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Subsequent Events
12 Months Ended
Dec. 31, 2019
Subsequent Events [Abstract]  
Subsequent Events

Note 11 – Subsequent Events:

 

In January 2020, the Company entered into a settlement agreement with RETMC, Mr. Richard Malinowski and Mr. Thomas Kelly to settle all claims against the parties. Upon receipt of the settlement payment the Company dismissed its litigation against REMTC, Mr. Malinowski and Mr. Kelly in the New Jersey State Courts.

 

In January 2020 the Auctus Fund LLC exercised its option to convert $21,305 of the principal of its Convertible Note and accrued interest and fees of $8,695 (a total of $30,000) into 20,000 shares of the Company's common stock. The principal balance remaining on the Note following this conversion was $478,695.

 

In February 2020 the Auctus Fund LLC exercised its option to convert $138,998 of the principal of its Convertible Note and accrued interest and fees of $11,002 (a total of $150,000) into 100,000 shares of the Company's common stock. The principal balance remaining on the Note following this conversion was $339,698.

 

In February 2020, the Company entered into an agreement with the Auctus Fund LLC to reduce the exercise price of the $2.75 per share Warrants to $1.50 per share. No other changes were made to the terms of the Warrants or the Convertible Note held by the Auctus Fund. In February, the Auctus Fund LLC exercised 167,000 options at $1.50 per share, resulting in total proceeds to the company of $250,500.

 

In February 2020, the Company raised $100,000 through the sale of convertible promissory notes, convertible to common stock at $1.50 per share.

 

In March 2020, the Company issued 115,000 shares of common stock under the Company's incentive compensation plan to four employees as a bonus for their performance during 2019.

 

On March 26, 2020, the Company filed a Form 8-K to announce that it had entered into a Technology Alliance Partnership Agreement with Splunk, Inc. (the "TAP Agreement") to perform research and develop analytics using the Company's Mukai software platform. No funds will be exchanged pursuant to the TAP Agreement. 

 

There are no other events of a subsequent nature that in management's opinion are reportable.