Notes to the Financial Statements
December 31, 2015 and 2014
1. DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
DESCRIPTION OF BUSINESS, HISTORY AND COMPANY TODAY - Snoogoo Corporation
(formerly Casey Container Corp. and formerly Sawadee Ventures Inc.), a Nevada
corporation, (hereinafter referred to as the "Company" or "Snoogoo Corp") was
incorporated in the State of Nevada on September 26, 2006. The Company's
year-end is December 31. The Company was originally formed in 2006 to engage in
the acquisition, exploration and development of natural resource properties of
merit.
Effective January 12, 2010, James Casey, Terry Neild and Robert Seaman were
appointed as Directors of the Company. Mr. Casey was elected President, Mr.
Terry Neild was elected Chief Executive Officer, Chief Financial Officer and
Secretary and Mr. Seaman was elected Vice President-Operations.
Effective January 12, 2010, the Company's Certificate of Incorporation was
changed and the name of the Company was changed to Casey Container Corp.
("Casey"). Casey designs and will custom manufacture biodegradable PET and other
polymer plastic preforms that become PET and other polymer plastic bottles and
containers, for such product lines as bottled water, bottled beverages and other
consumer products. Casey has a non-exclusive supply and license agreement with
Bio-Tec Environmental, LLC. Casey currently is considered a "shell" company
inasmuch as it is not in production and has no revenues, employees or material
assets.
Effective February 7, 2011, Martin R. Nason was elected President, Chief
Executive Officer and Chief Financial Officer. Mr. Neild remained Chairman of
the Board of Directors and Secretary, Mr. Casey as Vice President of Technical
Services and Sales and Mr. Seaman as Vice President Manufacturing. On January
31, 2014, Mr. Seaman resigned and Mr. Nason was elected as a Director.
On January 9, 2015 the Board Of Directors approved a Letter Of Understanding and
Term Sheet to purchase the assets, including, but not limited to patents,
intellectual property rights, logos and commercial symbols relating to an
Information Network technology software. The acquisition of the assets and
change in the direction of the Company's business was completed on February 11,
2015. James T. Casey and Robert Seaman, both Vice Presidents, left Snoogoo Corp.
effective February 11, 2015, due to the completion of the acquisition of the
assets and change in business direction (see February 9, 2015 below).
On January 14 and 16, 2015, James T. Casey and Martin R. Nason, respectively,
resigned as Members of the Board Of Directors, which was approved by the
remaining Board Members on January 20, 2015. Mr. Nason remains as its Chief
Executive Officer, President and Chief Financial Officer. On May 15, 2015, Mr.
Nason resigned all his positions with the Company and Terry W. Neild was
appointed Chief Executive Officer, Robert Egeland was appointed President,
Michael Schifsky was appointed Treasurer and Chief Financial Officer and Leonard
Braumberger was appointed Chief Technology Officer. On October 28, 2015 Michael
Schifsky resigned his positions and on November 2, 2015, Mr. Nason was appointed
Interim CFO and Interim Treasurer.
On February 9, 2015, the Board of Directors resolved and approved to change the
Company's name to SnooGoo Corp. and to increase the number of authorized Common
Shares from 250,000,000, $0.001 par value to 1,000,000,000, $0.001 par value,
which was approved by over 51% of the issued and outstanding Common Shares. On
February 10, 2015, a Certificate of Amendment was accordingly filed with the
State of Nevada and the Company received a Nevada State Business License for
SnooGoo Corp. on February 11, 2015.
On February 23, 2015, the Company received approval from the Financial Industry
Regulatory Authority ("FINA"), that it approved the name change from Casey
Container Corp. to SnooGoo Corp. and assigned the trading symbol "SGOO"
effective the beginning of trading on February 24, 2015.
18
SNOOGOO CORP.
(formerly Casey Container Corp.)
Notes to the Financial Statements
December 31, 2015 and 2014
1. DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (continued)
BASIS OF PRESENTATION - In the opinion of management, the accompanying balance
sheets and related statements of operations, cash flows and stockholders' equity
include all adjustments, consisting only of normal recurring items, necessary
for their fair presentation in conformity with accounting principles generally
accepted in the United States of America ("U.S. GAAP"). Preparing financial
statements requires management to make estimates and assumptions that affect the
reported amounts of assets, liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amount of
revenue and expenses during the reporting period. Actual results and outcomes
may differ from managements' estimates and assumptions.
