Nodechain (NODC) 10-Q/A 30 Oct 14 2014 Q2 Quarterly report (amended) Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Jun. 30, 2014	Aug. 18, 2014
Document And Entity Information	'	'
Entity Registrant Name	'Vapetek Inc.	'
Entity Central Index Key	'0001580485	'
Document Type	'10-Q	'
Document Period End Date	30-Jun-14	'
Amendment Flag	'true	'
Current Fiscal Year End Date	'--12-31	'
Is Entity a Well-known Seasoned Issuer?	'No	'
Is Entity a Voluntary Filer?	'No	'
Is Entity's Reporting Status Current?	'No	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	10,000,000
Document Fiscal Period Focus	'Q2	'
Document Fiscal Year Focus	'2014	'
Amendment Description	'	'
	This current report on 10-Q/A amends the Current Report on Form 10-Q filed with the Securities and Exchange Commission, by the registrant on August 19, 2014. This amendment is being made in response to the staff’s comments to include additional disclosures and clarification.

Balance_Sheets

Balance Sheets (USD $)	Jun. 30, 2014	Dec. 31, 2013
Current assets:	'	'
Cash	$4,015	'
Inventory	10,057	'
Current Assets	14,072	'
Computer, net	1,008	'
Total assets	15,080	'
Current liabilities	'	'
Accounts payable and accrued liabilities	861	1,333
Due to related party	18,658	500
Total current liabilities	19,519	1,833
Stockholders' deficit:	'	'
Preferred stock	'	'
Common stock	5,000	1,000
Additional paid-in capital	500	'
Deficit	-9,939	-2,833
Total stockholders' deficit	-4,439	-1,833
Total liabilities and stockholders' deficit	$15,080	'

Balance_Sheets_Parenthetical

Balance Sheets (Parenthetical) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Statement of Financial Position [Abstract]	'	'
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	50,000,000	10,000,000
Preferred stock, par value	$0.00	$0.00
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, issued	0	0

Statements_of_Operations

Statements of Operations (USD $)	0 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2014
Income Statement [Abstract]	'	'	'
Sales	'	$9,350	$9,350
Cost of sales	'	8,500	8,500
Gross profit	'	850	850
Operating expenses:	'	'	'
Depreciation	'	92	92
General and administrative	1,000	2,647	7,864
Total operating expenses	1,000	2,739	7,956
Net loss	($1,000)	($1,889)	($7,106)
Basic loss per common share	$0	$0	$0
Basic weighted average common shares outstanding	10,000,000	50,000,000	34,751,382

Statements_of_Cash_Flows

Statements of Cash Flows (USD $)	3 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2014
Cash flows from operating activities:	'	'
Net loss	($1,889)	($7,106)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:	'	'
Depreciation	92	92
Stock-based compensation - related party	'	4,000
Changes in operating assets and liabilities:	'	'
Inventory	'	-10,057
Accounts payable and accrued liabilities	'	-472
Net cash used in operating activities	'	-13,543
Cash flows from financing activities:	'	'
Advances from related party	'	17,558
Net cash provided by financing activities	'	17,558
Net change in cash	'	4,015
Cash, beginning of period	'	'
Cash, end of period	4,015	4,015
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:	'	'
Cash paid for interest	'	'
Cash paid for taxes	'	'
Non-cash investing and financing activities:	'	'
Computer	'	$1,100

