analysis, and an impairment charge is recorded for the excess of carrying value over fair value. There was no impairment on our long-lived assets during the three months ended March 31, 2017. For the year ended December 31, 2016, the Company wrote off $58,522 of patents.

The Company recognizes revenue in accordance with the FASB ASC 605, Revenue Recognition. ASC 605 requires that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred and/or service has been performed; (3) the selling price is fixed and determinable; and (4) collectability is reasonably assured. The Company believes that these criteria are satisfied upon shipment from our facility. Freight billed to customers is presented as revenues, and the related freight costs are presented as cost of goods sold. Deferred revenue is recognized when earned and all significant obligations have been satisfied.

The Company expenses marketing, promotions and advertising costs as incurred. Such costs are included in general and administrative expense in the accompanying statements of operations. The Company recorded advertising costs of $1,876 for the three months period ended March 31, 2017 and none for the three month period ended March 31, 2016.

Costs incurred in connection with the development of new products and processes are charged to research and development expenses as incurred.

The Company utilizes FASB ASC 740, Income Taxes, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the difference between the tax basis of assets and liabilities and their financial reporting amounts based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. A valuation allowance is recorded when it is more likely-than-not that a deferred tax asset will not be realized.   The Company generated a deferred tax asset through net operating loss carry-forward. However, a valuation allowance of 100% has been established due to the uncertainty of the Companys realization of the net operating loss carry forward prior to its expiration.

Stock-based compensation is accounted for based on the requirements of the Share-Based Payment Topic of ASC 718 which requires recognition in the consolidated financial statements of the cost of employee and director services received in exchange for an award of equity instruments over the period the employee or director is required to perform the services in exchange for the award (presumptively, the vesting period). The ASC also requires measurement of the cost of employee and director services received in exchange for an award based on the grant-date fair value of the award.   Pursuant to ASC Topic 505-50, for share-based payments to consultants and other third-parties, compensation expense is determined at the measurement date. The expense is recognized over the vesting period of the award. Until the measurement date is reached, the total amount of compensation expense remains uncertain. The Company initially records compensation expense based on the fair value of the award at the reporting date.

The Company adopted the provisions of ASC Topic 820, Fair Value Measurements and Disclosures, which defines fair value as used in numerous accounting pronouncements, establishes a framework for measuring fair value and expands disclosure of fair value measurements.   The estimated fair value of certain financial instruments, including cash and cash equivalents are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments.   ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value:   Level 1 quoted prices in active markets for identical assets or liabilities Level 2 quoted prices for similar assets and liabilities in active markets or inputs that are observable Level 3 inputs that are unobservable (for example cash flow modeling inputs based on assumptions)   The Company has no assets or liabilities valued at fair value on a recurring basis.

Basic loss per share is computed by dividing the net loss to common stockholders for the period by the weighted average number of common shares outstanding during the period. Diluted loss per share is computed by dividing the net loss for the period by the weighted average number of common and dilutive common equivalent shares outstanding during the period. Common equivalent shares, which consist of stock options and warrants, have been excluded from the diluted loss per share calculation because their effect is anti-dilutive.

The Companys financial statements are prepared using U.S. GAAP applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company had an accumulated deficit at March 31, 2017 of $13,339,056. The Company had a working capital of $693,961 as at March 31, 2017. These factors raise substantial doubt about the Companys ability to continue as a going concern for one year from the issuance of the financial statements. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it establishes a revenue stream and becomes profitable. The Company is continually analyzing its current costs and is attempting to make additional cost reductions where possible. We expect that we will continue to generate losses from operations throughout 2017.   In order to continue as a going concern and to develop a reliable source of revenues, and achieve a profitable level of operations the Company will need, among other things, additional capital resources. Managements plans to continue as a going concern include raising additional capital through borrowing and/or sales of equity and debt securities. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans.   The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments relating to the recoverability and classification of assets and liabilities that might be necessary if the Company is unable to continue as a going concern.

In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities. The purpose is to enhance the reporting model for financial instruments to provide users of financial statements with more decision-useful information. This ASU is effective for the Company in the first quarter of 2018. Early adoption is not permitted except for limited provisions. The Company does not expect the adoption of this amendment to have a material effect on its financial condition and results of operations.   In March 2016, the FASB issued ASU No. 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The new standard requires recognition of the income tax effects of vested or settled awards in the income statement and involves several other aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. This new standard became effective for the Company on January 1, 2017. The adoption of this standard did not have a material impact on its financial position, results of operations or statements of cash flows upon adoption.   In August, 2016, the FASB issued Accounting Standards Update No. 2016-15, Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force) (ASU 2016-15). The amendments in ASU 2016-15 address eight specific cash flow issues and apply to all entities that are required to present a statement of cash flows under ASC Topic 230, Statement of Cash Flows. The amendments in ASU 2016-15 are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption during an interim period. The Company has not yet completed the analysis of how adopting this guidance will affect its consolidated financial statements.   In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. This new standard clarifies the definition of a business and provides a screen to determine when an integrated set of assets and activities is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. This new standard will be effective for the Company on January 1, 2018; however, early adoption is permitted with prospective application to any business development transaction.   There are various other updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries and are not expected to a have a material impact on the Companys financial position, results of operations or cash flows.

