Get Started for Free Contexxia identifies hard-to-find pieces of information in SEC filings. No more highlighters, no more redlining, no more poring over huge documents. Intelimax Media Inc. (1434598) 10-Q published on Feb 14, 2012 at 6:26 am
Reporting Period: Dec 30, 2011
The Company has adopted a Stock Option Plan (the “2011 Option Plan”) dated October 21, 2011, under which the Company is authorized to grant stock options to acquire up to 10% of the Company’s issued and outstanding common shares at the time of the option grant. Stock options granted under the 2011 Option Plan are exercisable up to a maximum period of five years, with the actual term of the option to be set by the Board at the time of grant. The exercise price of the stock options cannot be less than the greater of the closing market price of the Company’s common shares on (a) the trading day immediately prior to the date of grant of the stock option; and (b) the date of grant of the stock option. The stock options are non-assignable and non-transferable.
10. Subsequent Event
On January 5, 2011, the Company the Company issued 112,500 units at US$0.40 per unit for proceeds of $44,960 (US$45,000). Each unit consisted of one common share and one share purchase warrant. Each share purchase warrant entitles the holder to acquire an additional common share at an exercise price of US$0.70 per share. The warrants expire January 5, 2013.
Effective December 14, 2011, we entered into a development services agreement with Arizona Bay, LLC, a California Limited Liability Company, for a term of one year. Our company retained Arizona Bay to perform consulting services by assisting our company with software development enhancements and technology platform recommendations. As compensation Arizona Bay will be paid a monthly retainer of $15,000, an hourly rate of $150 to its principal engineer(s) and an hourly rate of $120 to its senior engineer(s). In addition, Arizona Bay will be reimbursed all pre-approved out-of-pocket expenses. Pursuant to the terms, either party may terminate the agreement with a 30 day written notice for any reason at any time, with or without cause. Arizona Bay may terminate the agreement for non-payment charges, provided that Arizona Bay will present our company with a written notice of breach of payment and will allow our company 30 days to cure the breach.
From April 17, 2006 (inception) to December 31, 2011 we incurred a net loss of $6,717,207. For the three months ended December 31, 2011 we incurred a net loss of $496,505 compared to $94,822 for the same period in 2010. For the nine months ended December 31, 2011 we incurred a net loss of $2,482,736 compared to $933,844 for the same period in 2010. The increase in net loss for the nine month period ended December 31, 2011 was primarily due to increases in advertising and promotion, consulting fees, general and administrative expenses, management fees and professional fees.
Effective November 24, 2011, we issued 952,688 units at $0.40 per unit, in settlement of shareholder loans in the amount of $381,075. Each unit consists of one common share and one non-transferable share purchase warrant. Each whole warrant will entitle the holder to purchase one share of our company’s common stock, for a period of twenty-four month, at a purchase price of $0.70. These securities were issued to one US investor based on exemptions from registration found in Section 4(2) of the Securities Act of 1933, as amended.