Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

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Subsequent Events
 9 Months Ended
Sep. 30, 2018
Subsequent Events [Abstract]  
Subsequent Events

12. SUBSEQUENT EVENTS

 

REPOSITIONING OF EXECUTIVE EMPLOYMENT AGREEMENT

 

On October 19, 2018, the Company entered into an agreement with its then-Chief Executive Officer (“Former CEO”), whereby the Former CEO will be repositioned as the Company’s Senior Vice President of Sales (“VP of Sales”) in conjunction with his resignation of his position as CEO. In connection with the agreement the parties agreed to the following:

 

  ● the VP of Sales will be entitled to receive a base salary of $10,000 per month as well as commissions on sales;
  ● the VP of Sales will be entitled to receive an aggregate payment of $225,000 in connection with the VP of Sales’ previous employment agreement with the Company dated July 16, 2015 payable in January 2019;
  ● the VP of Sales is entitled to receive restricted common stock with an aggregate value of $250,000, half of which vests in January 2019 and half vests on October 19, 2019; and
  ● all previously outstanding vested options may be exercised in accordance with their terms and all previously outstanding unvested options shall be forfeited;

 

COMMON STOCK ISSUANCES

 

Subsequent to September 30, 2018, the Company issued an aggregate of 35,482 shares of common stock for services rendered.