Annual report pursuant to Section 13 and 15(d)

Common Stock Transactions

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Common Stock Transactions
12 Months Ended
Dec. 31, 2014
Equity [Abstract]  
Common Stock Transactions

NOTE 7 - COMMON STOCK TRANSACTIONS

 

On December 29, 2014 the Company entered into two separate stock purchase agreements completing sales of its restricted common shares to two private accredited investors. The Company sold a total of 4,000,000 shares of restricted common stock at a price of $0.40 per share for an aggregate amount of $1,600,000 received by the Company. One of the two purchasers of these shares, Mark McGarrity, became our chief information officer subsequent to year end. No underwriting commissions or fees were involved.

 

In December 2014 the Company entered into an employment agreement with two officers effective February 2015. As part of the agreement, the Company agreed to issue a total of 5,500,000 shares of the Company’s restricted common stock as a form of signing bonus. The Company determined that it was contractually obligated to issue the 5,500,000 signing bonus shares at December 31, 2014 and as a result, recorded its fair value of $987,500 in the accompanying 2014 statement of operations and comprehensive income as part of professional fees. The shares issuable were valued at the date of the respective agreements. See Note 8 for further details.