CASH AND CASH EQUIVALENTS - The Company considers all highly liquid investments
with maturity of three months or less to be cash equivalents.
INCOME TAXES - The Company accounts for its income taxes by recognizing deferred
tax assets and liabilities for future tax consequences attributable to
differences between the financial statement carrying amounts of existing assets
and liabilities and their respective tax basis and tax credit carry forwards.
Deferred tax assets and liabilities are measured using enacted tax rates
expected to apply to taxable income in the years in which those temporary
differences are expected to be recovered or settled. The effect on deferred tax
assets and liabilities of a change in tax rates is recognized in operations in
the period that includes the enactment date.
The Company has net operating loss carryovers of $4,709,268 and $4,537,713 for
the years ended December 31, 2015 and 2014 respectively, to be used to reduce
future year's taxable income. The Company has recorded a valuation allowance for
the full potential tax benefit of the operating loss carryovers due to the
uncertainty regarding realization.
December 31, 2015 December 31, 2014
----------------- -----------------
Net operating loss carryovers $ 4,709,268 $ 4,537,713
=========== ===========
Effective tax deferred asset (30% tax rate) $ 1,412,780 $ 1,361,314
Impairment of tax deferred asset $(1,412,780) $(1,361,314)
----------- -----------
Net tax deferred asset $ 0 $ 0
=========== ===========
|
NET LOSS PER COMMON SHARE - Basic net loss per share is computed by dividing the
net loss available to common stockholders for the period by the weighted average
number of shares of common stock outstanding during the period. The calculation
of diluted net loss per share gives effect to common stock equivalents; however,
potential common shares are excluded if their effect is anti-dilutive. For the
period from September 26, 2006 (Date of Inception) through December 31, 2015,
the Company had no potentially dilutive securities. The basic and diluted net
loss per share was $(0.01) and $(0.00) for the years ended December 31, 2015 and
2014, respectively. For the years ended December 31, 2015 and 2014 the Net Loss
was $(1,575,358) and $(280,708), respectively. For the years ended December 31,
2015 and 2014, the Weighted Average Number of Common shares used in per share
calculations was 154,347,356 and 94,448,130 respectively.
19
SNOOGOO CORP.
(formerly Casey Container Corp.)
Notes to the Financial Statements
December 31, 2015 and 2014
1. DESCRIPTION OF BUSINESS, HISTORY AND SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES (continued)
STOCK-BASED COMPENSATION - The Company has not adopted a stock option plan. In
the years ended December 31, 2015 and 2014, the Company issued 4,000,000 and
none Restricted Common shares with a value of $240,000 and none respectively to
its two independent Board Members, which was the closing price of the Company's
freely-traded Common shares on the date of issuance.
REVENUE RECOGNITION - The Company recognizes revenue when the following four
revenue recognition criteria are met (1) persuasive evidence of an arrangement
that exists; (2) delivery has occurred or services have been provided; (3) the
selling price is fixed or determinable and (4) collectability is reasonably
assured.
LONG-LIVED ASSETS - The carrying value of intangible assets and other long-lived
assets is reviewed on a regular basis for the existence of facts or
circumstances that may suggest impairment. The Company recognizes impairment
when the sum of the expected undiscounted future cash flows is less than the
carrying amount of the asset. Impairment losses, if any, are measured as the
excess of the carrying amount of the asset over its estimated fair value.
FAIR VALUE OF FINANCIAL INSTRUMENTS - Fair value estimates discussed herein are
based upon certain market assumptions and pertinent information available to
management, as of December 31, 2015 and 2014. These financial instruments
include cash, prepaid expenses and accounts payable. Fair values were assumed to
approximate carrying values for cash and payables because they are short term in
nature and their carrying amounts approximate fair values or they are payable on
demand.
