Numbers are out, looks like they got the units back on the road.
Page 25:
As of May 15, 2017, we had approximately 2,191 units on the road, with approximately 615 devices being rented directly from us and approximately 1,576 devices rented through our distributors.
Assets: $1,038,006
Liabilities: $1,135,051 including $105,658 deferred revenues
Deficit: ($2,390,731)
Shareholder Equity ($97,045)
Total Revenues: $164,054
Net Loss: ($859,401)
EPS (.04)
Cash on hand EOP: $139,033
Note from page 27:
General and administrative expenses increased significantly for the periods presented, from $83,557 for the three months ended March 31, 2016 to $716,092 for the three months ended March 31, 2017. This significant increase was related to stock-based compensation and other accrued expenses. In quarters that we do not have similar one-time transactions we expect our general and administrative expenses to be around $125,000 to $150,000 per quarter for the foreseeable future.
No breakdown on the SPA with Lucky. Page 34 has the description and exhibit numbers only.
10.13 (10) Common Stock Purchase Agreement with LGL LLC dated May 6, 2016
Think you'd have to get the exhibit prints from the SEC’s Public Reference Room at 100 F Street, NE., Washington, DC 20549
Here's details of Doheny, page 19:
On September 30, 2016, the Company entered into a Loan and Security Agreement (the “LSA”) with Doheny Group, LLC, a Delaware limited liability company (“Doheny”), under which Doheny agreed to loan up to $542,400 in two phases, to be used to acquire additional parts and supplies to manufacture the Company’s proprietary breath alcohol ignition interlock devices. Under the terms of the LSA, the first phase will be a loan of up to $192,000 to acquire parts and supplies to manufacture 600 Devices; and the second phase will be a loan of up to $350,400 to acquire parts and supplies to manufacture 1,000 Devices.
The Phase 1 Loan was funded in the amount of $192,000 by Doheny on September 30, 2016, upon which the Company forwarded the funds to its supplier on or about October 5, 2016, in order to acquire parts and supplies to manufacture 600 Devices. Both the Phase 1 Loan and the Phase 2 Loan mature three years from the date of funding, and are at an interest rate of 25% per annum. The Company can prepay the Phase 1 Loan and the Phase 2 Loan (if applicable) at any time without penalty. In exchange for Doheny funding the Phase 1 Loan, the Company issued Doheny a promissory note for $192,000 and also issued Doheny shares of common stock equal to 4.99% of the then-outstanding common stock, pursuant to the terms of a stock purchase agreement. As a result, on or about October 7, 2016, the Company issued Doheny 845,913 shares of common stock. In addition, upon funding of any portion of the Phase 2 loan (Royalty Note #4 below) then the Company is obligated to issue Doheny that number of additional shares of common stock that equals 5% of the then-outstanding common stock. Until the Company repays the Phase 1 Loan and the Phase 2 Loan, as applicable, Doheny has anti-dilution rights for the percentage of stock Doheny owns in the event the Company issues additional shares of common stock during that period. The Company also entered into a Royalty Agreement with Doheny, under which Doheny was granted perpetual royalty rights on all Devices when the Company has 500 or more Devices in service whether leased to end users or distributors. The royalty amounts vary between $1 and $2 per Device depending on a variety of factors. The Company recorded a debt discount of $192,000 related to the relative fair value of the issued shares associated with the Phase 1 note to be amortized over the life of the note.
AI
