Subsequent Events |
6 Months Ended |
|---|---|
Jun. 30, 2018 | |
| Subsequent Events [Abstract] | |
| Subsequent Events |
Note 14. Subsequent Events:
Stock Transactions
In July 2018, holders of 390,000 Series B preferred shares elected to convert those shares to 390,000 shares of the Company’s common stock under its original terms.
Tess Investment
During October 2017, the Company acquired approximately 52% of Tess, Inc., (Tess”), which is developing blockchain solutions for telecommunications companies. During late 2017 and in early 2018, Tess and Cresval Capital Corp. ("Cresval") (TSX-V: CRV) following the execution of a non-binding letter of intent, executed a definitive agreement providing that Tess agreed to merge with Cresval, assuming specified closing conditions were met. Upon closing of the anticipated merger and related required approvals, Tess would become publicly traded on the TSX Venture Exchange (the "TSXV") and change its name to "TessPay Inc.". Subsequent to June 30, 2018, the transaction was completed, and Tess initiated procedures to change its name to TessPay, Inc. Trading of the TessPay shares is expected to be approved and commence on the TSXV in the near future. Based upon the terms of the merger and related agreements, the acquisition will result in the Company owning less than 50% of Tess, at which time it would no longer be consolidated within the Company’s financial statements.
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