58522 33277 22548 33277 22548

68047

65631

84927 83030

17406

19578

170380

168239

-89095

-88881

81285

79358

EX-101.SCH 7 curr-20170331.xsd XBRL TAXONOMY EXTENSION SCHEMA 00000001 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 00000002 - Statement - Condensed Consolidated Balance Sheets link:presentationLink link:calculationLink link:definitionLink 00000003 - Statement - Condensed Consolidated Balance Sheets (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00000004 - Statement - Condensed Consolidated Statements of Operations (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000005 - Statement - Condensed Consolidated Statements of Cash Flows (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000006 - Disclosure - ORGANIZATION AND DESCRIPTION OF BUSINESS link:presentationLink link:calculationLink link:definitionLink 00000007 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES link:presentationLink link:calculationLink link:definitionLink 00000008 - Disclosure - INVENTORY link:presentationLink link:calculationLink link:definitionLink 00000009 - Disclosure - LOAN PAYABLE link:presentationLink link:calculationLink link:definitionLink 00000010 - Disclosure - NOTES PAYABLE link:presentationLink link:calculationLink link:definitionLink 00000011 - Disclosure - WARRANT AGREEMENTS link:presentationLink link:calculationLink link:definitionLink 00000012 - Disclosure - STOCKHOLDERS' EQUITY link:presentationLink link:calculationLink link:definitionLink 00000013 - Disclosure - COMMITMENTS AND CONTINGENCIES link:presentationLink link:calculationLink link:definitionLink 00000014 - Disclosure - SUBSEQUENT EVENTS link:presentationLink link:calculationLink link:definitionLink 00000015 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) link:presentationLink link:calculationLink link:definitionLink 00000016 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) link:presentationLink link:calculationLink link:definitionLink 00000017 - Disclosure - INVENTORY (Tables) link:presentationLink link:calculationLink link:definitionLink 00000018 - Disclosure - LOAN PAYABLE (Tables) link:presentationLink link:calculationLink link:definitionLink 00000019 - Disclosure - NOTES PAYABLE (Tables) link:presentationLink link:calculationLink link:definitionLink 00000020 - Disclosure - WARRANT AGREEMENTS (Tables) link:presentationLink link:calculationLink link:definitionLink 00000021 - Disclosure - NATURE OF THE BUSINESS (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000022 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) link:presentationLink link:calculationLink link:definitionLink 00000023 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000024 - Disclosure - INVENTORY (Details) link:presentationLink link:calculationLink link:definitionLink 00000025 - Disclosure - LOAN PAYABLE (Details) link:presentationLink link:calculationLink link:definitionLink 00000026 - Disclosure - LOAN PAYABLE (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000027 - Disclosure - NOTES PAYABLE (Details) link:presentationLink link:calculationLink link:definitionLink 00000028 - Disclosure - WARRANT AGREEMENTS (Details) link:presentationLink link:calculationLink link:definitionLink 00000029 - Disclosure - WARRANT AGREEMENTS (Details 1) link:presentationLink link:calculationLink link:definitionLink 00000030 - Disclosure - WARRANT AGREEMENTS (Details 2) link:presentationLink link:calculationLink link:definitionLink 00000031 - Disclosure - WARRANT AGREEMENTS (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000032 - Disclosure - STOCKHOLDERS' EQUITY (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000033 - Disclosure - COMMITMENTS AND CONTINGENCIES (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000034 - Disclosure - SUBSEQUENT EVENTS (Details Narrative) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 8 curr-20170331_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 9 curr-20170331_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 10 curr-20170331_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Leasehold Improvements [Member] Property, Plant and Equipment, Type [Axis] Manufacturing Equipment [Member] Maximum [Member] Range [Axis] Computer software [Member] Minimum [Member] $1.00 - $2.00 [Member] Exercise Price Range [Axis] Transaction One [Member] Transaction Type [Axis] Transaction Two [Member] Loans Payable [Member] Underlying Asset Class [Axis] Notes Payable [Member] Short-term Debt, Type [Axis] License agreement [Member] Legal Entity [Axis] Common Stock Equity Components [Axis] Investor [Member] Related Party [Axis] Restricted Stock [Member] Award Type [Axis] Document And Entity Information Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Is Entity a Well-known Seasoned Issuer? Is Entity a Voluntary Filer? Is Entity's Reporting Status Current? Entity Filer Category Entity Public Float Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] Assets Current assets: Cash Accounts receivable Inventory Prepaid expenses and other assets Total current assets Property and equipment, net Intellectual property and patents, net Other assets Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Accrued expenses Current portion of loan payable Current portion of notes payable Current portion of capital lease payable Deferred revenue Total current liabilities License Fees TOTAL LIABILITIES Stockholders' equity: Common stock: $0.001 par value; authorized 75,000,000 shares; 23,336,673 shares issued and outstanding as of March 31, 2017 and December 31, 2016 Additional paid-in capital Stock payable Accumulated deficit Total stockholders' equity Total liabilities and stockholders' equity STOCKHOLDERS' DEFICIT Common Stock, Par Value Per Share Common Stock, Shares Authorized Common Stock, Shares Issued Common Stock, Shares Outstanding Condensed Consolidated Statements Of Operations REVENUE Net product sales Consulting research & development income Shipping and other sales Total revenues Cost of goods sold Gross profit (loss) Research and development expenses Selling, general and administrative expenses Total costs and expenses Net loss from operations Other income (expense): Interest income Other income Loss on disposal of PP&E Other expense Interest expense Other income (expense) Net loss before income taxes Provision for income taxes Net loss Net loss per share, basic and diluted Weighted average shares outstanding, basic and diluted Statement of Cash Flows [Abstract] Cash Flows from Operating Activities: Net loss Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization Loss from joint venture Loss on disposal of PP&E Amortization of prepaid stock –based compensation Warrants issued for services Change in other assets and liabilities: Restricted cash Accounts receivable Inventory Prepaid expenses and other assets Other assets Accounts payable Accrued expenses Deferred revenue Net cash used in operating activities Cash Flows from Investing Activities: Advanced on note receivable Purchase in intangible assets Payment to joint venture investment Acquisition of property and equipment, net Net cash used in investing activities Cash flows from Financing Activities: Proceeds from loan Loan repayments Capital lease payments Net cash provided (used) by financing activities Net increase (decrease) in cash and cash equivalents Cash and cash equivalents, beginning of period Cash and cash equivalents, end of period Supplemental cash flow information: Cash paid for interest and income taxes: Interest Income taxes Non-cash financing activities: Common stock to be issued for prepaid expense Notes to Financial Statements Note 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Note 3 - Inventory Note 4 - Loan Payable Note 5 - Notes Payable Note 6 - Warrant Agreements Note 7 - Stockholders' Equity Note 8 - Commitments and Contingencies Note 9 - SUBSEQUENT EVENTS Summary Of Significant Accounting Policies Policies Principles of consolidation and basis of presentation Use of Estimates Cash and Cash Equivalents Investment in Associates Property and Equipment Accounts receivable Impairment of Long-Lived Assets Revenue Recognition Advertising Expense Research and Development Income Taxes Stock-Based Compensation Fair Value Measurements Basic and diluted loss per share Going Concern Recently Issued Standards Summary Of Significant Accounting Policies Tables Property and equipment Inventory Tables Inventory Of Carrying Value Loan Payable Tables Loan Payable Notes Payable Tables Notes Payable Warrant Agreements Tables Company stock option activity Weighted Average fair value of warrants granted Nature Of Business Details Narrative State of Incorporation Date of Incorporation Statement [Table] Statement [Line Items] Estimated useful lives Estimated useful lives description Summary Of Significant Accounting Policies Details Narrative Federal Deposit Insurance Corporation Ownership interest Advertising Expense Valuation allowance percentage Working capital deficit Patents wrote off Inventory Details Raw Materials Packaging Components Work-In-Process EX-101.PRE 11 curr-20170331_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 12 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2017	May 12, 2017
Document And Entity Information
Entity Registrant Name	CURE PHARMACEUTICAL HOLDING CORP.
Entity Central Index Key	0001643301
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		23,351,252
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2017

