XML 31 R21.htm IDEA: XBRL DOCUMENT v3.5.0.2
Subsequent Events
6 Months Ended
Jun. 30, 2016
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 16 – SUBSEQUENT EVENTS

 

On July 1, 2016, the Company issued 100,000 shares of its common stock to a company pursuant to an agreement with a consultant as described in Note 10. The shares were valued at fair market value using the reported closing share price on the date of issuance, and the Company recorded prepaid expense of $97,980 which will be amortized over the related service period. A consulting agreement with a second consultant which is described in Note 10 was terminated, and no additional shares of common stock were issued or are issuable pursuant to the consulting agreement with the second consultant.

 

On July 18, 2016, the Company sold 260,000 shares of its common stock at a purchase price of $1.04 per share to one investor pursuant to a stock purchase agreement. The Company did not engage a placement agent with respect to the sale. The Company received net proceeds received of $270,400 from the sale.

 

On August 5, 2016, the Company made the RMB 16.0 million payment due to Chengdu College pursuant to the patent use right purchase agreement described in Note 15.