XML 22 R11.htm IDEA: XBRL DOCUMENT v3.7.0.1
6. Wytec International, Inc. and Subsidiaries Registration Statement
3 Months Ended
Mar. 31, 2017
Restructuring and Related Activities [Abstract]  
Wytec International, Inc. and Subsidiaries Registration Statement

In October 2016, the Company’s board of directors and majority shareholders authorized a planned spin-off of Wytec (“Spin-Off”). As of March 31, 2017, CCI owns 865,552 shares, approximately 10%, of the outstanding common stock of Wytec, (assuming all outstanding shares of Wytec’s Series A and Series B Preferred Stock are converted into Wytec common stock) and 1,731,104 Wytec common stock purchase warrants.

 

On December 9, 2016, CCI filed an information statement on schedule 14C and on January 10, 2017, Wytec filed a registration statement on form S-1 with the Securities and Exchange Commission (the “SEC”). These filings describe in detail the terms and conditions of the Spin-Off. Upon the S-1 Registration Statement being declared effective by the SEC, Wytec will no longer be owned by the Company, as the Company will distribute 100 % of its remaining shares of Wytec common stock and Wytec common stock purchase warrants to its shareholders. Wireless WI, ICM, and ICM LLC, will continue to be wholly owned subsidiaries of the Company.