Annual report pursuant to Section 13 and 15(d)

NOTE 16: SUBSEQUENT EVENTS

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NOTE 16: SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2018
Notes  
NOTE 16: SUBSEQUENT EVENTS

NOTE 16: SUBSEQUENT EVENTS

 

On January 2, 2019 Dr. George Anastassov resigned as the Chief Executive Officer (CEO) of AXIM Biotechnologies, Inc. Dr. Anastassov will remain a member and Chairman of the Board of Directors and will retain the title of Founder in a consulting role with the Company. The Board of Directors of the Company appointed Mr. John W. Huemoeller II as the Company’s Chief Executive Officer.

 

Effective January 2, 2019, the Company entered into an Employment Agreement with Mr. Huemoeller. The agreement does not have a set term and may be terminated at any time by the Company or Mr. Huemoeller with proper notice. Pursuant to the Employment Agreement, Mr. Huemoeller will receive an annual base salary of $120,000 and incentive stock options to purchase 2,000,000 shares of the Company’s common stock under the Company’s 2015 Stock Incentive Plan. The closing traded price of the Company was $0.75 as advertised on the OTCQB Marketplace on December 31, 2018 (FMV). The stock options will have a strike price based on the closing price of the Company’s common stock the day prior to grant and shall vest 50% on the date of grant and the remaining 50% shall vest on the 12-month anniversary of the grant date, subject to continued employment. If Mr. Huemoeller is terminated without cause or terminates the agreement for good reason, he shall be entitled to severance consisting of base salary for 12 months and continued insurance coverage.

 

On January 8, 2019 the Company issued 250,000 S-3 shares to Investor for $1.243 per share, which represented a discount of 12.5% from the Stock’s closing price and true-up adjustment of $53,000 on that date for a total purchase price of $257,750. The Company received $257,750 in cash.

 

On February 5, 2019 the Company issued 250,000 S-3 shares to Investor for $1.453 per share, which represents a discount of 12.5% from the stock’ closing price and true-up adjustment of $86,437 on that date for a total purchase price of $276,813. The Company received $276,813 in cash.

 

On February 12, 2019 the Company issued 250,000 S-3 shares to Investor for $1.663 per share, which represents a discount of 12.5% from the stock’ closing price and true-up adjustment of $0 on that date for a total purchase price of $415,750. The Company received $415,750 in cash.

 

On March 4, 2019 the Company issued 250,000 S-3 shares to Investor for $1.61 per share, which represents a discount of 12.5% from the stock’ closing price and true-up adjustment of $75,750 on that date for a total purchase price of $326,750. The Company received $326,750 in cash.

 

On March 12, 2019 the Company issued 239,521 restricted shares of its common stock to third party valued at $400,000 pursuant to the stock purchase agreement.

 

On March 19, 2019 the Company issued 250,000 S-3 shares to Investor for $1.689 per share, which represents a discount of 12.5% from the stock’ closing price and true-up adjustment of $106,500 on that date for a total purchase price of $315,750. The Company received $315,750 in cash.

 

Effective April 2, 2019, Blake N. Schroeder resigned as a member of the Company’s Board of Directors.  Mr. Schroeder’s resignation was not because of any disagreements with the Company on matters relating to its operations, policies and practices. 

 

On April 3, 2019, pursuant to the Company’s Amended and Restated Bylaws, the holder of the Company’s Series C Preferred Stock appointed Mauricio Javier Gatto-Bellora to fill the director seat vacated by the resignation of Mr. Schroeder.

 

On April 3, 2019, the Company’s Board of Directors appointed Mauricio Javier Gatto-Bellora as a member of the Company’s Audit, Compensation and Nominating and Governance Committees.