Level 1: The preferred inputs to valuation efforts are "quoted prices in active
markets for identical assets or liabilities," with the caveat that the reporting
entity mush have access to that market. Information at this level is based on
direct observations of transactions involving the same assets and liabilities,
not assumptions, and thus offers superior reliability. However, relatively few
items, especially physical assets, actual trade in active markets.
Level 2: The Financial Accounting Standards Board ("FASB") acknowledged that
active markets for identical assets and liabilities are relatively uncommon and,
even when they do exist, they may be too thin to provide reliable information.
To deal with this shortage of direct data, FASB provided a second level of
inputs that can be applied in three situations.
Level 3: If inputs from Levels 1 and 2 are not available, FASB acknowledges that
fair value measures of many assets and liabilities are less precise. FASB
describes Level 3 inputs as "unobservable," and limits their use by saying they
"shall be used to measure fair value to the extent that observable inputs are
not available." This category allows "for situations in which there is little,
if any, market activity for the asset or liability at the measurement date."
Earlier in the standard, FASB explains that "observable inputs" are gathered
from sources other than the reporting company and that they are expected to
reflect assumptions made my market participants.
RECENT ACCOUNTING PRONOUNCEMENTS - FASB issues various Accounting Standards
Updates relating to the treatment and recording of certain accounting
transactions. On June 10, 2014, the Financial Accounting Standards Board issued
Accounting Standards Update (ASU) No. 2014-10, DEVELOPMENT STAGE ENTITIES (TOPIC
915) - ELIMINATION OF CERTAIN FINANCIAL REPORTING REQUIREMENTS, INCLUDING AN
AMENDMENT TO VARIABLE INTEREST ENTITIES GUIDANCE IN TOPIC 810, CONSOLIDATION,
which eliminates the concept of a development stage entity (DSE) entirely from
current accounting guidance. The Company has elected adoption of this standard,
which eliminates the designation of DSEs and the requirement to disclose results
of operations and cash flows since inception.
20
SNOOGOO CORP.
(formerly Casey Container Corp.)
Notes to the Financial Statements
December 31, 2015 and 2014
2. GOING CONCERN
The Company incurred net losses of $6,113,071 for the period from September 26,
2006 (Date of Inception) through December 31, 2015 and has commenced limited
operations, raising substantial doubt about the Company's ability to continue as
a going concern. The Company plans to continue to sell its restricted Common
shares for cash and services and borrow from its directors, officers, related
and non-related parties, reduce its cash expenses and continue to raise
sufficient equity capital for cash, but there can be no assurance the Company
will be successful in raising the equity capital for cash. The ability of the
Company to continue as a going concern is dependent on receiving sufficient
sources of cash equity capital and the success of the Company's plan. The
financial statements do not include any adjustments that might be necessary if
the Company is unable to continue as a going concern.
3. PROPERTY AND EQUIPMENT
As of December 31, 2015 and 2014, respectively, the Company does not own any
physical property and/or equipment.
4. INTANGIBLES
The Company's accounting policy for Long-Lived Assets requires it to review on a
regular basis for facts or circumstances that may suggest impairment. Software
development costs totaling $337,855 were recorded as an Intangible Asset during
the year ended December 31, 2015. These costs were related to the development of
the Company's new social information network technology platform (search, save
and share) it intends to use to launch web and mobile applications with broad
global appeal. At the end of December 31, 2015, the Company deemed these costs
were impaired in its entirety as reflected on the Company's Statement of
Operations as a General and Administrative expense. The Company concluded that
such impairment should be recognized based on that if the Company is unable to
obtain the financial resources needed to execute its business plan, there is
substantial doubt regarding the Company's ability to continue as a going concern
based on the Company's cash position at year-end and the unlikelihood of
recovering the investment in the Intangible Asset. (See Note 13).
5. STOCKHOLDERS' EQUITY
At December 31, 2015 and 2014, the Company has 10,000,000 Preferred shares
authorized with a par value of $0.001 per share and 1,000,000,000 and
250,000,000 Common shares authorized (see Note 1"Description Of Business" above)
with a par value of $0.001 per share. At December 31, 2015 and 2014, the Company
had 162,989,701 and 94,771,701 Common shares issued and outstanding,
respectively.
