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Reduced rent expense by 40%
On February 23, 2018, the Company modified its lease to reduce its occupancy to 12,835 square feet. The fixed monthly lease expense will be: $13,859 each month for the period beginning January 1, 2018 and ending June 30, 2018; $8,022 each month for the period beginning April 1, 2018 and ending March 31, 2019; $8,268 each month for the period beginning April 1, 2019 and ending March 31, 2020; and $8,514 each month for the period beginning April 1, 2020 and ending March 31, 2021.
That feared racism dismissal lawsuit is not going to impact
As of June 30, 2018, and December 31, 2017, there was no accrual recorded for any potential losses related to pending litigation.
Confidence of the future by leading officers in the company
On July 20, 2018, the Company entered into an agreement with Gene Cartwright (its Chief Executive Officer) whereby Dr. Cartwright, forgave $609,069 of $928,273 of accrued salary, interest and loans in exchange for a three year note of $319,204 at 6% and 100,000 stock options at $0.003. In addition, Dr. Cartwright will receive reimbursement for expenses of $60,979, if said expenses are paid within one year then interest of 6% will not accrue.
On July 24, 2018, the Company entered into an agreement with Mark Faupel (its Chief Operating Officer) whereby Dr. Faupel, forgave $395,185 of $602,296 of accrued salary, vacation, interest and loans in exchange for a three year note of $207,111 at 6% and 75,000 stock options at current market price. In addition, Dr. Faupel will receive reimbursement for expenses of $79,274, if said expenses are paid within one year then interest of 6% will not accrue. Also, Dr. Faupel, as managing member in K2 Medical, will receive 448,374 stock options with an exercise price of $0.25 or market price. If stock options are not granted Company shall owe Dr. Faupel $113,000 with similar note terms as described above.
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