|9 Months Ended|
Sep. 30, 2017
|Subsequent Events [Abstract]|
The Company has evaluated events and transactions that occurred from October 1, 2017 through the date of filing, for possible disclosure and recognition in the financial statements. See discussed below material subsequent events that impact its financial statements or disclosures.
On October 4, 2017, the Company issued 500,000 shares to a vendor under a settlement agreement for investor relations services performed.
On October 6, 2017, in accordance with the terms of a Securities Purchase Agreement, the Company issued 10,000,000 shares to a related party investor upon conversion of a note payable held by the investor for $750,000 including accrued interest of approximately $150,000. The cost basis for the shares issued was $0.05.
On October 24, 2017, the Company entered into Securities Purchase Agreements with an accredited investors. In connection with the agreement, the Company issued 10,000 shares of Series A Preferred Stock and warrants to acquire 2,000,000 shares of common stock. The shares of Series A Preferred Stock are convertible, at any time at the option of the holder, into an aggregate of 1,000,000 shares of the Company’s common stock. The Warrants shall be exercisable for a period of five years at an exercise price of $0.15 per share.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://www.xbrl.org/2003/role/presentationRef