Note 9 - Commitments and Contingencies | NOTE 9 COMMITMENTS AND CONTINGENCIES Service Agreements Between August 13, 2015 and August 18, 2015, the Company entered into agreements with four consultants and one law firm for services. The agreements are for terms of between one month and one year. Pursuant to the terms of the agreements, the Company will pay aggregate consideration of $60,000 in cash and issue 6,796,000 shares of common stock, valued at $339,800 for financial accounting purposes. As of December 31, 2016 all shares have been issued. (See Note 9 - Lease Agreement On November 15, 2017, the Company renewed a one year lease agreement for our corporate office space upon verbal agreement with its landlord. Pursuant to the terms of our original lease dated November 15, 2015, the lease was renewable for one extended term of one year with a three percent increase in the annual base rent for each additional lease term agreed upon. Our current annual rental expense including sales tax is approximately $8,265, payable in monthly installments, before miscellaneous rent related fees, and renewable for one additional year pursuant to verbal agreement with the landlord. The following table represents the Companys future minimum rent payments under its current operating lease agreement for our corporate office space as of December 31, 2017: Operating Lease Periods ending 2018 $ 8,265 2019 $ 8,513 Total minimum payments required $ 16,778 Employment Agreements On December 28, 2015, the Company entered into an agreement with Kenneth T. Moore to act as the Companys Chief Executive Officer for a term of two (2) years at an annual salary of $65,000. On October 1, 2017, the Company renewed its agreement with Kenneth T. Moore to act as the Companys Chief Executive Officer for an additional two (2) year term commencing December 28, 2017 at the same annual salary of $65,000. As of December 31, 2016 and 2017, the Company had not yet paid $18,125 and $83,125, respectively, of Mr. Moores salary and these amounts are included in accrued officers salaries payable at December 31, 2016 and 2017. On October 1, 2016, the Company entered into an agreement with Colm J. King to act as the Companys Chief Financial Officer. Pursuant to the terms of the one (1) year agreement, the Company will pay aggregate consideration of $48,000 in cash and issued 1,000,000 shares of common stock on October 1, 2016, valued at the contemporaneous private placement offering price of $0.10 per share resulting in a total value of $100,000 for financial accounting purposes with the total amount to be expensed over the terms of the agreement through September 30, 2017. On October 1, 2017, the Company renewed its agreement with Colm J. King to act as the Companys Chief Financial Officer for an additional one (1) year term commencing October 1, 2017 at the same annual salary of $48,000. As of December 31, 2016 and 2017, the Company had not yet paid $9,000 and $60,000, respectively, of Mr. Kings salary and these amounts are included in accrued officers salaries payable at December 31, 2016 and 2017. During 2017, the Company expensed the remaining $75,000 of the $100,000 stock consideration pursuant to the terms of Mr. Kings October 1, 2016 agreement with the Company. The remaining $75,000 expensed during the year ended December 31, 2017, represented the period from January 1, 2017 to September 30, 2017 and was recorded as prepaid stock based consulting fees at December 31, 2016 on the Companys books. Legal Proceedings On November 7, 2016, a complaint ( Oceanside Equities, Inc. v. PostAds, Inc As of December 31, 2017, other than the above-mentioned complaint, there were no pending or threatened lawsuits that could reasonably be expected to have a material effect on the results of our operations. |