XML 13 R2.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash	$ 460,902	$ 1,106,142
Accounts receivable	38,138	7,049
Inventory	79,358	81,285
Prepaid expenses and other assets	702,341	223,879
Total current assets	1,280,739	1,418,355
Property and equipment, net	352,525	370,648
Intellectual property and patents, net	894,689	894,510
Other assets	147,529	151,579
Total assets	2,675,482	2,835,092
Current liabilities:
Accounts payable	293,981	265,386
Accrued expenses	29,921	26,305
Current portion of loan payable	22,548	33,277
Current portion of notes payable	50,000	50,000
Current portion of capital lease payable	6,390	9,453
Deferred revenue	183,938	173,618
Total current liabilities	586,778	558,039
License Fees	560,000	560,000
TOTAL LIABILITIES	1,146,778	1,118,039
Stockholders' equity:
Common stock: $0.001 par value; authorized 75,000,000 shares; 23,336,673 shares issued and outstanding as of March 31, 2017 and December 31, 2016	23,337	23,337
Additional paid-in capital	14,214,423	12,412,430
Stock payable	630,000
Accumulated deficit	(13,339,056)	(10,718,714)
Total stockholders' equity	1,528,704	1,717,053
Total liabilities and stockholders' equity	$ 2,675,482	$ 2,835,092

XML 14 R3.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
STOCKHOLDERS' DEFICIT
Common Stock, Par Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares Authorized	75,000,000	75,000,000
Common Stock, Shares Issued	23,336,673	23,336,673
Common Stock, Shares Outstanding	23,336,673	23,336,673

XML 15 R4.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
REVENUE
Net product sales	$ 27,497	$ 28,511
Consulting research & development income	4,448
Shipping and other sales		98
Total revenues	31,945	28,609
Cost of goods sold	35,550	27,165
Gross profit (loss)	(3,605)	1,443
Research and development expenses	219,620	127,352
Selling, general and administrative expenses	2,402,547	293,436
Total costs and expenses	2,622,167	420,788
Net loss from operations	(2,625,772)	(419,345)
Other income (expense):
Interest income	4	366
Other income	8,571	10,071
Loss on disposal of PP&E		(3,323)
Other expense	(994)	(12,143)
Interest expense	(2,151)	(51,718)
Other income (expense)	5,430	(56,746)
Net loss before income taxes	(2,620,342)	(476,091)
Provision for income taxes
Net loss	$ (2,620,342)	$ (476,091)
Net loss per share, basic and diluted	$ (0.11)	$ (0.07)
Weighted average shares outstanding, basic and diluted	23,336,673	6,629,260

XML 16 R5.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash Flows from Operating Activities:
Net loss	$ (2,620,342)	$ (476,091)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	48,258	37,173
Loss from joint venture	994	2,040
Loss on disposal of PP&E		3,323
Amortization of prepaid stock –based compensation	115,644
Warrants issued for services	1,801,993
Change in other assets and liabilities:
Restricted cash		(50,000)
Accounts receivable	(31,089)	(5,576)
Inventory	1,927	3,757
Prepaid expenses and other assets	35,894	(14,598)
Other assets	8,056	18,159
Accounts payable	28,595	(204,823)
Accrued expenses	3,616	25,227
Deferred revenue	10,320	(10,434)
Net cash used in operating activities	(596,134)	(671,843)
Cash Flows from Investing Activities:
Advanced on note receivable		(18,290)
Purchase in intangible assets	(11,000)	(14,965)
Payment to joint venture investment	(5,000)	(20,421)
Acquisition of property and equipment, net	(19,314)	(28,898)
Net cash used in investing activities	(35,314)	(82,574)
Cash flows from Financing Activities:
Proceeds from loan		1,046,960
Loan repayments	(10,729)	(131,266)
Capital lease payments	(3,063)	(2,713)
Net cash provided (used) by financing activities	(13,792)	912,981
Net increase (decrease) in cash and cash equivalents	(645,240)	158,564
Cash and cash equivalents, beginning of period	1,106,142	13,352
Cash and cash equivalents, end of period	460,902	171,916
Supplemental cash flow information:
Cash paid for interest and income taxes:
Interest	2,151	19,344
Income taxes
Non-cash financing activities:
Common stock to be issued for prepaid expense	$ 514,356

XML 17 R6.htm IDEA: XBRL DOCUMENT

ORGANIZATION AND DESCRIPTION OF BUSINESS

3 Months Ended

Mar. 31, 2017

Notes to Financial Statements

Note 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS

XML 18 R7.htm IDEA: XBRL DOCUMENT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2017

Notes to Financial Statements

Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principal of Consolidation and Basis of Presentation

Use of Estimates

Cash and Cash Equivalents

Investment in Associates

Property and Equipment

Manufacturing equipment		5-7 Years
Computer and other equipment		3-7 Years
Leasehold Improvements		Lesser of useful life or the term of the lease

Accounts Receivable

Impairment of Long-Lived Assets

Revenue Recognition

Advertising Expense

Research and Development

Costs incurred in connection with the development of new products and processes are charged to research and development expenses as incurred.

Income Taxes

Stock-Based Compensation

Fair Value Measurements

Level 1 — quoted prices in active markets for identical assets or liabilities

Level 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable

Level 3 — inputs that are unobservable (for example cash flow modeling inputs based on assumptions)

The Company has no assets or liabilities valued at fair value on a recurring basis.

