Annual report pursuant to Section 13 and 15(d)

STOCK TRANSACTIONS

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STOCK TRANSACTIONS
 12 Months Ended
Dec. 31, 2016
Stockholders' Equity Note [Abstract]  
STOCK TRANSACTIONS

NOTE 11 – stock transactionS

 

Predecessor

 

On March 30, 2015, CCI issued 200,000 preferred shares for aggregate gross proceeds of $200,000. On December 21, 2015, the preferred shares were exchanged for 232,000 common shares in a restructuring.

 

On December 21, 2015, CCI issued 8,800,000 common shares to the shareholders. This transaction was accounted for as a stock split.

 

CCI has retroactively restated per share and the outstanding shares for weighted average shares used in the basic and diluted earnings per share calculations for all periods presented, as a result of the reorganization.

 

Successor

 

As of December 31, 2016, the Company previously issued common shares pursuant to the terms of the Consent, Waiver and Modification Agreement (the “Agreement”) with certain Purchasers of Purchase Agreement dated December 23, 2015. The waivers contained in the Agreement were related to an increase in the shares issuable under the Company’s 2015 Stock Option Plan, a waiver of the right to participate in additional offerings by the Company, and allowing up to 20,000,000 shares of the Company’s common stock to be issued pursuant to a private or public offering at a price of not less than $0.30 per share. As consideration for the terms contained in the Agreement, as well as for a fee of $0.0001 per share, the Company issued an aggregate of 1,000,000 shares to the Purchasers. The aggregate fair market value of these shares was approximately $200,000 as the fair market value of the stock was $0.20 per share. We used recent sales of stock to determine the fair market value of these transactions.