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9. Subsequent Events
9 Months Ended
Sep. 30, 2016
Subsequent Events [Abstract]  
Subsequent Events

In October 2016, the Company purchased 152,700 shares of its common stock from the Company’s chief strategy officer for a cash payment of $5,000.

 

In October 2016, the Company purchased 150,000 shares of its common stock from an employee of the Company for a cash payment of $4,995.

 

In October 2016, a convertible promissory note payable by the Company with an outstanding balance of $7,787 including accrued interest and a maturity date of June 30, 2017 was paid off in cash.

  

In October 2016, the Company issued 22,000 shares of Wytec International, Inc. (“Wytec”) common stock to one investor pursuant to a warrant exercise.

 

In October 2016, the Company issued 105,000 shares of Wytec. Series B Preferred Stock and 105,000 Wytec common stock purchase warrants to investors pursuant to Wytec’s private placement made pursuant to Rule 506(c) of Regulation D of the Securities Act of 1933, as amended.

 

In October 2016, the Company issued 120,000 shares of Wytec’s Series B Preferred Stock and 120,000 Wytec common stock purchase warrants in exchange for 12 registered links that were included in deferred revenue.

 

In October 2016, the Company refunded two Registered Links for a total cash payment of $70,000 for the return of two link obligations.

 

In October 2016, the Company approved through shareholder approval the spin-off of Wytec., a Nevada Corporation, and subsidiary of the Company. The Company currently owns 255,949 shares of the outstanding common stock of Wytec and 1,731,104 Wytec common stock purchase warrants.