XML 39 R22.htm IDEA: XBRL DOCUMENT v3.19.1
Subsequent Events
12 Months Ended
Dec. 31, 2018
Subsequent Events [Abstract]  
Subsequent Events

NOTE 16 – SUBSEQUENT EVENTS

 

Pursuant to an employment agreement with the Company’s Chief Executive Officer, the Company issued 279,767 shares of fully-vested Company stock in February 2019. The number of shares awarded was based on a $28,000 stock award using a price of $0.06 per share. The original agreement stated that the number of shares issued would be based on the average closing price of common stock for the 20 trading days prior to issue date but not less than $0.10 per share. In October 2016, the employment agreement was modified to state that the number of shares issued will be based on the average closing price of common stock for the 20 trading days prior to issue date but not less than $0.05 per share. Compensation expense recorded pursuant to this transaction was $28,000, which was determined by multiplying the number of shares awarded by the average closing price of the stock for the preceding 20 trading days, which was $0.06 per share. The Company withheld 186,900 shares to satisfy the employee’s payroll tax liabilities in connection with this issuance. The net shares issued on February 28, 2019 totaled 279,767 shares.

 

In February 2019, the managing members of RadQual authorized a member distribution in the amount of $60,187 to the Company.  The Company recorded the member distribution as a reduction to the investment.  In addition, RadQual loaned the Company $185,474 pursuant to a promissory note with a stated interest rate of 6% and a maturity date of July 31, 2019. The promissory note is unsecured.