Note 9. Subsequent Events.
On December 19, 2017, the Company approved, subject to a future sale by the “Sellers,” (as defined below) to sell their convertible loans, loans, and warrant to a certain third-party investors and in connection therewith, to: (i) amend the exercise price of warrants granted to Alpha Capital Anstalt, Chi Squared Capital, Firstfire Global Opportunities Fund, LLC and GoldMed Ltd (the “Sellers”) to $0.01 and (ii) to amend the conversation price of convertible notes granted to Alpha Capital Anstalt, Chi Squared Capital, Firstfire Global Opportunities Fund, LLC. While the Company believes that these transactions will occur, at the date of this report, the closing has not occurred and there is no certainly that the closing will, in fact, take place. In connection with the foregoing, the Company’s Board of Directors is considering the advisability of establishing another wholly-owned Israeli subsidiary engaging in operations that should be more readily able to generate revenues and positive cash flow from operations than the Company’s existing subsidiary.
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