Basic and diluted loss per share

Going Concern

Recently Issued Standards

XML 19 R8.htm IDEA: XBRL DOCUMENT

INVENTORY

3 Months Ended

Mar. 31, 2017

Notes to Financial Statements

Note 3 - Inventory

	March 31, 2017			December 31, 2016
Raw materials	$	65,631		$	68,047
Packaging components		83,030			84,927
Work-in-process		19,578			17,406
Finished goods		-			-
		168,239			170,380
Reserve for obsolescence		(88,881	)		(89,095	)
Total inventory	$	79,358		$	81,285

XML 20 R9.htm IDEA: XBRL DOCUMENT

LOAN PAYABLE

3 Months Ended

Mar. 31, 2017

Notes to Financial Statements

Note 4 - Loan Payable

Loan payable consist of the following at March 31, 2017 and December 31, 2016:

	2017		2016
Note to a company due September 29, 2017 including interest at 13.25% per annum; unsecured; interest due monthly	$	22,548	$	33,277
Current portion of loan payable		22,548		33,277
Loan payable, less current portion	$	-	$	-

XML 21 R10.htm IDEA: XBRL DOCUMENT

NOTES PAYABLE

3 Months Ended

Mar. 31, 2017

Notes to Financial Statements

Note 5 - Notes Payable

Notes payable consist of the following at March 31, 2017 and December 31, 2016:

	2017		2016

Note to an individual, non-interest bearing, unsecured and has no fixed terms of repayment	$	50,000	$	50,000

		50,000		50,000
Current portion of loan payable		50,000		50,000
Loan payable, less current portion	$	-	$	-

XML 22 R11.htm IDEA: XBRL DOCUMENT

WARRANT AGREEMENTS

3 Months Ended

Mar. 31, 2017

Notes to Financial Statements

Note 6 - Warrant Agreements

The Company’s warrant activity was as follows:

	Warrants		Weighted Average Exercise Price		Weighted Average Contractual Remaining Life
Outstanding, December 31, 2016		4,392,107		1.97		6.17
Granted		1,300,000		2.00		0.76
Exercised		-		-		-
Forfeited/Expired		-		-		-
Outstanding, March 31, 2017		5,692,107		1.98		6.15
Exercisable at March 31, 2017		3,490,665		1.99		3.20

Range of Exercise Price		Number of Warrants		Weighted Average Remaining Contractual Life (years)		Weighted Average Exercise Price		Number of Warrants Exercisable		Weighted Average Exercise Price
$	1.00 - $2.00		5,692,107		6.15	$	1.98		3,628,256	$	1.99
			5,692,107		6.15	$	1.98		3,628,256	$	1.99

	March 31, 2017			December 31, 2016
Significant assumptions (weighted-average):
Risk-free interest rate at grant date		1.93	%		1.83	%
Expected stock price volatility		81.28	%		84.42	%
Expected dividend payout		-			-
Expected option life (in years)		3			3
Expected forfeiture rate		0	%		0	%

XML 23 R12.htm IDEA: XBRL DOCUMENT

STOCKHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2017

Notes to Financial Statements

Note 7 - Stockholders' Equity

Authorized Stock

The Company has authorized to issue is 75,000,000 common shares with a par value of $0.001 per share.

As of March 31, 2017 and December 31, 2016, there were 23,336,673, shares of the Company’s common stock issued and outstanding.

Common Share Issuances

As of March 31, 2017, the Company agreed to issue 300,000 common stock shares at $2.10 per share for consulting services to be performed over a one year period.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB Topic 4.E)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74567-122707

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB Topic 4.C)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

+ Details

XML 24 R13.htm IDEA: XBRL DOCUMENT

COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2017

Notes to Financial Statements

Note 8 - Commitments and Contingencies

Litigation:

Operating leases

Total rent expense for the three month periods ended March 31, 2017 and 2016 was $72,400 and $71,968, respectively.

XML 25 R14.htm IDEA: XBRL DOCUMENT

SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2017

Notes to Financial Statements

Note 9 - SUBSEQUENT EVENTS

XML 26 R15.htm IDEA: XBRL DOCUMENT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Mar. 31, 2017

Summary Of Significant Accounting Policies Policies

Principles of consolidation and basis of presentation

Use of Estimates

Cash and Cash Equivalents

Investment in Associates

Property and Equipment

Manufacturing equipment		5-7 Years
Computer and other equipment		3-7 Years
Leasehold Improvements		Lesser of useful life or the term of the lease

Accounts receivable

Impairment of Long-Lived Assets

Revenue Recognition

Advertising Expense

Research and Development

Costs incurred in connection with the development of new products and processes are charged to research and development expenses as incurred.

Income Taxes

Stock-Based Compensation

Fair Value Measurements

Level 1 — quoted prices in active markets for identical assets or liabilities

Level 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable

Level 3 — inputs that are unobservable (for example cash flow modeling inputs based on assumptions)

The Company has no assets or liabilities valued at fair value on a recurring basis.

Basic and diluted loss per share

Going Concern

Recently Issued Standards

XML 27 R16.htm IDEA: XBRL DOCUMENT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2017

Summary Of Significant Accounting Policies Tables

Property and equipment

Manufacturing equipment		5-7 Years
Computer and other equipment		3-7 Years
Leasehold Improvements		Lesser of useful life or the term of the lease

XML 28 R17.htm IDEA: XBRL DOCUMENT

INVENTORY (Tables)

3 Months Ended

Mar. 31, 2017

Inventory Tables

Inventory Of Carrying Value

	March 31, 2017			December 31, 2016
Raw materials	$	65,631		$	68,047
Packaging components		83,030			84,927
Work-in-process		19,578			17,406
Finished goods		-			-
		168,239			170,380
Reserve for obsolescence		(88,881	)		(89,095	)
Total inventory	$	79,358		$	81,285

XML 29 R18.htm IDEA: XBRL DOCUMENT

LOAN PAYABLE (Tables)

3 Months Ended

Mar. 31, 2017

Loan Payable Tables

Loan Payable

Loan payable consist of the following at March 31, 2017 and December 31, 2016:

	2017		2016
Note to a company due September 29, 2017 including interest at 13.25% per annum; unsecured; interest due monthly	$	22,548	$	33,277
Current portion of loan payable		22,548		33,277
Loan payable, less current portion	$	-	$	-

XML 30 R19.htm IDEA: XBRL DOCUMENT

NOTES PAYABLE (Tables)

3 Months Ended

Mar. 31, 2017

Notes Payable Tables

Notes Payable

Notes payable consist of the following at March 31, 2017 and December 31, 2016:

	2017		2016

Note to an individual, non-interest bearing, unsecured and has no fixed terms of repayment	$	50,000	$	50,000

		50,000		50,000
Current portion of loan payable		50,000		50,000
Loan payable, less current portion	$	-	$	-

XML 31 R20.htm IDEA: XBRL DOCUMENT

WARRANT AGREEMENTS (Tables)

3 Months Ended

Mar. 31, 2017

Warrant Agreements Tables

Company stock option activity

The Company’s warrant activity was as follows:

	Warrants		Weighted Average Exercise Price		Weighted Average Contractual Remaining Life
Outstanding, December 31, 2016		4,392,107		1.97		6.17
Granted		1,300,000		2.00		0.76
Exercised		-		-		-
Forfeited/Expired		-		-		-
Outstanding, March 31, 2017		5,692,107		1.98		6.15
Exercisable at March 31, 2017		3,490,665		1.99		3.20

