Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

v3.19.2
Subsequent Events
6 Months Ended
Jun. 30, 2019
Subsequent Events [Abstract]  
Subsequent Events

NOTE 11 – SUBSEQUENT EVENTS

 

May Securities Purchase Agreement

 

During the period of July 1, 2019 through the date of this filing, YA Global elected to convert $999,915 of the Principal and Interest into 3,847,927 shares of common stock. The principal amount of debenture unconverted is $522,248 as of the date of this filing.

 

June Sales Agreement

 

During the period of July 1, 2019 through the date of this filing, the company sold 25,490,910 shares of common stock for total gross proceeds of $5,407,429 with the at-the-market public offering. This completes the Sales Agreement with The Benchmark Company, LLC.

 

Consultants

 

During the period of July 1, 2019 through the date of this filing, the Company issued 2,428,863 shares of common stock to various consultants as compensation for their services.

 

Settlement Agreement

 

On July 23, 2019, the Company entered into a Settlement and Mutual Release Agreement with its former employee and director Ermanno Santilli. Pursuant to the agreement, Ermanno Santilli was awarded an aggregate amount of $523,146, which included 393,154 shares of restricted common stock at an approximate fair value of $170,000. At the time of this filing, the settlement was paid in full.

 

Warrants Exercised

 

During the period of July 1, 2019 through the date of this filing, the company issued 8,378,250 shares of common stock for CMPO warrants exercised for total proceeds of $1,172,955.

 

During the period of July 1, 2019 through the date of this filing, the company issued 1,162,500 shares of common stock for warrants exercised from the January 2019 securities purchase agreement for total proceeds of $0.