Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

v3.7.0.1
Subsequent Events
6 Months Ended
Jun. 30, 2017
Subsequent Events [Abstract]  
Subsequent Events

9. Subsequent Events

 

On July 5, 2017, the Company laid off all non-officer personnel due to lack of available funds.  Within a week, the Company was able to bring back four full-time staff members as well as two part-time workers as contractors.  Due to the significant reduction in personnel, our ability to continue with product development has been slowed.

During the months of July and August 2017, the Company received two advances totaling $80,000 from a related party. These are not evidenced by a promissory note at this time. Until otherwise determined, this is considered a short-term demand obligation.

On August 21, 2017, the Company closed on an offering of convertible notes and warrants on terms substantially identical to the March 6, 2017 financing (see Note 4). The purchasers are the same investors as in the March financing except for one person who is a former director that did not participate in this financing. The Company will receive $60,000 in net proceeds from the issuance of $63,158 of convertible notes.