SUBSEQUENT EVENTS |
12 Months Ended | ||||
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Dec. 31, 2015 | |||||
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| Subsequent Events [Text Block] |
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 14.4284, 12.9441 and 8.5411 at March 25, December 31, 2015 and December 31, 2014, respectively. Sale of Common Stock During the period from January 1, 2016 through March 25, 2016, the Company sold 976,644 shares of its common stock for gross proceeds of $2,441,610.
Entry Into a Material Agreement On or about January 11, 2016, the Company entered into an agreement with Maxim Group LLC (“Maxim”) to provide general financial advisory and investment banking services to the Company. Pursuant to the terms of the agreement, Maxim will receive a monthly fee of $7,500 for the duration of the agreement, which may be terminated by either party after six months, provided that 30 days’ written notice be provided. In connection with that agreement, the Company issued 350,000 shares of common stock with a grant date value of $2.50 per share to Maxim. |
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- References No definition available.
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- Definition 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.
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