Range of Exercise Price		Number of Warrants		Weighted Average Remaining Contractual Life (years)		Weighted Average Exercise Price		Number of Warrants Exercisable		Weighted Average Exercise Price
$	1.00 - $2.00		5,692,107		6.15	$	1.98		3,628,256	$	1.99
			5,692,107		6.15	$	1.98		3,628,256	$	1.99

Weighted Average fair value of warrants granted

	March 31, 2017			December 31, 2016
Significant assumptions (weighted-average):
Risk-free interest rate at grant date		1.93	%		1.83	%
Expected stock price volatility		81.28	%		84.42	%
Expected dividend payout		-			-
Expected option life (in years)		3			3
Expected forfeiture rate		0	%		0	%

XML 32 R21.htm IDEA: XBRL DOCUMENT

NATURE OF THE BUSINESS (Details Narrative)	3 Months Ended
NATURE OF THE BUSINESS (Details Narrative)	Mar. 31, 2017
Nature Of Business Details Narrative
State of Incorporation	State of Nevada
Date of Incorporation	May 15, 2014

XML 33 R22.htm IDEA: XBRL DOCUMENT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	Mar. 31, 2017
Manufacturing Equipment [Member] \| Minimum [Member]
Estimated useful lives	5 years
Manufacturing Equipment [Member] \| Maximum [Member]
Estimated useful lives	7 years
Computer software [Member] \| Minimum [Member]
Estimated useful lives	3 years
Computer software [Member] \| Maximum [Member]
Estimated useful lives	7 years
Leasehold Improvements [Member]
Estimated useful lives description	Lesser of useful life or the term of the lease

XML 34 R23.htm IDEA: XBRL DOCUMENT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Jan. 08, 2016
Summary Of Significant Accounting Policies Details Narrative
Federal Deposit Insurance Corporation	$ 250,000		$ 250,000
Ownership interest				50.00%
Advertising Expense	1,876	$ 0
Valuation allowance percentage			100.00%
Accumulated deficit	(13,339,056)		$ (10,718,714)
Working capital deficit	$ (693,961)
Patents wrote off			$ 58,522

XML 35 R24.htm IDEA: XBRL DOCUMENT

INVENTORY (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Inventory Details
Raw Materials	$ 65,631	$ 68,047
Packaging Components	83,030	84,927
Work-In-Process	19,578	17,406
Finished Goods
Inventory, Gross	168,239	170,380
Reserve for Obsolescence	(88,881)	(89,095)
Total inventory	$ 79,358	$ 81,285

XML 36 R25.htm IDEA: XBRL DOCUMENT

LOAN PAYABLE (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Current portion of loan payable	$ 22,548	$ 33,277
Loan payable, less current portion
Loans Payable [Member]
Current portion of loan payable	$ 22,548	$ 33,277

XML 37 R26.htm IDEA: XBRL DOCUMENT

LOAN PAYABLE (Details Narrative) - Loans Payable [Member]	3 Months Ended
	Mar. 31, 2017
Interest rate	13.25%
Maturity date	Sep. 29, 2017

XML 38 R27.htm IDEA: XBRL DOCUMENT

NOTES PAYABLE (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Total notes payable	$ 50,000	$ 50,000
Current portion of loan payable	50,000	50,000
Loan payable, less current portion
Notes Payable [Member]
Total notes payable	$ 50,000	$ 50,000

XML 39 R28.htm IDEA: XBRL DOCUMENT

WARRANT AGREEMENTS (Details)	3 Months Ended
WARRANT AGREEMENTS (Details)	Mar. 31, 2017 $ / shares shares
Warratns
Outstanding, December 31, 2016 \| shares	4,392,107
Granted \| shares	1,300,000
Exercised \| shares
Forfeited/Expired \| shares
Outstanding, March 31, 2017 \| shares	5,692,107
Exercisable at March 31, 2017 \| shares	3,628,256
Weighted Average Exercise Price
Outstanding, December 31, 2016 \| $ / shares	$ 1.97
Granted \| $ / shares	2.00
Exercised \| $ / shares
Forfeited/Expired \| $ / shares
Outstanding, March 31, 2017 \| $ / shares	1.98
Exercisable at March 31, 2017 \| $ / shares	$ 1.99
Outstanding, December 31, 2016	6 years 1 month 24 days
Granted	9 months 4 days
Exercised	0 years
Forfeited/Expired	0 years
Outstanding, March 31, 2017	6 years 1 month 24 days
Exercisable at March 31, 2017	3 years 2 months 12 days

XML 40 R29.htm IDEA: XBRL DOCUMENT

WARRANT AGREEMENTS (Details 1) - $ / shares	3 Months Ended
WARRANT AGREEMENTS (Details 1) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
Number of Warrants	5,692,107	4,392,107
Weighted Average Remaining Contractual Life (years)	6 years 1 month 24 days
Weighted Average Exercise Price	$ 1.98	$ 1.97
Number of Warrants Exercisable	3,628,256
Weighted Average Exercise Price	$ 1.99
$1.00 - $2.00 [Member]
Range of Exercise Price Lower Limit	1.00
Range of Exercise Price Upper Limited	$ 2.00
Number of Warrants	5,692,107
Weighted Average Remaining Contractual Life (years)	6 years 1 month 24 days
Weighted Average Exercise Price	$ 1.98
Number of Warrants Exercisable	3,628,256
Weighted Average Exercise Price	$ 1.99

XML 41 R30.htm IDEA: XBRL DOCUMENT

WARRANT AGREEMENTS (Details 2)	3 Months Ended
WARRANT AGREEMENTS (Details 2)	Mar. 31, 2017	Mar. 31, 2016
Significant assumptions (weighted-average):
Risk-free interest rate at grant date	1.93%	1.83%
Expected stock price volatility	81.28%	84.42%
Expected dividend payout
Expected option life (in years)	3 years	3 years
Expected forfeiture rate	0.00%	0.00%

XML 42 R31.htm IDEA: XBRL DOCUMENT

WARRANT AGREEMENTS (Details Narrative)	Jan. 03, 2017 shares
License agreement [Member]
Warrants granted	130,000

