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SUBSEQUENT EVENTS
3 Months Ended
Dec. 31, 2015
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

During the period commencing January 1, 2016 through February 2, 2016 the Company received $70,000 from 3 investors pursuant to private placement agreements with the investors to purchase 210,000 shares of Stratean $0.001 par value common stock and warrants to purchase 21,000 shares of Stratean $0.001 par value common stock at a purchase price equal to $0.33 for each share of Common stock and 10% warrant coverage. The warrant allows the holder to purchase shares of the Company's $0.001 par value common stock at $0.367 per share.

 

On January 22, the company terminated its lease agreement at 2391 South 1560 West, Unit B, Woods Cross Utah and relocated its corporate office to 70 north Main Street, Suite 105, Bountiful Utah 84010. The Company executed a one-year lease agreement that calls for the Company to make payments of $850 per month. The Company has prepaid rent for February 1, 2015 and January 1, 2017. Future minimum lease payments under the operating leases for the facilities as of January 31, 2016 are $8,500.

 

On January 22, the Company appointed Mr. Greg Gohlinghorst as a member of the Company’s board of advisors. He was issued 35,000 shares of common stock for his appointment.  The shares were valued at $11,666 or $0.33 per share. The amount was capitalized as a prepaid expense will be amortized over the next twelve months. 

 

Mr. Gohlinghorst is a seasoned business veteran who has served in senior management for several private sector Companies.  He worked with The May Department Stores Company from 1975 to 1986, working his way up from a buyer to the Company’s Senior Vice-President over the Florida division. Mr. Gohlinghorst then founded and operated a multi-state retail chain from 1986 to 1996. He also served as the national vice president of Sales and Marketing for American Polymer until retirement in 2010. Mr. Gohlinghorst holds a B.S. in Business Management from the University of Utah and an MBA from the University of South Dakota, he has also completed the Executive program at Northwestern University's Kellogg Graduate School of Management. 

 

Aside from that provided above, Mr. Gohlinghorst does not hold and has not held over the past five years any other directorships in any company with a class of securities registered pursuant to Section 12 of the Exchange Act or subject to the requirements of Section 15(d) of the Exchange Act or any company registered as an investment company under the Investment Company Act of 1940.

 

On January 22, the Company issued 450,000 warrants shares to a Mr. Greg Gohlinghorst for business advisory services. The warrants were valued at $138,005 using the Black Scholes option pricing model based upon the following assumptions: term of 5 years, risk free interest rate of 1.49%, a dividend yield of 0% and volatility rate of 110%. The warrants were fully earned and vested on January 31, 2016.