On January 31, 2014, the Company signed a Debt Settlement Agreement with Aruba
Capital Partners Limited, a company owned by its Chairman, whereby 1,250,000
Restricted Common shares at $0.04 per share were issued in exchange for $50,000
of unpaid expenses incurred on behalf of the Company and a non-interest bearing
loan made to the Company, which represents a 33.3% discount to the closing price
of the Company's freely-traded shares on the OTC.BB (see Note 6 "Related Party
Transactions:).
On April 3, 2014, the Company sold 250,000 Restricted Common shares at $0.04 per
share for cash to a non-related party who's also a vendor (see April 4, 2014
transaction below), which represents a 33.3% discount to the closing price of
$0.06 per share of the Company's freely-traded shares on the OTC.BB.
21
SNOOGOO CORP.
(formerly Casey Container Corp.)
Notes to the Financial Statements
December 31, 2015 and 2014
5. STOCKHOLDERS' EQUITY (continued)
On April 4, 2014, the Company signed a Debt Settlement Agreement with a
non-related vendor, whereby the Company issued 505,000 Restricted Common shares
at $0.04 per share in exchange for $20,200 of accounts payable owed to the
vendor, which represents a 33.3% discount to the closing price of $0.06 per
share of the Company's freely-traded shares on the OTC.BB.
On April 10, 2014, the Company sold 66,667 Restricted Common shares at $0.075
per share for cash to a non-related party, which represents a 25% discount to
the closing price of $0.10 per share of the Company's freely-traded shares on
the OTC.BB.
On January 6, 2015, the Company executed three Debt Settlement Agreements,
whereby the Company issued twenty million Restricted Common shares to its
Chairman, one million Restricted Common shares to a non-officer Director and
five million Restricted Common shares to a vendor, at $0.01 per share, the
closing price of the Company's freely-traded shares being $0.012 per share, in
exchange for accounts payable and loans of $200,000, $10,000 and $50,000,
respectively.
On January 27, 2015, the Company executed a Debt Settlement Agreement with its
CEO, President and CFO, whereby the Company issued 6.5 million Restricted Common
shares at $0.02 per share, the closing price of the Company's freely-traded
shares being $0.025 per share, in exchange for $195,000 of accounts payable
owed.
On February 9, 2015, the Company sold for cash $25,000 for one million
Restricted Common shares at $0.025 to a non-related party. The closing price of
the Company's freely-traded shares was $0.05 per share.
On February 10, 2015, the Company filed a Certificate of Amendment to its
Articles of Incorporation with the State of Nevada increasing the number of its
authorized Common shares from 250,000,000 to 1,000,000,000.
On February 10, 2015, the Company entered into four Consulting Agreements with
non-related parties, issuing a total of 16 million shares of its Restricted
Common shares at $0.05 per share, the closing price of its freely-traded shares.
On February 11, 2015, the Company signed a Debt Settlement Agreement with its
CEO, President and CFO, whereby the Company issued 6,668,000 Restricted Common
shares at $0.05 per share, the closing price of the Company's freely-traded
shares, in exchange for $200,040 of accounts payable owed.
On February 17, 2015, the Company signed Amendments to the Agreement to serve on
the Board of Directors with its two independent Directors, whereby the Company
issued four million shares of Restricted Common Shares (two million to each
Director) at $0.06, the closing price of the Company's freely-traded shares.
On April 21, 2015, the Company issued 1,100,000 shares of its Restricted Common
stock pursuant to a Debt Settlement Agreement with Aruba Capital Management,
Inc., a related party, in exchange for $33,000 of accounts payable owed by the
Company for expenses paid on its behalf.
On May 12, 2015, the Company issued 500,000 shares of its Restricted Common
stock to an unrelated party in exchange for $5,000.
22
SNOOGOO CORP.
(formerly Casey Container Corp.)
Notes to the Financial Statements
December 31, 2015 and 2014
5. STOCKHOLDERS' EQUITY (continued)
On May 13, 2015, the Company issued 750,000 shares of its Restricted Common
stock to an unrelated party in exchange for $7,500.
On May 14, 2015, the Company issued 250,000 shares of its Restricted Common
stock to an unrelated party in exchange for $2,500.
