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Subsequent Events
6 Months Ended
Jun. 30, 2016
Notes to Financial Statements  
Subsequent Events

In July 2016, the Company issued an aggregate total of 8,923,543 shares of Common Stock as payment of accrued interest under certain convertible notes payable, including the Bridge Notes and the BHA Note.

 

Subsequent to June 30, 2016, in accordance with the terms and conditions of the executed Global LOI, the Company deemed the Global LOI terminated. Pursuant to the termination under the agreement, Global is obligated to issue to the Company that number of shares of Global’s common stock equal to 10% of the then outstanding shares of Global’s common stock, on a fully-diluted basis, as payment of the Global Advance. In addition to the share issuance, the Company is evaluating certain additional remedies related to the Global LOI and the $50,000 advance. 

 

We have evaluated subsequent events through the date of this filing in accordance with the Subsequent Events Topic of the FASB ASC 855, and have determined that, except as provided in this Note, no subsequent events occurred that are reasonably likely to impact these financial statements.