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17. SUBSEQUENT EVENTS | 12 Months Ended
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Dec. 31, 2016
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS | Stock Issued in Cash Sales Subsequent to December 31, 2016 pursuant to private placements, the Company issued 200,000 shares of common stock for cash with a per share price of $0.15 per share or $30,000 and the Company incurred $2,400 of capital raising fees that were paid in cash and charged to additional paid-in capital. Related to these sales, the Company is further obligated to issue 10,000 warrants as an offering cost to a third party, each with a 5 year term and a strike price of $0.15 per share, at the close of the private placement offering. There will be no accounting effect for the issuance of these warrants as their fair value will be charged to Additional Paid-in-Capital as an offering cost and offset by a credit to Additional Paid-in-Capital for their fair value when issuing these warrants. Stock Issued for Services In March 2017, for professional services provided per the terms of a consulting agreement, the Company issued 15,000 shares of Common Stock with a per share value of $0.15 (based on contemporaneous cash sales prices) or $2,250. Line of Credit Subsequent to December 31, 2016, and effective March 27, 2017, the Company entered into an additional amendment to the LSA with Silicon Valley Bank as it relates to our revolving line of credit. The amendment (i) extends the maturity date to March 1, 2020, (ii) increases the line to an aggregate principal amount of $1,500,000, and (iii) changes the payment terms requiring monthly interest only payments through December 2017 and starting January 1, 2018, the Company shall repay the balance outstanding in twenty seven equal monthly principal payments in addition to the monthly accrued interest. Convertible Note – Related Parties Gemini Third Amended and Restated Secured Bridge Note – Current Group Subsequent to December 31, 2016 and effective as of February 15, 2017, the Company received conversion notices from all the current note holders effecting the conversion of the entire principal balance of the note amounting to $600,000 and accrued and unpaid interest, as of February 15, 2017, amounting to $104,709. The Company issued 4,698,060 shares of common stock at the contracted conversion price of $0.15 per share. (see Note 9). As a part of this transaction, Keshif Ventures LLC, a related party, received 2,315,940 shares based on their ownership percent of the convertible note.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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