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15. SUBSEQUENT EVENTS | 12 Months Ended
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Dec. 31, 2015
Notes to Financial Statements |
NOTE 15. SUBSEQUENT EVENTS | The Company has evaluated subsequent events through the date the financial statements were issued and up to the time of filing of the financial statements with the Securities and Exchange Commission. In January of 2016, the Company entered into a new employment agreement with its CEO. The agreement provides for a base annual salary of $360,000. The agreement also provides for the quarterly issuance of 250,000 options to purchase the Company’s common stock in 2016 with an exercise price equal to the three day trailing VWAP of the stock. The Company appointed Mr. Walter C. Johnsen as a Director on January 29, 2016. The term of his agreement as director commenced on February 1, 2016 for 1 year and until a successor is elected, or resignation or removal. The agreement between the Company and Mr. Johnsen provides for an annual fee in the amount of $25,000 paid on a quarterly basis and an annual grant of 25,000 options to purchase shares of the Company’s common stock. The Company issued 25,000 options to Mr. Johnsen in February of 2016. The options have an exercise price of $0.55 per share and expire in January 2026. The Company appointed Ms. Kelly J. Anderson as a Director on January 29, 2016. Ms. Anderson will serve as the chair of the Company’s audit committee. The term of her agreement as director commenced on February 1, 2016 for 1 year and until a successor is elected, or resignation or removal. The agreement between the Company and Ms. Anderson provides for an annual fee in the amount of $26,000 paid on a quarterly basis and an annual grant of 25,000 options to purchase shares of the Company’s common stock. The Company issued 25,000 options to Ms. Anderson in February of 2016. The options have an exercise price of $0.55 per share and expire in January 2026. The Company appointed Mr. Edward J. Fred as a Director on January 29, 2016. The term of his agreement as director commenced on February 1, 2016 for 1 year and until a successor is elected, or resignation or removal. The agreement between the Company and Mr. Fred provides for an annual fee in the amount of $25,000 paid on a quarterly basis and an annual grant of 25,000 options to purchase shares of the Company’s common stock. The Company issued 25,000 options to Mr. Fred in February of 2016. The options have an exercise price of $0.55 per share and expire in January 2026. In January 29, 2016, the board adopted the 2016 Equity Plan subject to its approval by stockholders. The 2016 Plan provides for authorizes the grant of stock options, stock appreciation rights, restricted stock, restricted stock units and performance units / shares. Up to 5,000,000 shares of the Common Stock are authorized for issuance under the 2016 Plan. Shares issued under the 2016 Plan may be either authorized but unissued shares, treasury shares, or any combination thereof. Provisions in the 2016 Plan permit the reuse or reissuance by the 2016 Plan of shares of Common Stock for numerous reasons, including, but not limited to, shares of Common Stock underlying canceled, expired, or forfeited awards of stock-based compensation and stock appreciation rights paid out in the form of cash. Stock-based compensation will typically be awarded in consideration for the future performance of services to the Company. All recipients of awards under the 2016 Plan are required to enter into award agreements with the Company at the time of the award; awards under the 2016 Plan are expressly conditioned upon such agreements.

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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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