| Subsequent Events |
| 16. |
Subsequent Events |
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On July 31, 2017, the Company entered into a convertible promissory note a security purchase agreement dated July 31, 2017 and funded on August 1, 2017, in the amount of $100,000. The lender was Labrys Fund, LP. As part of this transaction, the Company issued Labrys a block of 400,650 “Commitment Shares”. These shares, although issued to Labrys, are to be returned to the Company should the Company pay off the note prior to the 6 month maturity date. In September of 2017, to facilitate the issuance of additional operating capital, the Company and Labrys agreed that Labrys shall be entitled to keep 100,000 of the 400,650 Commitment Shares in the event of a timely retirement of the debt. |
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On August 4, 2017, the Company entered into a consulting agreement with AJO Capital, Inc. to provide services relating to business development and general business consulting. As compensation for services, AJO will receive 500,000 shares of Company common stock. |
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On August 10, 2017, the Company entered into a Forbearance Agreement with SkyBridge Ventures LLC, whereby the date of conversion eligibility for a $35,000 note held by SkyBridge was changed from August 8, 2017 to September 12, 2017. |
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On August 10, 2017, the Company entered into a consulting agreement with a consultant to assess business continuity planning and business insurance needs. As compensation for services, the consultant will receive 10,000 shares of Company common stock |
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On August 24, 2017, a shareholder loaned the company $10,000. As compensation for making this loan, the shareholder received 10,000 shares of Company common stock, and is entitled to $2,000 interest. This advance was secured by a promissory note from the company to the shareholder whereby the company has until February 24, 2018 to repay the principal and interest. |
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On August 24, 2017, the Company sold 264,085 shares of common stock to Black Forest Capital, LLC, pursuant to the $5,000,000 Equity Purchase Agreement entered into during February of 2017. Gross proceeds from this sale totaled $30,000, equating to a share price of $.1136 per share. |
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On September 8, 2017 the Company entered into a convertible promissory note a security purchase agreement dated September 5, 2017 and funded on September 12, 2017, in the amount of $75,000. The lender was JSJ Investments, Inc. |
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On September 8, 2017, the Company entered into a convertible promissory note a security purchase agreement dated September 8, 2017 and funded on September 12, 2017, in the amount of $218,750. The lender was Eagle Equities, LLC. |
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On September 12, 2017 the Company successfully retired a convertible promissory note dated March, 16, 2017 and held by EMA Financial, LLC, in the original principal amount of $75,000. |
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On September 13, 2017, the Company filed a certificate of amendment to its certificate of incorporation which increased the number of shares of common that it is authorized to issue from 100,000,000 to 200,000,000. The amendment was previously approved by Company directors and the holders of a majority of the issued and outstanding shares. |
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On September 17, 2017, the Company entered into an agreement with Dr. Michael Grandner whereby Grander has agreed to serve the Company in a scientific advisory role. Dr. Grander is the Director of the Sleep and Health Research Program at the University of Arizona. He is Certified in Behavioral Sleep Medicine by the American Board of Sleep Medicine, and is a consultant to Major League Baseball, the NCAA, the U.S. Olympic Team, FitBit, among other corporate clients. As compensation for his services, Dr. Grander received warrants to purchase up to 500,000 shares of Company common stock at $.15 per share. The warrants have a cashless provision. |
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On September 26, 2017, noteholder Eagle Equities converted $7,500 of principal and $30 of interest of an outstanding note to stock. The conversion was at a price of $.075 per share. 100,400 shares were issued to the noteholder in this transaction. |
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