NOTE_1_ORGANIZATION_AND_DESCRI

NOTE 1. ORGANIZATION AND DESCRIPTION OF BUSINESS	6 Months Ended
	Jun. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
NOTE 1. ORGANIZATION AND DESCRIPTION OF BUSINESS	'
	NOTE 1.   ORGANIZATION AND DESCRIPTION OF BUSINESS
	VAPETEK Inc., f/k/a, ALPINE 2 Inc. (the “Company”), was incorporated under the laws of the State of Delaware on June 18, 2013. VAPETEK Inc. designs, markets, and distributes electronic cigarettes, vaporizers, e-liquids, and accessories. The Company’s products are designed to look like traditional cigarettes, are battery-powered products that enable users to inhale nicotine vapor without smoke, tar, ash, or carbon monoxide.
	On March 6, 2014, the Board of Directors and majority stockholder of Company approved an amendment to the Company’s Certificate of Incorporation to change the name of the Company from ALPINE 2 Inc. to VAPETEK Inc. On that date, the Company filed a Certificate of Amendment with the State of Delaware.
	On April 1, 2014, the Company entered into a product distribution agreement with West Coast Vape Supply Inc. to supply electronic cigarettes, vaporizers, e-liquids, and accessories, and other third party products. West Coast Vape Supply Inc. is a related party and owned 100% by the management of Vapetek Inc. As disclosed within this section of our filing, West Coast Vape Supply Inc. made several loans to the Company during the second quarter, in aggregate, $13,658. Additionally, PennyGrab Inc., a related party owned 100% by our Chairman, loaned the Company $5,000 in the second quarter. These loans were made under the Loan Agreement (“Loan Agreement”) and provided capital to purchase inventory and begin our operations. Pursuant to this agreement, the Company began supplying products electronic cigarettes, vaporizers, e-liquids, and accessories, and other third party products during the second quarter.
	On April 16, 2014, the Company executed a Loan Agreement for $5,000 with PennyGrab, Inc., a company owned 100% by the Chief Executive Officer, Andy Michael Ibrahim. The note is non-interest bearing, payable on demand and is due no later than April 16, 2019. As of September 30, 2014, this loan is still outstanding.
	On June 2, 2014, the Company executed a Consolidated Loan Agreement for $13,658 to West Coast Vape Supply Inc., a company owned 100% by the Company’s management. The note is non-interest bearing, payable on demand and is due no later than June 2, 2019. As of September 30, 2014, this loan is still outstanding and an additional $4,500 has been loaned to the Company.

NOTE_2_SUMMARY_OF_SIGNIFICANT_

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2014
Accounting Policies [Abstract]	'
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
	NOTE 2.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Basis of Presentation
	The accompanying unaudited condensed financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements to be read in conjunction with the 10-K.
	Pursuant to the rules and regulations of the Securities and Exchange Commission for Form 10-Q, the financial statements, footnote disclosures and other information normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. The financial statements contained in this report are unaudited but, in the opinion of management, reflect all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation of the financial statements. The results of operations for any interim period are not necessarily indicative of results for the full year. The balance sheet at December31, 2013 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. The Company has elected a fiscal year ending on December 31.
	Use of Estimates
	The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. These estimates and judgments are based on historical information, information that is currently available to the Company and on various other assumptions that the Company believes to be reasonable under the circumstances. Actual results could differ from those estimates.
	Cash Equivalents
	Cash and cash equivalents consist of cash and short-term investments with original maturities of less than 90 days. Cash equivalents are placed with high credit quality financial institutions and are primarily in money market funds. The carrying value of those investments approximates fair value.
	Inventory
	The Company inventories a variety of electronic cigarettes, known as “e-cigs”, e-cig attachments, customizable devices, and e-liquid cartridges is stated at the lower of cost (first in, first out method) or net realizable value.
	Property and equipment
	Property and equipment are stated at the lower of cost or fair value. Depreciation is provided on a straight-line basis over the estimated useful lives of the assets, as follows:
	Description	Estimated Life
	Computer equipment	3 years
	The estimated useful lives are based on the nature of the assets as well as current operating strategy and legal considerations such as contractual life. Future events, such as property expansions, property developments, new competition, or new regulations, could result in a change in the manner in which the Company uses certain assets requiring a change in the estimated useful lives of such assets.
	Revenue Recognition
	Revenue is only recognized when all of the following criteria are met: (1) persuasive evidence of an arrangement exists, (2) delivery has occurred or services have been rendered, (3) the price to the buyer is fixed or determinable, and (4) collectability is reasonably assured.
	Basic Earnings (Loss) per Share
	Basic earnings (loss) per common share is computed by dividing net income (loss) available to common shareholders by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per common share is computed by dividing income available to common shareholders by the weighted-average number of shares of common stock outstanding during the period increased to include the number of additional shares of common stock that would have been outstanding if potentially dilutive securities had been issued. There were no potentially dilutive securities outstanding during the periods presented.
	Stock-based compensation
	The Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance with FASB ASC 718-10 and the conclusions reached by the FASB ASC 505-50. Costs are measured at the estimated fair market value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably measurable. The value of equity instruments issued for consideration other than employee services is determined on the earliest of a performance commitment or completion of performance by the provider of goods or services as defined by FASB ASC 505-50.
	Impact of New Accounting Standards
	In June 2014, the FASB issued ASU 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements. ASU 2014-10 eliminates the distinction of a development stage entity and certain related disclosure requirements, including the elimination of inception-to-date information on the statements of operations, cash flows and stockholders' equity. The amendments in ASU 2014-10 will be effective prospectively for annual reporting periods beginning after December 15, 2014, and interim periods within those annual periods, however early adoption is permitted. The Company adopted ASU 2014-10 during the quarter ended May 31, 2014, thereby no longer presenting or disclosing any information required by Topic 915.

