XML 23 R12.htm IDEA: XBRL DOCUMENT

Note (7) Related Party Transactions	3 Months Ended
Mar. 31, 2016
Notes
Note (7) Related Party Transactions	Note (7) Related Party Transactions On October 2, 2014, 850,000 the company granted a total stock options (the "Options") to 1 Company officer who is also minority owners. The Options, vest over 9 quarters and are exercisable at a price of $0.05 per Share. The options were valued using the Black-Scholes model with 281% volatility and 0.23% discount rate for a total value of $152,955 of this amount $12,245 and $24,490 was expensed during the three months ended March 31, 2016 and 2015, respectively, and $73,472 to be expenses over 6 additional quarters. On January 25, 2015 the company granted a total of 6,000,000 stock options (the "Options") to 3 Company officers who are also minority owners and 1 employee. The Options, vest over 2 quarters and are exercisable at a price of $0.10 per Share. The options were valued using the Black-Scholes model with 241% volatility and 1.33% discount rate for a total value of $429,679 with $429,629 expensed during the nine months ended September 30, 2015. During 2015 BreedIt Ltd, the company's subsidiary, received $13,020 for use of its software from KanaboSeed Ltd, a related company. Accordingly $13,020 were included as donated capital, BreedIT Ltd holds 50% of KanaboSeed Ltd. Note (8) Convertible and Non-Convertible Notes Payable On March 15, 2015, two note holders converted $145,886 of debt and accrued interest to 2,917,698 shares at a conversion price of $0.05 per share. The conversion occurred within the terms of the convertible note agreements with no gain or loss recorded. During the three months ended March 31, 2016 and 2015, the Company recorded amortization expenses related to the beneficial conversion feature of $0 and $32,671 respectively. For the three months ended March 31, 2016 and 2015, the Company recorded interest expense related in the amounts of $0 and $5,262 respectively. Remaining debt discount as of March 31, 2016 and December 31, 2015 is $0 and $0, respectively.

Note (7) Related Party Transactions

3 Months Ended

Mar. 31, 2016

Note (7) Related Party Transactions

On October 2, 2014, 850,000 the company granted a total stock options (the "Options") to 1 Company officer who is also minority owners. The Options, vest over 9 quarters and are exercisable at a price of $0.05 per Share. The options were valued using the Black-Scholes model with 281% volatility and 0.23% discount rate for a total value of $152,955 of this amount $12,245 and $24,490 was expensed during the three months ended March 31, 2016 and 2015, respectively, and $73,472 to be expenses over 6 additional quarters.

On January 25, 2015 the company granted a total of 6,000,000 stock options (the "Options") to 3 Company officers who are also minority owners and 1 employee. The Options, vest over 2 quarters and are exercisable at a price of $0.10 per Share. The options were valued using the Black-Scholes model with 241% volatility and 1.33% discount rate for a total value of $429,679 with $429,629 expensed during the nine months ended September 30, 2015.

During 2015 BreedIt Ltd, the company's subsidiary, received $13,020 for use of its software from KanaboSeed Ltd, a related company. Accordingly $13,020 were included as donated capital, BreedIT Ltd holds 50% of KanaboSeed Ltd.

Note (8) Convertible and Non-Convertible Notes Payable

On March 15, 2015, two note holders converted $145,886 of debt and accrued interest to 2,917,698 shares at a conversion price of $0.05 per share. The conversion occurred within the terms of the convertible note agreements with no gain or loss recorded.

During the three months ended March 31, 2016 and 2015, the Company recorded amortization expenses related to the beneficial conversion feature of $0 and $32,671 respectively.

For the three months ended March 31, 2016 and 2015, the Company recorded interest expense related in the amounts of $0 and $5,262 respectively.

Remaining debt discount as of March 31, 2016 and December 31, 2015 is $0 and $0, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References + Details