Annual report pursuant to Section 13 and 15(d)

Note 11 - Subsequent Events

v3.20.1
Note 11 - Subsequent Events
12 Months Ended
Dec. 31, 2019
Notes to Financial Statements  
Subsequent Events [Text Block]
Note
11
– Subsequent Events
 
 
Addendum to Consulting agreement
 
 On
February 3, 2020
Ramez Elgammal agreed to an addendum to his
November 15, 2017
consulting agreement providing for the payment of certain amounts owed him in common shares of the Company.  The addendum was related to the balance that was owed to Mr. Elgammal for consulting services on
August 31, 2019
totaling
$46,054.
  Under the terms of the addendum the
$46,054
is to be paid
one
-half in cash,
$23,027
and
one
-half in
S8
stock
$23,027,
at a discount to the market of
30%
of the average closing price of the previous
fifteen
(
15
) days prior to
August 31, 2019,
or
534,022
shares of
S8
stock  at a conversion price of
$0.0431
per share.
 
DAF Credit Agreement
 
Subsequent to
December 31, 2019,
DAF funded
$375,000
and earned
450,000
warrants under the terms of the DAF Credit Agreement.
 
On
March 23, 2020,
DAF submitted a conversion notice to the Company to convert
$300,000
of the principle amount of the DAF promissory note into
9,129,136
common shares of the Company's common stock.  Under the terms of the DAF Credit Agreement, the shares were issued at a conversion price of
$0.0329
per share.
 
Consulting Agreements
 
The Company entered into a
one
-year consulting agreement with Michelle Tokarz (“Tokarz”) effective
February 10, 2020
and expiring
February 9, 2021. 
Under the terms of the agreement, Tokarz will have the position of Business Development Consultant.   Tokarz will be paid an hourly fee of
$115
with a maximum of
$1,000
per day and shall make up to
ten
days available to the Company each month. 
 
The Company entered into a
one
-year consulting agreement with Eric A. Halverson (“Halverson”) effective
March 23, 2020
and expiring
March 23, 2021. 
Under the terms of the agreement, Halverson will have the position of Director of Finance.  Halverson will be paid a monthly fee of
$5,500
and shall make up to
twenty
hours per week available to the Company for each week of each month. 
 
The Company entered into a
one
-year consulting agreement with Victoria Lamb (“Lamb”) effective
March 16, 2020
and expiring
March 16, 2021. 
Under the terms of the agreement, Lamb will have the position of Office Manager / Corporate Secretary Consultant.  Lamb will be paid an hourly fee of
$20
and shall make up to
twenty
hours per week available to the Company for each week of each month.