XML 43 R32.htm IDEA: XBRL DOCUMENT

STOCKHOLDERS' EQUITY (Details Narrative) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
Common stock, par value per share	$ 0.001	$ 0.001
Common stock, shares authorized	75,000,000	75,000,000
Common stock, shares issued	23,336,673	23,336,673
Common Stock, Shares Outstanding	23,336,673	23,336,673
Common Stock
Common stock, par value per share	$ 2.10
Common stock, shares issued	300,000

XML 44 R33.htm IDEA: XBRL DOCUMENT

COMMITMENTS AND CONTINGENCIES (Details Narrative)	3 Months Ended
COMMITMENTS AND CONTINGENCIES (Details Narrative)	Mar. 31, 2017 USD ($) ft²	Mar. 31, 2016 USD ($)
Total rent expense \| $	$ 72,400	$ 71,968
Transaction One [Member]
Offices and manufacturing facility area	25,000
Transaction Two [Member]
Offices and manufacturing facility area	6,547

XML 45 R34.htm IDEA: XBRL DOCUMENT

SUBSEQUENT EVENTS (Details Narrative) - $ / shares	Apr. 07, 2017	Mar. 31, 2017	Dec. 31, 2016
Common Stock, Shares Issued		23,336,673	23,336,673
Common Stock, Par Value Per Share		$ 0.001	$ 0.001
Investor [Member] \| Restricted Stock [Member]
Common Stock, Shares Issued	14,579
Common Stock, Par Value Per Share	$ 6.86

EXCEL 46 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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�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end XML 47 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 48 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 50 FilingSummary.xml IDEA: XBRL DOCUMENT 3.7.0.1 html 25 168 1 false 14 0 false 5 false false R1.htm 00000001 - Document - Document and Entity Information Sheet http://makkanotti.com/role/DocumentAndEntityInformation Document and Entity Information Cover 1 false false R2.htm 00000002 - Statement - Condensed Consolidated Balance Sheets Sheet http://makkanotti.com/role/BalanceSheets Condensed Consolidated Balance Sheets Statements 2 false false R3.htm 00000003 - Statement - Condensed Consolidated Balance Sheets (Parenthetical) Sheet http://makkanotti.com/role/BalanceSheetsParenthetical Condensed Consolidated Balance Sheets (Parenthetical) Statements 3 false false R4.htm 00000004 - Statement - Condensed Consolidated Statements of Operations (Unaudited) Sheet http://makkanotti.com/role/StatementsOfOperations Condensed Consolidated Statements of Operations (Unaudited) Statements 4 false false R5.htm 00000005 - Statement - Condensed Consolidated Statements of Cash Flows (Unaudited) Sheet http://makkanotti.com/role/StatementsOfCashFlows Condensed Consolidated Statements of Cash Flows (Unaudited) Statements 5 false false R6.htm 00000006 - Disclosure - ORGANIZATION AND DESCRIPTION OF BUSINESS Sheet http://makkanotti.com/role/OrganizationAndDescriptionOfBusiness ORGANIZATION AND DESCRIPTION OF BUSINESS Notes 6 false false R7.htm 00000007 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Sheet http://makkanotti.com/role/SummaryOfSignificantAccountingPolicies SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Notes 7 false false R8.htm 00000008 - Disclosure - INVENTORY Sheet http://makkanotti.com/role/Inventory INVENTORY Notes 8 false false R9.htm 00000009 - Disclosure - LOAN PAYABLE Sheet http://makkanotti.com/role/LoanPayable LOAN PAYABLE Notes 9 false false R10.htm 00000010 - Disclosure - NOTES PAYABLE Notes http://makkanotti.com/role/NotesPayable NOTES PAYABLE Notes 10 false false R11.htm 00000011 - Disclosure - WARRANT AGREEMENTS Sheet http://makkanotti.com/role/WarrantAgreements WARRANT AGREEMENTS Notes 11 false false R12.htm 00000012 - Disclosure - STOCKHOLDERS' EQUITY Sheet http://makkanotti.com/role/StockholdersEquity STOCKHOLDERS' EQUITY Notes 12 false false R13.htm 00000013 - Disclosure - COMMITMENTS AND CONTINGENCIES Sheet http://makkanotti.com/role/Concentration COMMITMENTS AND CONTINGENCIES Notes 13 false false R14.htm 00000014 - Disclosure - SUBSEQUENT EVENTS Sheet http://makkanotti.com/role/SubsequentEvents SUBSEQUENT EVENTS Notes 14 false false R15.htm 00000015 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) Sheet http://makkanotti.com/role/SummaryOfSignificantAccountingPoliciesPolicies SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) Policies 15 false false R16.htm 00000016 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) Sheet http://makkanotti.com/role/SummaryOfSignificantAccountingPoliciesTables SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) Tables http://makkanotti.com/role/SummaryOfSignificantAccountingPolicies 16 false false R17.htm 00000017 - Disclosure - INVENTORY (Tables) Sheet http://makkanotti.com/role/InventoryTables INVENTORY (Tables) Tables http://makkanotti.com/role/Inventory 17 false false R18.htm 00000018 - Disclosure - LOAN PAYABLE (Tables) Sheet http://makkanotti.com/role/LoanPayableTables LOAN PAYABLE (Tables) Tables http://makkanotti.com/role/LoanPayable 18 false false R19.htm 00000019 - Disclosure - NOTES PAYABLE (Tables) Notes http://makkanotti.com/role/NotesPayableTables NOTES PAYABLE (Tables) Tables http://makkanotti.com/role/NotesPayable 19 false false R20.htm 00000020 - Disclosure - WARRANT AGREEMENTS (Tables) Sheet http://makkanotti.com/role/WarrantAgreementsTables WARRANT AGREEMENTS (Tables) Tables http://makkanotti.com/role/WarrantAgreements 20 false false R21.htm 00000021 - Disclosure - NATURE OF THE BUSINESS (Details Narrative) Sheet http://makkanotti.com/role/NatureOfBusinessDetailsNarrative NATURE OF THE BUSINESS (Details Narrative) Details 21 false false R22.htm 00000022 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) Sheet http://makkanotti.com/role/SummaryOfSignificantAccountingPoliciesDetails SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) Details http://makkanotti.com/role/SummaryOfSignificantAccountingPoliciesTables 22 false false R23.htm 00000023 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) Sheet http://makkanotti.com/role/SummaryOfSignificantAccountingPoliciesDetailsNarrative SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) Details http://makkanotti.com/role/SummaryOfSignificantAccountingPoliciesTables 23 false false R24.htm 00000024 - Disclosure - INVENTORY (Details) Sheet http://makkanotti.com/role/InventoryDetails INVENTORY (Details) Details http://makkanotti.com/role/InventoryTables 24 false false R25.htm 00000025 - Disclosure - LOAN PAYABLE (Details) Sheet http://makkanotti.com/role/LoanPayableDetails LOAN PAYABLE (Details) Details http://makkanotti.com/role/LoanPayableTables 25 false false R26.htm 00000026 - Disclosure - LOAN PAYABLE (Details Narrative) Sheet http://makkanotti.com/role/LoanPayableDetailsNarrative LOAN PAYABLE (Details Narrative) Details http://makkanotti.com/role/LoanPayableTables 26 false false R27.htm 00000027 - Disclosure - NOTES PAYABLE (Details) Notes http://makkanotti.com/role/NotesPayableDetails NOTES PAYABLE (Details) Details http://makkanotti.com/role/NotesPayableTables 27 false false R28.htm 00000028 - Disclosure - WARRANT AGREEMENTS (Details) Sheet http://makkanotti.com/role/WarrantAgreementsDetails WARRANT AGREEMENTS (Details) Details http://makkanotti.com/role/WarrantAgreementsTables 28 false false R29.htm 00000029 - Disclosure - WARRANT AGREEMENTS (Details 1) Sheet http://makkanotti.com/role/WarrantAgreementsDetails1 WARRANT AGREEMENTS (Details 1) Details http://makkanotti.com/role/WarrantAgreementsTables 29 false false R30.htm 00000030 - Disclosure - WARRANT AGREEMENTS (Details 2) Sheet http://makkanotti.com/role/WarrantAgreementsDetails2 WARRANT AGREEMENTS (Details 2) Details http://makkanotti.com/role/WarrantAgreementsTables 30 false false R31.htm 00000031 - Disclosure - WARRANT AGREEMENTS (Details Narrative) Sheet http://makkanotti.com/role/WarrantAgreementsDetailsNarrative WARRANT AGREEMENTS (Details Narrative) Details http://makkanotti.com/role/WarrantAgreementsTables 31 false false R32.htm 00000032 - Disclosure - STOCKHOLDERS' EQUITY (Details Narrative) Sheet http://makkanotti.com/role/StockholdersEquityDetailsNarrative STOCKHOLDERS' EQUITY (Details Narrative) Details http://makkanotti.com/role/StockholdersEquity 32 false false R33.htm 00000033 - Disclosure - COMMITMENTS AND CONTINGENCIES (Details Narrative) Sheet http://makkanotti.com/role/CommitmentsAndContingenciesDetailsNarrative COMMITMENTS AND CONTINGENCIES (Details Narrative) Details http://makkanotti.com/role/Concentration 33 false false R34.htm 00000034 - Disclosure - SUBSEQUENT EVENTS (Details Narrative) Sheet http://makkanotti.com/role/SubsequentEventsDetailsNarrative SUBSEQUENT EVENTS (Details Narrative) Details http://makkanotti.com/role/SubsequentEvents 34 false false All Reports Book All Reports curr-20170331.xml curr-20170331.xsd curr-20170331_cal.xml curr-20170331_def.xml curr-20170331_lab.xml curr-20170331_pre.xml true true ZIP 52 0001477932-17-002294-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001477932-17-002294-xbrl.zip M4$L#!!0 ( .&%KTH0,UG*T74 J3! 1 8W5R;Y,-8DF MB3$(<'"1Q/SZ]YS3%S1XD4@*E *L]G$)H#NT]WG?NN?_N_]Q&.W(HS
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end

