Quarterly report pursuant to Section 13 or 15(d)

SUBSEQUENT EVENTS

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SUBSEQUENT EVENTS
6 Months Ended
Jun. 30, 2017
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 12 – SUBSEQUENT EVENTS

 

On July 21, 2017, the Company returned 142,500 shares to treasury. The shares were originally issued on July 8 2015 for services to be rendered to the Company. As a result of contract cancellation the shares were returned.

 

On July 21, 2017, the Company and Mr. Timothy Skelton entered into a Separation and General Release Agreement. The agreement calls for Mr. Skelton to resign from his position as Chief Financial Officer, assist with the preparation of the second quarter 10Q filing and provide consulting services to the incoming Chief Financial Officer. For consideration for the above the Company has agreed to pay Mr. Skelton $25,000 in cash for meeting certain performance criteria while an employee and to award 11,100 shares of Common Stock.

 

During July and August the Company continued its “Repurchase Plan” in the open market and purchased an additional 62,438 shares at an average purchase price of $1.50 per share, for aggregate proceeds of $93,824. The total aggregate shares purchased under the “Repurchase Plan” total 94,826 shares at an average purchase price of $1.52, for aggregate proceeds of $143,722.