10. Subsequent Events
|9 Months Ended|
Sep. 30, 2017
|Subsequent Events [Abstract]|
Amendment to Articles of Incorporation or Bylaws
On October 10, 2017, the Company filed a Certificate of Amendment to the Company’s Articles of Incorporation with the Nevada Secretary of State to increase the Company’s authorized shares of common stock from 300 million to 500 million and to create a new class of preferred stock and authorize the Company to issue up to 100 million shares of preferred stock.
Exercise of Warrants
From October 1, 2017 up to October 20, 2017, the Company issued 440,000 shares of restricted common stock on the exercise of warrants in aggregate value of $22,000.
Amendment to Employment Agreement
On November 13, 2017, in an effort to clarify and more accurately reflect the original intentions of the Company and the Company’s Chief Executive Officer (CEO) in signing the employment agreement between them (the “Employment Agreement”), the Company executed an amendment to the Employment Agreement (the “Amendment”). Pursuant to the Amendment, any transactions involving the Company’s AOT technology, executed by the Company during the term of the Employment Agreement, shall be considered sourced by the CEO for the purposes of bonus eligibility. Any payments received by the Company as a result of such transactions shall be deemed net of any fees or commissions for the purpose of calculating bonus payments. The terms of the bonus structure under the Employment Agreement is otherwise unchanged. In addition, pursuant to the Amendment, the CEO shall be eligible to participate in any group health insurance plan offered by the Company to employees, or, should the CEO select private health insurance outside of the Company’s group plan, the CEO shall receive each month an amount from the Company equal to the premium paid by the CEO for such private health insurance.
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