COMMITMENTS AND CONTINGENCIES |
9 Months Ended |
|---|---|
Sep. 30, 2017 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| COMMITMENTS AND CONTINGENCIES | NOTE 9 COMMITMENTS AND CONTINGENCIES
During the normal course of business, the Company may be exposed to litigation. When the Company becomes aware of potential litigation, it evaluates the merits of the case in accordance with ASC 450-20-50, Contingencies. The Company evaluates its exposure to the matter, possible legal or settlement strategies and the likelihood of an unfavorable outcome. If the Company determines that an unfavorable outcome is probable and can be reasonably estimated, it establishes the necessary accruals. As of September 30, 2017, the Company is not aware of any contingent liabilities that should be reflected in the accompanying financial statements.
The Company believes that it may be placed in default on one or more of its obligations to creditors, though the Company has not received notice of default as of the date of this filing. The triggering event would be the failure to file a registration statement on Form S-1 for the shares of common stock issued pursuant to the Equity Purchase Agreement and Registration Rights Agreement with Kodiak Capital Group, LLC, filed as Exhibits to the Form 10-Q filed on August 21, 2017. The default could potentially accelerate the balance owed and trigger default interest rates. The Company intends to seek amendment or modification of the agreements in order to avoid default. |