Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

Subsequent Events
3 Months Ended
Mar. 31, 2019
Subsequent Events [Abstract]  
Subsequent Events

Note 7 - Subsequent Events


Management has evaluated subsequent events to determine if events or transactions occurring through the date on which the condensed financial statements were issued require adjustment or disclosure in the Company’s condensed financial statements.


In May 2019, the Company entered into an Executive Employment Agreement (the “Agreement”) with Steve Engle pursuant to which Mr. Engle will serve as the Company’s Chief Executive Officer (“CEO”), effective May 15, 2019. Pursuant to the terms of the Agreement, Mr. Engle will be paid a base salary of $450,000 and will also be eligible for an annual bonus with a target amount of up to 50% of his annual base salary, payable based on achievement of corporate and/or personal performance goals. Additionally, Mr. Engle received an award under the Company’s Amended and Restated 2011 Equity Incentive Plan of options to purchase up to an aggregate of 1,930,000 shares of our common stock.


Subsequent to March 31, 2019, options to purchase 59,767 shares of common stock were exercised for aggregate cash proceeds of $87,588.