XML 26 R15.htm IDEA: XBRL DOCUMENT v3.7.0.1
Subsequent Events
6 Months Ended
Jun. 30, 2017
Subsequent Events [Abstract]  
Subsequent Events

On July 10, 2017, all Note Holders, with the exception of a single individual Note Holder who holds two Notes and has elected not to waive default, agreed to further extend the repayment of the Notes until July 31, 2017. The Company issued 66,666 warrants to purchase shares of common stock at $0.50 a share for the default provision. No further warrants will be issued on these defaulted Notes. No additional consideration is being given by the Company for this extension by the consenting Note Holders. On August 11, 2017, the above Note Holders agreed to further extend the repayment of the Notes until August 31, 2017.

 

On August 1, 2017 the Company received written consent of the holders of the majority of the issued and outstanding shares of our Common Stock, to amend the 2017 Employee/Consultant Common Stock Compensation Plan and to file a  Certificate of Amendment to our Certificate of Incorporation (the “Certificate of Incorporation”) to increase the Company’s authorized common stock, par value $0.001 per share (the “Common Stock”), from 50,000,000 shares to 100,000,000 shares, (the “Amendment”) and keep the authorized shares of preferred stock, par value $0.001 per share (the “Preferred Stock”), unchanged.

 

On March 7, 2017 the Company filed a $4,250,000 Form D to issue up to 8.5 million shares of common stock and approximately 2.2 million warrants to issue common stock at $0.50 a share. The Company has extended this offering through September 29, 2017.