|
Pursuant
to FASB ASC 855, Management has evaluated all events and transactions that occurred from September 30, 2016 through the date of
issuance of these financial statements. During this period, we did not have any significant subsequent events, except as disclosed
below:
|
· |
On
October 6, 2016, the Board of Directors of the Company authorized a reverse stock split
in preparation for the Company’s anticipated uplisting on the NASDAQ Capital Market. |
|
· |
On
November 4, 2016, the Company filed a certificate of change to the Company’s Articles
of Incorporation with the Secretary of State of the State of Nevada to effect a 1-for-3 reverse
stock split of the Company’s issued and outstanding common stock. As a result of
the reverse stock split, every three shares of the Company’s issued and outstanding
common stock were automatically combined and reclassified into one share of the Company’s
common stock. The reverse stock split affected all issued and outstanding shares of common
stock, as well as common stock underlying stock options and warrants outstanding. No
fractional shares will be issued in connection with the reverse stock split. Stockholders
who would otherwise hold a fractional share of common stock will receive an increase
to their common stock as the common stock will be rounded up to a full share. The total
number of authorized shares of common stock was reduced from 700,000,000 to 233,333,334
in conjunction with the reverse stock split. The reverse stock split became effective
on November 9, 2016. All disclosures of shares and per share data in these consolidated
financial statements and related notes have been retroactively adjusted to reflect the
reverse stock split for all periods presented. |
|