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Subsequent events
3 Months Ended
Mar. 31, 2016
Subsequent Events [Abstract]  
Subsequent events

On April 4, 2016, the Company amended the May 5, 2015 9% Convertible Promissory Note with a principal amount of $275,000 as follows: the maturity date was extended to October 5, 2016, the conversion price was lowered to $0.15 per share, the provision limiting the conversion price adjustment to that of the Series C Preferred Stock was removed, and an option to be repaid prior to the maturity date in the event the Company raises capital in excess of three million dollars was added. The Company also amended the warrant issued in conjunction with the Convertible Promissory Note reducing the exercise price to $0.15 and issued an additional warrant to purchase 366,667 shares of the Company's common stock with a $0.15 exercise price and a three year expiration.

 

 

Effective May 3, 2016, the Board of Directors of SpendSmart Networks, Inc. appointed Frank Liddy to the Board. In connection with Mr. Liddy’s appointment to the Board, the Company agreed to grant Mr. Liddy vested options to purchase 264,000 shares of the Company’s common stock at an exercise price of $0.11 per share, the market closing price on the day of appointment, and having a term of five years.