NOTE_3_GOING_CONCERN

NOTE 3. GOING CONCERN	6 Months Ended
	Jun. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
NOTE 3. GOING CONCERN	'
	NOTE 3.  GOING CONCERN
	The Company’s financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern that contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not established any source of revenue to cover its operating costs. The Company will engage in very limited activities without incurring any liabilities that must be satisfied in cash until a source of funding is secured. The Company will offer non-cash consideration and seek equity lines as a means of financing its operations. If the Company is unable to obtain revenue producing contracts or financing or if the revenue or financing it does obtain is insufficient to cover any operating losses it may incur, it may substantially curtail or terminate its operations or seek other business opportunities through strategic alliances, acquisitions or other arrangements that may dilute the interests of existing stockholders.

NOTE_4_RELATED_PARTY_TRANSACTI

NOTE 4. RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2014
Related Party Transactions [Abstract]	'
NOTE 4. RELATED PARTY TRANSACTIONS	'
	NOTE 4. RELATED PARTY TRANSACTIONS
	On June 18, 2013, the former sole officer, former sole director and the founder of the Company, performed services for the Company, the value of which was $1,000, in exchange for 10,000,000 shares of common stock ($0.0001 per share). In addition, the founder of the Company forgave an advance for $500 which is recorded as additional paid in capital.
	On March 10, 2014, Alham Benyameen, the Chairman of the Board of Directors, performed services for the Company, the value of which was $2,000, in exchange for 20,000,000 shares of common stock ($0.0001 per share).
	On March 10, 2014, Andy Michael Ibrahim, President, Chief Executive Officer, Secretary, Chief Financial Officer and Director, performed services for the Company, the value of which was $2,000, in exchange for 20,000,000 shares of common stock ($0.0001 per share).
	Advances due to related party are non-interest bearing, unsecured and have no specific terms of repayment.
	During the six months ended June 30, 2014, there are related party payables to the company’s officer, Pennygrab Inc, and West Coast Vape Supply Inc in the amount of $18,658. West Coast Vape Supply Inc. a related party, 100% owned by our management, made several loans to the Company during the second quarter, in aggregate, $13,658. Additionally, PennyGrab Inc., a related party owned 100% by our Chairman, loaned the Company $5,000 in the second quarter. These loans were made under the Loan Agreement (“Loan Agreement”) and provided capital to purchase inventory and begin our operations.
	The business purpose of the agreement between Vapetek Inc. and West Coast Vape Supply Inc. was to enter into an agreement for the purpose of facilitating e-cigarette sales, e-liquids, batteries and accessories. West Coast Vape Supply a related party owned 100% by our management facilitated loans to the Company within the second quarter to help us develop our business and initiate sales. In our effort to maintain a level of competitiveness, our transaction prices were determined by the parties by reviewing prevailing market prices from our competition for our products. Our agreement with West Coast Vape Supply is ongoing and non-exclusive.

NOTE_5_STOCKHOLDERS_EQUITY

NOTE 5. STOCKHOLDERbS EQUITY	6 Months Ended
	Jun. 30, 2014
Equity [Abstract]	'
NOTE 5. STOCKHOLDERbS DEFICIT	'
	NOTE 5.   STOCKHOLDER’S DEFICIT
	The Company is authorized to issue 100,000,000 shares of $.0001 par value common stock. As of June 30, 2014 and December 31, 2013, 50,000,000 and 10,000,000 shares were issued and outstanding.
	The Company is authorized to issue 5,000,000 shares of $.0001 par value preferred stock. As of June 30, 2014 and December 31, 2013, no shares of preferred stock have been issued.
	On June 18, 2013, the former sole officer, former sole director and the founder of the Company, performed services for the Company, the value of which was $1,000, in exchange for 10,000,000 shares of common stock ($0.0001 per share). In addition, the founder of the Company forgave an advance for $500 which is recorded as additional paid in capital.
	On March 10, 2014, Alham Benyameen, the Chairman of the Board of Directors, performed services for the Company, the value of which was $2,000, in exchange for 20,000,000 shares of common stock ($0.0001 per share).
	On March 10, 2014, Andy Michael Ibrahim, President, Chief Executive Officer, Secretary, Chief Financial Officer and Director, performed services for the Company, the value of which was $2,000in exchange for 20,000,000 shares of common stock ($0.0001 per share).

