Annual report pursuant to Section 13 and 15(d)

SUBSEQUENT EVENTS

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SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2016
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 20 - SUBSEQUENT EVENTS

 

Effective as of January 9, 2017, we entered into an employment agreement with Richard Robertson in connection with his services as COO of SEER and President of MV Technologies. Mr. Robertson’s employment agreement is for a term of one year but shall automatically renew for succeeding terms of one year unless written notice is given by either party 30 days prior to the expiration of any term. Pursuant to the terms of his employment agreement dated January 9, 2017, Mr. Robertson would receive an annual base salary of $165,000. In addition, Mr. Robertson will be eligible for discretionary bonuses for services to be performed as an executive officer of the Company.

On January 17, 2017, the Company entered into a short-term loan agreement and received loan proceeds of $200,000 with principal and interest due 60 days from issuance. The note requires a one-time fee in the amount of $10,000 to compensate for the first two weeks of the term and each week thereafter (weeks 3-8) a fee of $1,000 shall be due and owing accruing on the first day of the week. A fee of 100,000 shares of restricted common stock shall be issued as a penalty for each month or prorated for any two-week portion of any month the note is outstanding for months 3 through 6, and a fee of 200,000 shares of restricted common stock shall be issued to lender for each month or prorated for each two-week portion of any month the note is outstanding beginning in month 7 until paid in full.

 

On March 27, 2017 the Bankruptcy Courts confirmed the dismissal of the SEM Chapter 11 case. As part of the bankruptcy proceedings, the Company reached a settlement with claimants and recorded an accrued litigation expense of $212,500 at December 31, 2016. It was agreed among the parties that all pending state and/or federal claims will be dismissed with prejudice

 

During the quarter ended March 31, 2017 the Company issued 13,496 shares of $.001 par value common stock in connection with the cashless exercise of 166,666 options.

 

In April 2017, the Company paid one short-term note for $200,000 in full with accrued interest. The penalty period for shares to be issued was reached, however, no shares have yet been issued.