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6. Wytec International, Inc. and Subsidiaries Registration Statement
9 Months Ended
Sep. 30, 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 September 30, 2017, CCI owns 865,552 shares, approximately 9%, 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. Following the S-1 Registration Statement being declared effective by the SEC and the board finalizing the terms of the spin-off, 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. The record date for the spin-off is set for  November 10, 2017 and the distribution date is set for November 20, 2017. These interim consolidated financial statements presented herein have not been adjusted to reflect the results of the spin-off.

 

Wireless WI, ICM, and ICM LLC, will continue to be wholly owned subsidiaries of the Company.