Large accelerated filer	¨	Accelerated filer	¨
Non-accelerated filer	¨	Smaller reporting company	x

		Page

PART I. FINANCIAL INFORMATION:

Item 1.	Unaudited Condensed Consolidated Financial Statements		3

	Condensed Consolidated Balance Sheets as of March 31, 2017 (Unaudited) and December 31, 2016		3

	Unaudited Condensed Consolidated Statements of Operations for the three month periods ended March 31, 2017 and 2016		4

	Unaudited Condensed Consolidated Statements of Cash Flows for the three month periods ended March 31, 2017 and 2016		5

	Notes to the Unaudited Condensed Consolidated Financial Statements		6

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		14

Item 3.	Quantitative and Qualitative Disclosures About Market Risk		18

Item 4.	Controls and Procedures		19

PART II. OTHER INFORMATION:

Item 1.	Legal Proceedings		20

Item 1A.	Risk Factors		20

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		20

Item 3.	Defaults Upon Senior Securities		20

Item 4.	Mine Safety Disclosure		20

Item 5.	Other Information		20

Item 6.	Exhibits		21

	Signatures		22

	March 31, 2017			December 31, 2016
	(Unaudited)			(Audited)
Assets
Current assets:
Cash	$	460,902		$	1,106,142
Accounts receivable		38,138			7,049
Inventory		79,358			81,285
Prepaid expenses and other assets		702,341			223,879
Total current assets		1,280,739			1,418,355
Property and equipment, net		352,525			370,648
Intellectual property and patents, net		894,689			894,510
Other assets		147,529			151,579
Total assets	$	2,675,482		$	2,835,092

Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	293,981		$	265,386
Accrued expenses		29,921			26,305
Current portion of loan payable		22,548			33,277
Current portion of note payable		50,000			50,000
Current portion of capital lease payable		6,390			9,453
Deferred revenue		183,938			173,618
Total current liabilities		586,778			558,039
License Fees		560,000			560,000
Total liabilities		1,146,778			1,118,039

Stockholders’ equity:
Common stock: $0.001 par value; authorized 75,000,000 shares; 23,336,673 shares issued and outstanding as of March 31, 2017 and December 31, 2016		23,337			23,337
Additional paid-in capital		14,214,423			12,412,430
Stock payable		630,000			-
Accumulated deficit		(13,339,056	)		(10,718,714	)
Total stockholders’ equity		1,528,704			1,717,053
Total liabilities and stockholders’ equity	$	2,675,482		$	2,835,092

	Three Months Ended March 31, 2017			Three Months Ended March 31, 2016
	(Unaudited)			(Unaudited)
Revenue
Net product sales	$	27,497		$	28,511
Consulting research & development income		4,448			-
Shipping and other sales		-			98
Total revenues		31,945			28,609

Cost of goods sold		35,550			27,165
Gross profit (loss)		(3,605	)		1,443
Research and development expenses		219,620			127,352
Selling, general and administrative expenses		2,402,547			293,436
Total costs and expenses		2,622,167			420,788
Net loss from operations		(2,625,772	)		(419,345	)
Other income (expense):
Interest income		4			366
Other income		8,571			10,071
Loss on disposal of PP&E		-			(3,323	)
Other expense		(994	)		(12,143	)
Interest expense		(2,151	)		(51,718	)
Other income (expense)		5,430			(56,746	)
Net loss before income taxes		(2,620,342	)		(476,091	)
Provision for income taxes		-			-
Net loss	$	(2,620,342	)	$	(476,091	)

