Subsequent Events |
6 Months Ended |
|---|---|
Jun. 30, 2017 | |
| Subsequent Events [Abstract] | |
| SUBSEQUENT EVENTS | NOTE 13 – SUBSEQUENT EVENTS
In July 2017, the Company’s ownership interest in Advanced Nanofibers LLC decreased from 31.37% to 31.06% due to the addition of a new member to the LLC.
In July 2017, the Company extended the classes of directorship terms for our board of directors, including Class I, Class II and Class III, each for a period of two years to expire on July 22, 2018, July 22, 2019, and July 22, 2020, respectively.
In July 2017, the Company issued a convertible note payable in the amount of $28,500 to an outside director and shareholder for accrued director’s fees earned from September 16, 2016 through June 30, 2017. The note payable is due on demand, together with accrued interest at 4.5% APR, and is convertible at $0.015 per share of common stock.
In July 2017, the Company issued a convertible note payable in the amount of $9,500 to an outside director and shareholder for accrued director’s fees earned from September 16, 2016 through June 30, 2017. The note payable is due on demand, together with accrued interest at 4.5% APR, and is convertible at $0.015 per share of common stock.
In July 2017, the Company issued a convertible note payable in the amount of $87,532 to the Company’s president and chief executive officer for previously accrued base salary earned from September 16, 2016 through June 30, 2017. The note payable is due on demand, together with accrued interest at 4.5% APR, and is convertible at $0.015 per share of common stock.
In July 2017, the Company issued a convertible note payable in the amount of $28,010 to the Company’s controller for previously accrued base salary earned from September 16, 2016 through June 30, 2017. The note payable is due on demand, together with accrued interest at 4.5% APR, and is convertible at $0.015 per share of common stock.
In July 2017, the Company committed to issue 87,123 restricted shares of Company common stock to an independent contractor for certain business development services provided. The agreement with the independent contractor calls for the contractor to be paid at an hourly rate of $100, half of which is payable in cash and half of which is payable in restricted shares of Company common stock, such shares to be valued at the closing price of Company common stock on the relevant service day(s).
In August 2017, the Company sold 3,000,000 restricted shares of common stock at $0.01 per share for total proceeds of $30,000. |