FOLLOW THE SMME CONSULTING MONEY...Just when shareholders thought it couldn't Get worse...
SMME Toxic Debt now converting at .032504
CEO Chaya has "Developed and Created" a new way of Transferring SMME shareholders Investments to herself.
Annual Minimum Patent Royalty Amounts - The grant of exclusive rights to the Licensed Patent is subject to an “Annual Minimum Patent Royalty Payment” of $50,000 for the initial one (1) year period commencing upon the issuance of a United States patent in respect of HENDRICK’s United States issued Patents, “Smart card, Smart card with a chip and finger-print sensor, Smart card with a chip and finger-print sensor, Smart card with a fingerprint sensor”, I ssued Patent Numbers D776,664 D786,355 D788,847 D791,772 (the “Initial Term”). The Annual Minimum Patent Royalty Payment in subsequent years shall increase by one hundred (100) percent from the previous one (1) year period. For greater certainty, the Annual Minimum Patent Royalty Payment in the 2nd year will be $ 100,000. LICENSEE shall, at the commencement of the Initial Term and each subsequent one (1) year renewal term (if applicable), make the Annual Minimum Patent Royalty Payment to HENDRICK. HENDRICK shall draw against the Annual Minimum Patent Royalty Payment for any and all Patent Royalties due to HENDRICK for the period for which the Annual Minimum Patent Royalty Payment was made.
During the three months ended June 30, 2017, the Company sold, for net proceeds of $242,157, units consisting of an aggregate of (i) 7,450,000 shares, (ii) warrants to purchase 3,031,250 shares at $0.70 per share, and (iii) warrants to purchase 1,527,750 shares at $1.00 per share. The warrants expire at various times through October 20, 2018.
General and Administrative
General and administrative expenses totaled $772,962 and $1,860,583 for the years ended June 30, 2017 and 2016, respectively. The decrease of $1,087,621 or 58.4%, in 2017 compared to 2016 was primarily the result of a decrease in consulting expenses.
Our general and administrative expenses consist primarily of expenditures related to employee compensation, legal, accounting and tax, other professional services, and general operating expense
On September 11, 2017, we received a license to certain patents from Chaya Hendrick, our founder and CEO, related to our technologies until the expiration of the patents. As consideration, we issued Chaya Hendrick, or her assigns, (i) 200,000 shares of Series B Convertible Preferred Stock, (ii) a royalty equal to 5% of gross revenues derived from products sold related to the patents, and (iii) certain minimum required payments beginning at $50,000 and doubling each year thereafter.
We are an early-stage company, have no product revenues, are not profitable and may never be profitable.
From inception through June 30, 2017, we have raised approximately $23,000,000 million through the sale of our securities. During this same period, we have recorded an accumulated deficit of approximately $24,346,047 million. Our net losses for the two most recent fiscal years ended June 30, 2017, and 2016 were $1,086,091 and $2,227,324, respectively. No sales and have never generated revenues and we anticipate none will be generated for the foreseeable future.
Corporate History
We were incorporated in the State of Nevada on December 18, 2002 and our principal office is located in Las Vegas, Nevada. Since our inception, we have invested a substantial portion of our efforts and financial resources in the development of our products. We have generated no revenues from the sale of our products and have experienced substantial net operating losses.
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