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Note 14 - Subsequent Events
3 Months Ended
Mar. 31, 2017
Notes  
Note 14 - Subsequent Events

NOTE 14 – Subsequent Events

 

On April 6, 2017, stockholders holding a majority of the voting stock of the Company approved a name change from WRAPmail, Inc. to Canbiola Inc. by written consent. On May 8, 2017, the Company mailed the name change amendment to its certificate of incorporation to Florida. Effective May 15, 2017, FINRA approved the name change.

 

On April 17, 2017, the Company issued 5,000,000 shares of WRAP common stock to a consultant for services rendered. The $103,500 fair value of the 5,000,000 shares of WRAP common stock will be charged to consulting fees in the three months ended June 30, 2017.

 

On April 20, 2017, the Company amended a $50,000 Promissory Note dated March 16, 2017. The note became convertible at the option of the lender into shares of the Company common stock at a Conversion Price equal to the lesser of (i) $0.01 per share or (ii) 50% of the lowest Closing Bid Price of the Common Stock for the 30 Trading Days preceding the Conversion Date.

 

On May 3, 2017, the Company issued a $50,000 Convertible Promissory Note to a lender for loan proceeds of $50,000. The note bears interest at a rate of 12% per annum, is due on November 3, 2017, and is convertible at the option of the lender into shares of the Company common stock at a Conversion Price equal to the lesser of (i) $0.01 per share or (ii) 50% of the lowest Closing Bid Price of the Common Stock for the 30 Trading Days preceding the Conversion Date.

 

In accordance with FASB ASC 855, Subsequent Events, the Company has evaluated subsequent events through May 15, 2017, the date on which these consolidated financial statements were available to be issued. Except as disclosed above, there were no material subsequent events that required recognition or additional disclosure in these consolidated financial statements.