I like this part the best.
NOTE 13 – EQUITY INVESTMENT
In April and May of 2014, we closed two equity private placements of US$10,000 and US$100,000, respectively. Under the terms of the private placement, we sold an aggregate of 1,100,000 Units, consisting of 1,100,000 shares of common stock (the “Shares”) and warrants to purchase up to an additional 1,100,000 Shares until April and May of 2015. In connection with the private placement, we paid a placement fee to the placement agent, Belmont, of $11,000, and issued 1,100,000 common shares After payment of expenses in the amount of $11,000 and placement fees, we received net proceeds of approximately $85,000. These funds were used for general working capital purposes. Provided the Shares have not yet been sold or transferred by the Subscriber, any and all remaining Shares shall be valued at the twelve (12), twenty four (24) and thirty six (36) month anniversary dates from the Closing Date. The Shares shall be valued based on the twenty trading day VWAP immediately preceding the relevant anniversary date.* Should the Share value not meet or exceed the Guaranteed Value, as described below, Axiologix shall issue additional shares to the Subscriber in order to bring the total number of Shares issued to the Subscriber to equal the Guaranteed Value. Guaranteed Value: 12 Month Anniversary Date: $0.80 per share 24 Month Anniversary Date: $1.10 per share 36 Month Anniversary Date: $1.40 per share
*Notwithstanding anything to the contrary provided herein, the Shares shall be deemed to have a floor price of twenty cents ($0.20) per share. As of November 30, 2015, a total of 6,050,000 shares of common stock were owed and issuable to two investors, based on the above share price value guarantee described above.
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