3. Significant Transactions | 9 Months Ended |
Sep. 30, 2013 |
Supplemental Cash Flow Elements [Abstract] | ' |
3. Significant Transactions | ' |
In April 2013 the Company authorized a name change from Nano Mask, Inc. to NMI Health, Inc. to better reflect the nature of its products. On June 5, 2013 the Company completed a 1 for 10 reverse split of its common shares. Following the reverse split, the Company maintained 9,869,710 common shares outstanding. |
|
In July, 2013 the Company issued 465,909 common shares to a key officer for his $123,000 in accrued payroll. |
|
As of August 1, 2013, a Company affiliate converted a note of $25,000, plus interest of $3,396, into 130,000 common shares. The shares were issued at a fair value of $39,000 resulting in a loss on settlement of debt of $10,604. On September 22, 2013 the same shareholder loaned the Company $30,000, plus interest, at an annual rate of 10%, convertible at $0.05 per share. The note is unsecured and is due on September 22, 2015. |
|
Repayments of advances from a related party were made in the amount of $10,380 for the nine months ended September 30, 2013. |
|
In August, 2013 a judgment was awarded to Applied Nanoscience, Inc. against the Company in the amount of $601,041, including interest at prime rate, plus 2%, and attorney fees. The Company had already reflected a balance owed in excess of this. In September 2013, a note payable for $13,832, plus related interest, expired under applicable statutes of limitation. These two events both generated gains of $97,957 for the Company. |
|
During the nine months ended September 30, 2013, the Company received cash advances of $210,000 from one executive officer with no specific repayment terms and another officer paid expenses on behalf of the Company in the amount of $6,049. The total balance outstanding at September 30, 2013 is $423,249. |
|
A gain of $145,251 was generated from expiry of certain accounts payable under applicable statutes of limitations during the nine months ended September 30, 2013. Also, during the nine months ended September 30, 2013 the Company realized a gain of $26,973 from disposition of common shares in Medmarc Insurance Company which was a mutual insurance company that was bought by another company. Since the Company had maintained its insurance through Medmarc, the Company was designated a percentage of the final sales proceeds from the sale of Medmarc. $7,553 was withheld as Federal income taxes and is reflected as other receivable. |
|