Note (9) Subsequent Events
As defined in FASB ASC 855-10, “Subsequent Events”, subsequent events are events or transactions that occur after the balance sheet date but before financial statements are issued or available to be issued.
On January 1, 2019, 60;the Company issued to two officers in consideration for their services: (iii) 300,000 Class I Warrants exercisable for a period of two years at an exercise price of $.01 per Share; and (iv) 300,000 Class J Warrants exercisable for a period of three years at an exercise price of $.30 per Share. 99,576 of these warrants were converted to shares on February 28, 2019.
On January 27, 2019, 12,500 shares subscribed for in 2018 and recorded as stock payable were issued to the shareholder.
On January 24, 2019, the Company sold a total of 334,000 units for cash consideration of $334,000 at price of $1.00 (the “Units”), each unit comprised of one share of common stock, one class F warrant exercisable at $3.00 per share with a term of 36 months and one class G warrant exercisable at $5.00 per share with a term of 60 months.
The Company evaluated all other events and transactions that occurred subsequent to the balance sheet date and prior to the date on which the financial statements contained in this report were issued, and the Company determined that no such events or transactions necessitated disclosure.
The above information was disclosed in a filing to the SEC. To see the filing, click here.
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