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Subsequent Events
3 Months Ended
Mar. 31, 2017
Subsequent Events [Abstract]  
Subsequent Events

Note 11 – Subsequent Events

 

The consummation of the Merger with CSES Group, Inc. was effective on April 27, 2017. Pursuant to the Merger Agreement, the Company agreed to issue to the shareholders of CSES 127,045,969 shares of the Company’s Common Stock and issue to the holders of (a) warrants to purchase CSES Common Stock, warrants to purchase an aggregate of 18,409,680 shares of the Company’s Common Stock, (b) options to purchase CSES Common Stock, options to purchase an aggregate of 31,961, 200 shares of the Company’s Common Stock, and (c) a convertible note of CSES, a promissory note of the Company in the principal amount of $100,000 convertible into approximately 535,681 shares of the Company’s Common Stock.

 

On September 14, 2016, the Company entered into a demand convertible promissory note agreement of $250,000. The note payable, which has quarterly interest only payments, has an interest rate of 5% per annum, no maturity date and is unsecured. As of March 31, 2017 and December 31, 2017, the Company had an outstanding balance of $250,000. On April 27, 2017, the noteholder converted into a total of 4,464,256 common shares of the Company’s common stock.

 

On December 5, 2016, the Company entered into a demand convertible promissory note agreement of $25,000. The note payable, which has quarterly interest only payments, has an interest rate of 5% per annum, no maturity date and is unsecured. As of March 31, 2017 and December 31, 2016, the Company has an outstanding balance of $25,000. On April 27, 2017, the noteholder converted into a total of 357,143 common shares of the Company’s common stock.

 

On December 19, 2016, the Company entered into a demand convertible promissory note agreement of $25,000. The note payable, which has quarterly interest only payments, has an interest rate of 5% per annum, no maturity date and is unsecured. As of March 31, 2017 and December 31, 2016, the Company has an outstanding balance of $25,000. On April 27, 2017, the noteholder converted into a total of 357,143 common shares of the Company’s common stock.

 

On December 19, 2016, the Company entered into a demand convertible promissory note agreement of $45,000. The note payable, which has quarterly interest only payments, has an interest rate of 5% per annum, no maturity date and is unsecured. As of March 31, 2017 and December 31, 2016, the Company has an outstanding balance of $45,000. On April 27, 2017, the noteholder converted into a total of 642,857 common shares of the Company’s common stock.

 

On December 30, 2016, the Company entered into a demand convertible promissory note agreement of $5,000. The note payable, which has quarterly interest only payments, has an interest rate of 5% per annum, no maturity date and is unsecured. As of March 31, 2017 and December 31, 2016, the Company has an outstanding balance of $5,000. On April 27, 2017, the noteholder converted into a total of 71,428 common shares of the Company’s common stock.

 

On May 5, 2017, the Series C Preferred Stock was converted into 3,189,208 shares of common stock.