NOTE 10 - SETTLEMENT OF LITIGATION - RELATED PARTY
|6 Months Ended|
Jun. 30, 2017
|NOTE 10 - SETTLEMENT OF LITIGATION - RELATED PARTY||
NOTE 10 SETTLEMENT OF LITIGATION - RELATED PARTY
On July 15, 2015, a shareholder of the Company (Shareholder) brought action against HEP Investment alleging certain technical violations of Section 16(b) of the Securities Act of 1934, as amended. On March 3, 2017, without admitting any liability whatsoever, HEP Investment settled with the Shareholder by agreeing to reduce the Companys debt owed to HEP Investment by $280,000. Related to this debt reduction, the Company paid to the Shareholders legal counsel $60,000 and 250,000 shares of the Companys common stock valued at $22,500. The Company considered the settlement to be a Type 1 subsequent event and recorded legal fees of $82,500 on the Statement of Operations for the year ended December 31, 2016 and recorded the settlement amount of $280,000 as a reduction of convertible debt owed to HEP Investments and an increase to Additional Paid-In Capital on its Balance Sheet as of December 31, 2016.
Represents the textual narrative disclosure of NOTE 10 - SETTLEMENT OF LITIGATION - RELATED PARTY, during the indicated time period.
No definition available.