Quarterly report pursuant to Section 13 or 15(d)

RELATED PARTIES

v3.19.3
RELATED PARTIES
9 Months Ended
Sep. 30, 2019
Related Party Transactions [Abstract]  
RELATED PARTIES

NOTE 12 – RELATED PARTIES


On February 14, 2019, the Company received a $100,000 investment from an entity partially owned by Ronald J. LoRicco, Sr., a member of our Board of Directors, in consideration for 2,000,000 restricted common shares and warrants to purchase up to an additional 2,000,000 restricted common shares with an exercise price of $0.075 per share. On May 9, 2019, during the discounted exercise event, the entity exercised its 2,000,000 warrants at a discounted price of $.06 for a total investment of $120,000.


On February 27, 2019, the Company received a $50,000 investment from Michael Barbera, a member of our Board of Directors, in consideration for 1,000,000 restricted common shares ($0.05 per share) and warrants to purchase up to an additional 1,000,000 restricted common shares with an exercise price of $0.075 per share. On May 15, 2019, during the discounted exercise event, 1,000,000 warrants were exercised at a discounted price of $.06 for a total investment of $60,000.


On March 9, 2019, an entity partially owned by Ronald J. LoRicco, Sr., a member of our Board of Directors, during the discounted exercise event, 4,000,000 warrants were exercised at a discounted price of $.06 for a total investment of $240,000.


On March 15, 2019, the Company received a $100,000 investment from Paul M. Sallarulo, a member of our Board of Directors, in consideration for 2,000,000 restricted common shares ($0.05 per share) and cash warrants to purchase an additional 2,000,000 restricted common shares with an exercise price of $0.075 per share.


On March 15, 2019, the Company received a $25,000 investment from Dave Anderson, the Company’s Executive Vice President and Chief Operations Officer, in consideration for 500,000 restricted common shares ($0.05 per share) and warrants to purchase up to an additional 500,000 restricted common shares with an exercise price of $0.075 per share. On May 15, 2019, during the discounted exercise event, the 500,000 warrants were exercised at a discounted price of $.06 for a total investment of $30,000.


On September 4, 2019, the Company paid $54,704 to Michael Barbera, a member of our Board of Directors, in full satisfaction of the convertible promissory note dated January 18, 2019.


On September 24, 2019, the Company issued 25,000 restricted common shares to an entity partially owned by Ronald J. LoRicco, Sr., a member of our Board of Directors, as part of a previous financing arrangement made with the Company.  The common shares valued at $4,625 ($0.185 per share) have been recorded as a loan commitment fee.