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10. Subsequent Events
3 Months Ended
Jun. 30, 2018
Notes  
10. Subsequent Events

10. SUBSEQUENT EVENTS

 

The Company’s management has evaluated subsequent events up to August 14, 2018, the date the condensed consolidated financial statements were issued, pursuant to the requirements of ASC 855 and has determined the following material subsequent events:

 

During the period of July 1, 2018 through August 8, 2018, the Company issued an aggregate of 295,203 common shares under its common share finance facility with a private equity firm (the “Investor”). The size and purchase price for each drawdown is governed by the purchase facilities agreement and is predicated on trading volumes as well as the average trading and closing prices of the common stock on the day of drawdown and the prior ten (10) trading days, such that the purchase price is always fixed and known at the time the Company elects to sell shares to the Investor.

 

During this same period, the Company issued 286,907 common shares to consultants in connection with compensation for the provision of media and marketing services; 76,000 of these shares were recorded as shares to be issued at June 30, 2018 since they related to the accrual of existing compensation obligations.

 

During July 2018, the Board of Directors of the company adopted a new compensation program for directors which includes cash compensation for the current fiscal year of $24,000, equity compensation for the current fiscal year to include 31,250 shares of the Company’s common stock and 31,250 options to purchase shares of the Company’s common stock at $2.00 per share, such options to vest and be fully exercisable upon the first anniversary from the date upon which a director was named to the Board.