Quarterly report pursuant to Section 13 or 15(d)

Share Exchange Agreement

v3.7.0.1
Share Exchange Agreement
6 Months Ended
Jun. 30, 2017
Share Exchange Agreement [Abstract]  
Share Exchange Agreement
Note 4 – Share Exchange Agreement
 
On May 31, 2016, the Group entered into a Share Exchange Agreement with Coretec and its Members, which Members held all outstanding membership interests in Coretec. Pursuant to the Share Exchange Agreement, the Members agreed to sell all their membership interests in Coretec to the Group in exchange for the Group’s issuance of an aggregate 4,760,872 shares of the Group’s Series B Convertible Preferred Stock to the Members. Upon the closing of the Share Exchange on the Closing Date, considering any preferred stock on an “as converted” basis, approximately 65% of the Group’s issued and outstanding common stock is now owned by the former Coretec Members. The remaining 35% is held by the Group’s prior stockholders. The acquisition is treated as a “reverse acquisition” (See Note 1).
 
The following unaudited pro forma results for the three and six months ended June 30, 2016 summarizes the consolidated results of operations of the Company, assuming the reverse acquisition had occurred on January 1, 2016 and after giving effect to the reverse acquisition adjustments, including amortization of tangible and intangible assets acquired in the transaction:
 
 
 
June 30, 2016
 
 
 
Three Months Ended
 
Six Months Ended
 
Net revenues
 
$
-
 
$
-
 
Net loss
 
$
(559,476)
 
$
(851,158)