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Subsequent Events
3 Months Ended
Mar. 31, 2017
Subsequent Events [Abstract]  
Subsequent Events

Management has evaluated subsequent events up to and including May 15, 2017, which is the date the statements were available for issuance and determined there are no reportable subsequent events except the following:

 

On March 1, 2017, the Company entered into a Stock Exchange Agreement with IX Biotechnology, Inc. (“IXB”), a company focused on the production of certified organic cannabidol oil (“CBD”). The transaction closed on April 6, 2017 and, pursuant to the agreement, the Company issued 10,000,000 shares of its restricted common stock in exchange for all the issued and outstanding shares of IXB. As a result of the Stock Exchange Agreement the Company will become IXB’s sole shareholder, making IXB a subsidiary of the Company. In conjunction with the closing of the Stock Exchange Agreement, the Company has restructured its Board of Directors resulting in Michael Ogburn being appointed its new Chairman of the Board, Chief Executive Officer and Chief Financial Officer, and has also appointed two new directors, Joaquin Flores and Brian Werner.

 

On April 1, 2017, the Company amended the Limited Liability Partnership Agreement of AHIT-NNMP dated July 13, 2016. Pursuant to the amendment, the limited partner may at its sole option, purchase from the Company its partnership interest for the sum of $35,000 commencing July 14, 2017.

 

On April 11, 2017, IXB entered into a consulting agreement with Black Legend Capital for consulting and financial advisory services for a period of six months. Pursuant to the agreement, the Company agreed to pay a compensation of $30,000 upon execution of the agreement.

 

On April 17, 2017, the Company entered into a Securities Purchase Agreement (“Agreement”) with FirstFire Global Opportunities Fund, LLC, a Delaware limited liability company (“FirstFire”). Pursuant to the Agreement, the Company issued a senior convertible promissory note in the amount of $525,000 and issued a warrant to purchase 787,500 shares of the Company’s common stock. The principal sum of $525,000 includes a 5% original issue discount and earns interest at a rate of 2% per annum from the date of issuance. Each tranche payment becomes due and owing six months after issuance. FirstFire has the right to convert all or any portion of the then outstanding principal and unpaid principal and interest into fully paid and non-assessable shares of the Company’s common stock.

 

On April 17, 2017, the Company entered into a Securities Purchase Agreement (“Agreement”) with FirstFire Global Opportunities Fund, LLC, a Delaware limited liability company (“FirstFire”). Pursuant to the Agreement, the Company issued a senior convertible promissory note in the amount of $525,000. In conjunction with the execution of the Agreement, the Company also issued a warrant which entitles the holder to purchase up to 787,500 shares of the Company’s common stock at an exercise price of $0.50 per share. The warrant is exercisable for a period of 5 years from the issuance date. The principal sum of $525,000 includes a 5% original issue discount (“OID”) and earns interest at a rate of 2% per annum from the date of issuance. Each tranche payment becomes due and owing six months after issuance. FirstFire has the right to convert all or any portion of the then outstanding principal and unpaid principal and interest into fully paid and non-assessable shares of the Company’s common stock. At the time of funding of each tranche, the warrant shares outstanding shall immediately and automatically be increased by 75% of the respective tranche funded plus the applicable OID divided by $0.50. On April 10, 2017, the Company received the first tranche of funding in the amount of $188,000, net of OID of $9,400. At the closing of the first tranche, the amount of warrant shares outstanding is 296,100.

 

On April 17, 2017, the Company entered into a Consulting Agreement (“Agreement”) with International Monetary, Inc., a California corporation (“International Monetary”) for a period of six months. Pursuant to the Agreement, International Monetary will provide a variety of services to the Company, including, but not limited to, corporate and management services; financial services; shareholder relations and corporate communication services; business development services; investor relations coordination and services; and guidance to maximize shareholder value with a concentrated focus on assisting with specific corporate governance requirements for an up listing to a major listed exchange. In exchange for these services, the Company will issue to International Monetary restricted shares of common stock in an amount equal to two percent (2%) of the Company’s issued and outstanding common stock (the “Stock Compensation”). The Stock Compensation shall be made in two payments, one percent (1%) of the issued and outstanding stock as of April 17, 2017 shall be issued upon the execution of the Agreement, and the remaining one percent (1%) shall be issued ninety (90) days thereafter. In addition to the Stock Compensation, the Company will pay a monthly cash management fee of $5,000 per month (the “Management Fee”). As of May 15, 2017, the Company has not issued any shares to International Monetary.

  

On April 25, 2017, the Company sold one property for $120,000.

 

On May 3, 2017, the Company sold one property for $215,000.