NOTE_6_SUBSEQUENT_EVENTS

NOTE 6. SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2014
Subsequent Events [Abstract]	'
NOTE 6. SUBSEQUENT EVENTS	'
	NOTE 6. SUBSEQUENT EVENTS
	On July 11, 2014, the board of directors (the "Board") of VAPETEK Inc. (the “Company”) dismissed Kenne Ruan, CPA, P.C. (“KR”) as the independent registered public accounting firm for the Company effective immediately.
	On July 11, 2014, upon approval of the Company’s Board of Directors, the Company engaged Anton & Chia LLP (“A&C”), as the Company's independent accountant to audit the Company’s financial statements and to perform reviews of interim financial statements.
	On August 11, 2014, the Company entered into a Licensing Agreement (the “Agreement”) with PennyGrab Inc. (“PennyGrab”). PennyGrab, a company owned 100% by our Chief Executive Officer,Andy Michael Ibrahim,is the owner of technology, including software code, relating a website designed for wholesale, retail, and online auction compatible products.  The software code is a PHP website script that is 100% customizable and is SEO friendly that improves site search engines rankings. The software code is the “Licensed Technology.”
	Pursuant to the Agreement, PennyGrab granted to the Company an exclusive, transferable (including sublicensable) worldwide perpetual license of the Licensed Technology, to make, use, lease, and sell products incorporating the Licensed Technology.  The Company is required to pay to PennyGrab royalty payments equal to $100 (One Hundred Dollars) per year.
	The term of the Agreement is ongoing and effective as of August 11, 2014.

NOTE_2_SUMMARY_OF_SIGNIFICANT_1

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2014
Accounting Policies [Abstract]	'
Basis of Presentation	'
	Basis of Presentation
	The accompanying unaudited condensed financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements to be read in conjunction with the 10-K.
	Pursuant to the rules and regulations of the Securities and Exchange Commission for Form 10-Q, the financial statements, footnote disclosures and other information normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. The financial statements contained in this report are unaudited but, in the opinion of management, reflect all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation of the financial statements. The results of operations for any interim period are not necessarily indicative of results for the full year. The balance sheet at December31, 2013 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. The Company has elected a fiscal year ending on December 31.
Use of Estimates	'
	Use of Estimates
	The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. These estimates and judgments are based on historical information, information that is currently available to the Company and on various other assumptions that the Company believes to be reasonable under the circumstances. Actual results could differ from those estimates.
Cash Equivalents	'
	Cash Equivalents
	Cash and cash equivalents consist of cash and short-term investments with original maturities of less than 90 days. Cash equivalents are placed with high credit quality financial institutions and are primarily in money market funds. The carrying value of those investments approximates fair value.
Inventory	'
	Inventory
	The Company inventories a variety of electronic cigarettes, known as “e-cigs”, e-cig attachments, customizable devices, and e-liquid cartridges is stated at the lower of cost (first in, first out method) or net realizable value.
Property and equipment	'
	Property and equipment
	Property and equipment are stated at the lower of cost or fair value. Depreciation is provided on a straight-line basis over the estimated useful lives of the assets, as follows:
Revenue Recognition	'
	Revenue Recognition
	Revenue is only recognized when all of the following criteria are met: (1) persuasive evidence of an arrangement exists, (2) delivery has occurred or services have been rendered, (3) the price to the buyer is fixed or determinable, and (4) collectability is reasonably assured.
Basic Earnings (Loss) per Share	'
	Basic Earnings (Loss) per Share
	Basic earnings (loss) per common share is computed by dividing net income (loss) available to common shareholders by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per common share is computed by dividing income available to common shareholders by the weighted-average number of shares of common stock outstanding during the period increased to include the number of additional shares of common stock that would have been outstanding if potentially dilutive securities had been issued. There were no potentially dilutive securities outstanding during the periods presented.
Stock-based compensation	'
	Stock-based compensation
	The Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance with FASB ASC 718-10 and the conclusions reached by the FASB ASC 505-50. Costs are measured at the estimated fair market value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably measurable. The value of equity instruments issued for consideration other than employee services is determined on the earliest of a performance commitment or completion of performance by the provider of goods or services as defined by FASB ASC 505-50.
Impact of New Accounting Standards	'
	Impact of New Accounting Standards
	In June 2014, the FASB issued ASU 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements. ASU 2014-10 eliminates the distinction of a development stage entity and certain related disclosure requirements, including the elimination of inception-to-date information on the statements of operations, cash flows and stockholders' equity. The amendments in ASU 2014-10 will be effective prospectively for annual reporting periods beginning after December 15, 2014, and interim periods within those annual periods, however early adoption is permitted. The Company adopted ASU 2014-10 during the quarter ended May 31, 2014, thereby no longer presenting or disclosing any information required by Topic 915.

