|12 Months Ended|
Dec. 31, 2018
|Subsequent Events [Abstract]|
The Company has evaluated events and transactions that occurred from December 31, 2018 through the date of the filing for possible disclosure and recognition in the financial statements.
On January 10, 2019, the company’s Board of Directors approved the issuance of 1,000,000 shares of the company’s common stock to a consultant for services.
During March 2019 we were served with notification of litigation regarding our merger with CureDM Holdings. CureDM Holdings’ former parent company, CureDM Inc. has filed a complaint regarding breach of contract and other matters relating to their desire to unwind the merger according to the original merger agreement. This matter has just recently been filed and we are still evaluating it with our legal counsel. At this time, we are unable to state with certainty and outcome either positive or negative. We do intend to vigorously defend against the claims.
In addition to the above matter, we are also in arbitration with another company, Level Brands, regarding a marketing contract between our companies. Both parties are claiming non performance under the contract. The matter is currently in arbitration but is very early into the process and we are unable to determine any outcome positive or negative at this time.
On April 4, 2019, the company borrowed $50,000 from a related party. The Note bears interest at 10% and is due in twelve months.
On April 12, 2019, the Company borrowed $289,144 from a related party to continue its clinical trials in the U.S. The Note bears interest at 10% and is due in twelve months.
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://fasb.org/us-gaap/role/ref/legacyRef