XML 25 R14.htm IDEA: XBRL DOCUMENT v3.3.1.900
Subsequent Events
9 Months Ended
Oct. 31, 2015
Notes  
Subsequent Events

NOTE 10: SUBSEQUENT EVENTS

 

The Company has evaluated the events and transactions for recognition or disclosure subsequent to October 31, 2015, and has determined that there have been no events that would require disclosure, except the following:

 

On November 1, 2015, the Company entered into a new Employment Agreement with Mr. Borkowksi (the “2015 Employment Agreement”). The Employment Agreement is for a term of one (1) year, and includes compensation in the amount of $36,000 per year, compensation for certain travel expenses, and grants to purchase 2,000,000 shares of the Company’s common stock at par, which vest quarterly beginning November 1, 2015, at 500,000 shares per vesting period through August 1, 2016 (the “2015 Stock Award”). In connection with the 2015 Stock Award, $160,000 has been recorded as deferred compensation, to be amortized over the next 9 months.

 

On November 19, 2015, in accordance with his 2015 Employment Agreement, the Company issued 500,000 shares of restricted common stock, valued at $40,000, to its President for cash in the amount of $500. As a result, additional paid in capital was reduced by -$49,500.

 

On December 9, 2015, in accordance with a certain Asset Purchase Agreement dated August 28, 2015, the Company issued 1,500,000 shares of restricted common stock, valued at $150,000.