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Note 16 - Subsequent Event
6 Months Ended
Jun. 30, 2019
Subsequent Events [Abstract]  
Note 16 - Subsequent Event

NOTE 16 – SUBSEQUENT EVENTS

 

On August 19, 2019, Mr. Ole Sigetty resigned as a director of the Company.

 

On August 22, 2019, the Company entered into a technology license agreement (the “Agreement”) with AgriSep LLC (“AgriSep”). Pursuant to the Agreement, AgriSep has granted the Company an exclusive worldwide license to use AgriSep’s technology to recover legal cannabidiol (CBD) oil and other legal extracts from cannabis plants. In consideration for the license, the Company will pay AgriSep a royalty equal to 3% of net revenue received by the Company, less certain expenses, from oil extraction operations utilizing the AgriSep technology. The Agreement provides for certain minimum royalty payments and also provides for the Company to pay certain expenses of AgriSep as set forth in the Agreement. As Partial consideration for the grant of the license, the Company issued 1,000,000 shares of common stock to AgriSep immediately and an additional 1,000,000 shares of common stock when the AgriSep Technology is installed, operational and ready for use in a technology application.

 

On August 26, 2019, the Company entered into an employment agreement with Eric Anderson for Mr. Anderson to serve as the Company’s Chief Strategy Officer. The employment agreement is effective from August 20, 2019 to December 31, 2020 on an at will basis. The agreement provides for a base salary of $120,000 per year and options to purchase 250,000 shares of the Company’s common stock at an exercise price of $0.26 per share. The options are being issued pursuant to the Company’s Equity Incentive Plan. Mr. Anderson is also entitled to a bonus at the Board’s discretion based on meeting certain objectives. In the event that Mr. Anderson is terminated, other than for cause as defined in the agreement, he is entitled to three month’s salary and medical coverage.

 

On August 28, 2019, John MacKay resigned as the Company’s Chief Technology Officer, as well as his positions as President of 5 Leaf LLC and Elevated Education, Inc. to pursue writing, teaching and general consulting.

 

On September 3, 2019, each of Arthur Kwan and Eric Baum tendered their resignations from each of their respective positions as members of the Board of Directors of NewBridge Global Ventures, Inc.

 

On September 10, 2019, Eric Tran tendered his resignation from his position as a member of the Board of Directors of NewBridge Global Ventures, Inc.

 

On September 11, 2019, the Board of Directors of the Company approved (i) the authorization, approval and ratification of an amendment to the Company’s Amended and Restated Certificate of Incorporation to increase the number of authorizes shares from 100,000,000 to 200,000,000; and (ii) the authorization and approval of the increase to the number of shares authorized under the Company’s 2019 Equity Incentive Plan to 12,000,000.