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Subsequent Events
12 Months Ended
Dec. 31, 2018
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 12 – SUBSEQUENT EVENTS

 

Aside from the below, the Company has evaluated subsequent events through the date these financial statements were issued and has determined that none exist as of the date of this filing.

   

Resignation of Chief Financial Officer

 

On February 9, 2019, Robert Kalkstein Chief Financial Officer of Conversion Labs, Inc. (the "Company"), tendered his resignation to the Company's Board of Directors (the "Board"), effective March 31, 2019. Mr. Kalkstein did not resign as a result of any disagreement with the Company on any matter relating to the Company's operations, policies or practices. Mr. Kalkstein will continue to serve as an advisor to the Chief Executive Officer of the Company.

 

In connection with Mr. Kalkstein's resignation, the Company agreed to amend that certain consulting agreement entered into on September 26, 2017 by and between the Company and Mr. Kalkstein (the "Kalkstein Consulting Agreement"), to: (i) forego $32,500 of the $42,500 cash currently owed to Mr. Kalkstein pursuant to the Kalkstein Consulting Agreement; (ii) decrease the exercise price of 500,000 options to purchase the Company's common stock previously granted to Mr. Kalkstein (the "Kalkstein Options") from $0.40 per share to $0.28 per share; (iii) accelerate the vesting of 150,000 Kalkstein Options with such options to vest on March 31, 2019; and (iv) cancel 200,000 unvested Kalkstein Options, the vesting of which was not accelerated (the "Kalkstein Amendment").

 

Appointment of Chief Financial Officer

 

On February 11, 2019, in connection with Mr. Kalkstein's resignation, the Board appointed Mr. Juan Manuel Piñeiro Dagnery, currently the Controller of the Company, as Chief Financial Officer, effective March 31, 2019.

 

On March 15, 2019 the Company and Mr. Piñeiro entered into an employment agreement (the "Piñeiro Employment Agreement") effective as April 1, 2019, whereby Mr. Piñeiro shall earn a salary of $84,000 per annum (the "Piñeiro Salary").  In addition to the. Piñeiro Salary, he shall be eligible for an annual discretionary bonus of up to 100% of the Piñeiro Salary and subject to approval of the Board, the Company shall issue to Mr. Piñeiro options to purchase 500,000 shares of the Company's common stock at an exercise price of $0.23 (the "Options"). The Piñeiro Employment Agreement may be terminated without notice by either party at any time for any reason.