Subsequent Events |
16. |
Subsequent
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On
October 12, 2018, CEO and Director Sean Folkson opted to exercise 400,000 common stock warrants at a strike price of $.30
per share. To exercise these warrants, Folkson used $120,000 in accrued NightFood consulting fees, which accrued during the
time Folkson did not receive any payment for his services from January 1, 2015 through November 28, 2017. |
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Between the dates of October 1, 2018 and November 9, 2018, investor Eagle Equities, LLC converted a total
of $181,850.56 of principal and interest from outstanding notes into Company stock. 1,657,387 shares were issued in conjunction
with these conversions, an average price of $.1097 per share.
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Between the dates of October 1, 2018 and November 19, 2018, in the ordinary course of business, the Company
has entered into consulting and influencer agreements with a number of influencers and Brand Ambassadors which call for the issuance
of Company common stock as compensation. As of the time and date of this filing, the Company has committed to issue 20,039 shares
in conjunction with said agreements. 10,000 of these shares have been issued and are accounted for in the outstanding share count
reported in this Filing. An additional 10,039 shares have been committed and not yet issued as of the time of this filing.
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On
October 5, 2018 the Company entered into a convertible promissory note a security purchase agreement dated October 5, 2018
and funded on October 5, 2018, in the amount of $104,000. The lender was Eagle Equities, LLC. |
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On November 15, 2018 the Company entered into a convertible promissory note a security purchase agreement
dated November 15, 2018 and funded on November 16, 2018, in the amount of $130,000. Proceeds from the note will be used for operating
expenses and procuring ingredients and packaging for initial production of Nightfood ice cream. The lender was Eagle Equities,
LLC.
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On November 19, 2018 the Company retired 500,000 shares of common stock that had been issued to a Consultant in November, 2017. The Consultant failed to deliver the advertising services that had been promised within the agreed-upon time frame. Management demanded the return of the shares and, with cooperation from the Consultant, the shares were returned and subsequently retired. |
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