NOTE_2_SUMMARY_OF_SIGNIFICANT_2

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2014
Note 2. Summary Of Significant Accounting Policies Tables	'
Estimated economic useful life	'
	Property and equipment are stated at the lower of cost or fair value. Depreciation is provided on a straight-line basis over the estimated useful lives of the assets, as follows:
	Description	Estimated Life
	Computer equipment	3 years

NOTE_2_SUMMARY_OF_SIGNIFICANT_3

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)	6 Months Ended
	Jun. 30, 2014
Note 2. Summary Of Significant Accounting Policies Details Narrative	'
Computer equipment	'3 years

NOTE_4_RELATED_PARTY_TRANSACTI1

NOTE 4. RELATED PARTY TRANSACTIONS (Details Narrative) (USD $)	6 Months Ended	0 Months Ended
	Jun. 30, 2014	Jun. 19, 2013	Jun. 30, 2014
	Director and Officer Issuances for Services	Founder and Former Officer and Director	Founder and Former Director and Officer
	Alham Benyameen Chairman of the Board of Directors [Member]	Director and Officer Issuances for Services
Stock issued for services, shares	40,000,000	10,000,000	'
Stock issued for services, value	$4,000	$1,000	'
Price per share	$0.00	$0.00	'
Advance forgiven	'	'	$500

NOTE_5_STOCKHOLDERS_DEFICIT_De

NOTE 5. STOCKHOLDER'S DEFICIT (Details Narrative) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Note 5. Stockholders Deficit Details Narrative	'	'
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	50,000,000	10,000,000
Common stock, shares outstanding	50,000,000	'
Preferred stock, par value	$0.00	$0.00
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	'

NOTE_6_SUBSEQUENT_EVENTS_Detai

NOTE 6. SUBSEQUENT EVENTS (Details Narrative)	1 Months Ended
	Aug. 11, 2014
Note 6. Subsequent Events Details Narrative	'
Subsequent event description	'
	On July 11, 2014, the board of directors (the "Board") of VAPETEK Inc. (the “Company”) dismissed Kenne Ruan, CPA, P.C. (“KR”) as the independent registered public accounting firm for the Company effective immediately.
	On July 11, 2014, upon approval of the Company’s Board of Directors, the Company engaged Anton & Chia LLP (“A&C”), as the Company's independent accountant to audit the Company’s financial statements and to perform reviews of interim financial statements.
	On August 11, 2014, the Company entered into a Licensing Agreement (the “Agreement”) with PennyGrab Inc. (“PennyGrab”). PennyGrab, a company owned 100% by our Chief Executive Officer, Andy Michael Ibrahim, is the owner of technology, including software code, relating a website designed for wholesale, retail, and online auction compatible products.  The software code is a PHP website script that is 100% customizable and is SEO friendly that improves site search engines rankings. The software code is the “Licensed Technology.”
	Pursuant to the Agreement, PennyGrab granted to the Company an exclusive, transferable (including sublicensable) worldwide perpetual license of the Licensed Technology, to make, use, lease, and sell products incorporating the Licensed Technology.  The Company is required to pay to PennyGrab royalty payments equal to $100 (One Hundred Dollars) per year.
	The term of the Agreement is ongoing and effective as of August 11, 2014.