MV Portfolios Inc. Just Filed Its Annual Report: 14.      Subsequent ...

14.      Subsequent Events

 

In July 2015, the Company had borrowed $5,000 from their officer. The note is due on demand, and bears no interest.

 

During the period from April 2015 to June 2016, the subsidiary LocatorX issued 4,090,000, options with exercise prices from $0.10/share to $0.20/share, and vesting term from 12 eq ual installments over 3 years, 8 equal installments over 3 years, to 1 installment over 1 quarter.

 

During the period from July 2015 to April 2016, the subsidiary LocatorX issued 240,962 common shares in exchange for $481,924 cash.

 

During the period from September to November 2015, the Company issued 10,500,000 common shares for a total cash consideration of $420,000 and warrants to purchase up to an additional 5,250,000 common shares at $0.06 per share through a private placement of securities.

 

During the period from September to November 2015, the Company issued 9,500,000 common shares for a total fair value of $485,000 to settle $380,000 liabilities, and recognized a loss of $105,000. In addition, the Company also issued 4,750,000 warrants to purchase up to an additional 2,375,000 common shares at $0.06 per share

 

In May 2016, the Company issued a convertible note for $25,000. Along with the debt offering, the Company also issued 1,666,667 warrants.

 

In June 2016, the Company issued 105,611 common shares upon the conversion of 105,611 shares of Series C preferred stock.

 

In October, 2016, the Company issued 52,806 common shares upon the conversion of 52,806 shares of Series C preferred stock.

 

In the period from November to December 2016, the Company issued 15,475,000 common shares for a consideration of $309,500 and 15,475,000 warrants to purchase up to an additional 7,737,500 common shares with an exercise price of $0.06/share through a private placement of securities. In addition, 11,225,000 additional common shares are to be deferred and issued at a later date.

 

During the period from December 2015 to June 2016, the subsidiary LocatorX issued 3,790,000 options, with exercise prices from $0.01/share to $0.02/share, and vesting terms from 12 equal installments over 3 years, 8 equal installments over 3 years, to 1 installment over 1 quarter.

 

On September 1, 2016, the Company formed a wholly owned subsidiary, Rabbit Drones, Inc. (which name was changed to 1st Rescue, Inc. in January 2017), wich will explore the productization potential for a Miniature Atomic Clock (“MAC”) with a focus on medical equipment.

 

In January 2017, the Company entered into employment agreements with the Chief Executive Officer and Chief Financial Officer. In connection with the employment agreements, options to purchase up to 10,000,000 common shares at $0.06 per share were issued.

 

In January 2017, the subsidiary LocatorX entered into royalty fee agreement that replaced the prior royalty fee agreement. The royalty fee agreement has a variable royalty fee based on the annual earned royalty ranging from 10.0% to 5.0%, with a minimum annual royalty fee of $60,000, and options to purchase 2,000,000 shares at an exercise price of $1.20/share.

 

In March 2017, the subsidiary LocatorX issued 580,000 options with exercise price of $0.4/share to $1.2/share, and vesting term from fully vested immediately to 8 installments over 2 years.

 

In March 2017, the Company issued 4,400,000 common shares through a private placement of securities for a total consideration of $88,000, and issued warrants to purchase up to an additional 2,200,000 shares at $0.06 per share.

 

In March 2017, the Company issued 5,600,000 common shares to its officer to settle accrued salary for the amount of $112,000.

 

In March 2017, the Company issued 2,500,000 common shares to a third party for consulting services valued at $50,000.

 

In March 2017, the Company issued 85,000 Series E shares with 1000 to 1 voting rights pursuant to the November 2016 private placement of securities.

The above information was disclosed in a filing to the SEC. To see the filing, click here.

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