|12 Months Ended|
Dec. 31, 2016
|Subsequent Events [Abstract]|
Management has evaluated all subsequent events to determine if events or transactions occurring through the date that the consolidated financial statements were issued, require adjustment to or disclosure in the consolidated financial statements.
Foreign Currency Exchange Rates
The Argentine Peso to United States Dollar exchange rate was 15.5365, 15.9681 and 12.9441 at March 28, 2017, December 31, 2016 and December 31, 2015, respectively.
Issuance of Convertible Notes
Between January 27, 2017 and February 27, 2017, the Company sold convertible promissory notes to accredited investors for total gross proceeds to the Company of $1,260,000. The notes have a 90-day maturity, pay 8% annual interest and are convertible into the Company’s Series B preferred stock at a conversion price of $10 per share, beginning fifteen days after being notified of the Series B preferred offering.
On March 28, 2017, a convertible promissory note in the amount of $400,000 was converted into 40,000 shares of the Company’s Series B preferred stock.
Amended and Restated Certification of Designation
On February 28, 2017, the Company filed an Amended and Restated Certificate of Designation with the Secretary of State of the state of Delaware, decreasing the number of shares of the Company’s preferred stock designated as Series A Convertible Preferred Stock to 10,097,330 shares.
Series B Preferred Stock
On February 28, 2017, the Company filed a Certificate of Designation with the Secretary of State of the state of Delaware, designating 902,670 shares of the Company’s preferred stock as Series B Convertible Preferred Stock (“Series B”) at a par value of $0.01 per share.
The Series B stockholders are entitled to cash dividends at an annual rate of 8% of the Series B liquidation value, as defined, payable when, as and if declared by the Board of Directors. Each share of Series B stock is entitled the number of votes determined by dividing $10 by the fair market value of the Company’s common stock on the date that the Series B shares were issued, up to a maximum of ten votes per share of Series B stock.
Each Series B share is convertible at the option of the holder into 10 shares of the Company’s common stock and is automatically converted into common stock upon the uplisting of the Company’s common stock to a national securities exchange. On the second anniversary of the termination of the Series B offering, the Company will redeem all then-outstanding shares of Series B shares at a price equal to the liquidation value per share, plus all unpaid accrued and accumulated dividends.
On March 24, 2017, the Company sold 15,000 shares of Series B Preferred Stock at $10.00 per share for gross proceeds of $150,000.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
No definition available.