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11. Subsequent Events
6 Months Ended
Jun. 30, 2017
Subsequent Events [Abstract]  
Subsequent Events

On July 18, 2017, the Company entered into an unsecured line of credit financing agreement (the “Agreement”) with its Chief Operating Officer. The Agreement provides for working capital of up to $100,000 through July 31, 2022. Borrowings bear interest at 6%. The interest rate is adjusted annually, on January 1st of each year, to a rate equal to the prime rate in effect on December 31st of the immediately preceding year, plus one and one quarter percent, and in no event, is the interest rate less than 6% per annum. Interest is payable quarterly. As payment of an origination fee under the Agreement, the Company granted a stock option to purchase a total of 400,000 shares of the Company's common stock, par value $.001 per share at $.04 per share valued at $9,960. Such option became fully vested and exercisable on July 31, 2017. On July 18, 2017, the Company borrowed $30,000 under the Agreement used for working capital.

 

On July 18, 2017, the Board of Directors (the “Board”) appointed its Chief Operating Officer to the Board, filling an existing vacancy on the Board. In connection with this appointment, the Board granted an option to purchase 100,000 shares of the Company’s common stock at an exercise price of $.04 per share of which was immediately vested.