Net loss per share, basic and diluted	$	(0.11	)	$	(0.07	)

Weighted average shares outstanding, basic and diluted		23,336,673			6,629,260

	For the Three			For the Three
	Months Ended			Months Ended
	March 31, 2017			March 31, 2016
	(Unaudited)			(Unaudited)
Cash flows from operating activities
Net loss	$	(2,620,342	)	$	(476,091	)
Adjustment to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		48,258			37,173
Loss from joint venture		994			2,040
Loss on disposal of PP&E		-			3,323
Amortization of prepaid stock –based compensation		115,644			-
Warrants issued for services		1,801,993			-
Change in other assets and liabilities:
Restricted cash		-			(50,000	)
Accounts receivable		(31,089	)		(5,576	)
Inventory		1,927			3,757
Prepaid expenses and other assets		35,894			(14,598	)
Other assets		8,056			18,159
Accounts payable		28,595			(204,823	)
Accrued expenses		3,616			25,227
Deferred revenue		10,320			(10,434	)
Net cash used in operating activities		(596,134	)		(671,843	)

Cash flows from investing activities
Advanced on note receivable		-			(18,290	)
Purchase in intangible assets		(11,000	)		(14,965	)
Payment to joint venture investment		(5,000	)		(20,421	)
Acquisition of property and equipment, net		(19,314	)		(28,898	)
Net cash used in investing activities		(35,314	)		(82,574	)

Cash flows from financing activities
Proceeds from loan		-			1,046,960
Loan repayments		(10,729	)		(131,266	)
Capital lease payments		(3,063	)		(2,713	)
Net cash provided (used) by financing activities		(13,792	)		912,981

Net increase (decrease) in cash and cash equivalents		(645,240	)		158,564
Cash and cash equivalents, beginning of period		1,106,142			13,352
Cash and cash equivalents, end of period	$	460,902		$	171,916

Supplemental cash flow information
Cash paid for interest and income taxes:
Interest	$	2,151		$	19,344
Income taxes		-			-

Non-cash financing activities:
Common stock to be issued for prepaid expense	$	514,356		$	-

	Warrants		Weighted Average Exercise Price		Weighted Average Contractual Remaining Life
Outstanding, December 31, 2016		4,392,107		1.97		6.17
Granted		1,300,000		2.00		0.76
Exercised		-		-		-
Forfeited/Expired		-		-		-
Outstanding, March 31, 2017		5,692,107		1.98		6.15
Exercisable at March 31, 2017		3,490,665		1.99		3.20

Range of Exercise Price		Number of Warrants		Weighted Average Remaining Contractual Life (years)		Weighted Average Exercise Price		Number of Warrants Exercisable		Weighted Average Exercise Price
$	1.00 - $2.00		5,692,107		6.15	$	1.98		3,628,256	$	1.99
			5,692,107		6.15	$	1.98		3,628,256	$	1.99

	·	Consists of two components - a liquid-based film layer that contains and stabilizes the active ingredients, and a powder matrix layer.
	·	Provides improved stability as well as delivery of active ingredients.
	·	Contains functional qualities to include extra flavoring ingredients, pliability enhancers, and mucosal permeation enhancers.

	·	MacuStrip Vitamin complex (eye health product)
	·	ID Life Sleep melatonin
	·	Electrolyte (Adult and Pediatric)
	·	E6 Berry Caffeine
	·	Hang-Over Relief

	·	Aspirin
	·	Loratadine
	·	Tadalifil
	·	Sildenafil
	·	Loperamide
	·	Vitamin B12
	·	Vitamin D3
	·	Folic Acid

	·	Zuplenz (the first oral soluble film approved by the FDA as a prescription medication)
	·	Benadryl (diphenhydramine product and anti-histamine used for allergies and mild sedative)
	·	Gas-X (simethicone product for bloating, gas, and gastrointestinal complaint)
	·	Melatonin PM (hormonal product sold as a “dietary supplement” marketed for insomnia)
	·	Orajel Kids (benzocaine product for dental pain)
	·	Suboxone (buprenorphine and naloxone fixed dosage combination product for opioid addiction)
	·	Subutex (buprenorphine product for opioid addiction)
	·	Sudafed (phenylephrine or pseudoephedrine product for nasal congestion)
	·	TheraFlu (combination product of pain reliever, anti-pyretic and decongestant)
	·	Triaminic (children’s anti-tussive product)

	·	The safety and efficacy of our products;
	·	The relative speed with which we can develop products;
	·	Generic competition for any product that we develop;
	·	Our ability to defend our existing intellectual property and to broaden our intellectual property and technology base;
	·	Our ability to differentiate our products;
	·	Our ability to develop products that can be manufactured on a cost effective basis;
	·	Our ability to manufacture our products in compliance with cGMP and any other regulatory requirements; and
	·	Our ability to obtain financing.

	1.	Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of our assets;

	2.	Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. GAAP, and that our receipts and expenditures are being made only in accordance with the authorization of our management and directors; and

	3.	Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements.

31.1		Certification of Chief Executive Officer pursuant to section 302 of the Sarbanes-Oxley Act of 2002
31.2		Certification of Chief Financial Officer pursuant to section 302 of the Sarbanes-Oxley Act of 2002
32.1		Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2		Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS		XBRL Instance Document
101.SCH		XBRL Taxonomy Extension Schema Document
101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF		XBRL Taxonomy Extension Definition Linkbase Document
101.LAB		XBRL Taxonomy Extension Label Linkbase Document
101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document

	CURE PHARMACEUTICAL HOLDING CORP.

Dated: May 15, 2017	By:	/s/ Robert Davidson
		Robert Davidson
		Chief Executive Officer

/s/ Mark Udell
Mark Udell
Chief Financial Officer
May 15, 2017

1.	I have reviewed this quarterly report on Form 10-Q of CURE Pharmaceutical Holding Corp.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	a.	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures, to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

	b.	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c.	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d.	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal year (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

	a.	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	b.	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 15, 2017	By:	/s/ Mark Udell
		Mark Udell
		Chief Financial Officer

(1)	The Report fully complies with the requirements of Section 13 (a) or 15 (d) of the Securities Exchange Act of 1934; and

(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.