On June 10, 2015, the Company issued 1,000,000 shares of its Restricted Common
stock to an unrelated party in exchange for $10,000. As of June 30, 2015, the
Company had received $2,500 and recorded a Subscription receivable of $7,500,
which was collected in July 2015.
On August 25, 2015, the Company issued 1,000,000 shares of its Restricted Common
stock at $0.01 per share, the closing price of the Company's freely-traded
shares being $0.022 per share, in settlement of $10,000 owed by the Company.
The Company recorded a net loss of $164,860 resulting from settlement of
$665,040 of debt for 40,168,000 Restricted Common shares during the nine-months
ended September 30, 2015.
On October 4, 2015, the Company issued 500,000 shares of its Restricted Common
stock to an unrelated party at $0.01 per share in exchange for $5,000.
On October 10, 2015, the Company issued 250,000 shares of its Restricted Common
stock to an unrelated party at $0.01 per share in exchange for $2,500.
On October 27, 2015, the Company entered into a Consulting Agreement and issued
4,000,000 shares of its Restricted Common Shares at $0.01 per share.
On November 15, 2015, the Company issued 1,200,000 shares of its Restricted
Common Shares at $0.01 per share for $12,000.
On December 3, 2015, the Company issued 1,000,000 shares of its Restricted
Common Shares at $0.01 per share for $10,000.
On December 18, 2015, the Company voided the October 27, 2015 Consulting
Agreement at the request of the Consultant. The original stock certificate was
retired by the Company's transfer agent on May 16, 2016.
6. RELATED PARTY TRANSACTIONS
As of December 31, 2015 and 2014, $95,859 and $599,287 respectively is due to
Company officers for unpaid expenses and fees.
On March 5, 2013, the Company borrowed $4,850 in a non-interest bearing loan
from a firm controlled by the Chairman of the Board.
23
SNOOGOO CORP.
(formerly Casey Container Corp.)
Notes to the Financial Statements
December 31, 2015 and 2014
6. RELATED PARTY TRANSACTIONS (continued)
On October 1, 2013, a previously classified Related Party whom the Company owes
$22,000 in a non-interest bearing loan is no longer deemed a Related Party (see
Note 9 "Non-Interest Bearing Loans"), since the party ceased to be involved in
any and all of the Company's business affairs.
On January 31, 2014, the Chairman signed a Debt Settlement Agreement, converting
$50,000, respectively of unpaid expenses and loans into 1,250,000 Restricted
Common shares (see Note 5 Stockholders' Equity") at $0.04 per share.
On November 17, 2014, the Chairman assumed an interest-bearing loan of
$28,647.08 from a Non-Related Party.
January 6, 2015, the Company entered into a Debt Settlement Agreement with its
Chairman, whereby the Company issued 20 million shares of its Restricted Common
shares at $0.01 per share, in exchange for $200,000 of debt by the Company.
January 27, 2015, the Company entered into a Debt Settlement Agreement with its
CEO, President and CFO, whereby the Company issued 6.5 million Restricted Common
shares at $0.03 per share, the closing price of its freely-traded shares being
$0.025, in exchange for $195,000 of accounts payable owed by the Company.
On April 21, 2015, the Company issued 1,100,000 Restricted Common shares at
$0.03 per share, pursuant to a Debt
Settlement Agreement with Aruba Capital Management, Inc., a related-party, in
exchange for $33,000 of accounts payable owed by the Company for expenses paid
on its behalf.
The amounts of all expenses paid on behalf of the Company by Officers/Directors
and non-interest bearing loans outstanding at December 31, 2015 and December 31,
2014, respectively, are to Related Parties and are all unsecured.
December 31, December 31,
2015 2014
-------- --------
Unpaid expenses and fees to Officers/Directors $ 95,859 $599,287
-------- --------
Non-interest and interest bearing loans to
Related Parties:
Chairman Of Board and Officer $ -- $ 33,800
======== ========
|
7. STOCK OPTIONS
At December 31, 2015 and 2014, the Company does not have any stock options
outstanding, nor does it have any written or verbal agreements for the issuance
or distribution of stock options at any point in the future.
8. ADVERTISING
The Company expenses its advertising, which includes investor relations
services, as General and Administrative expenses, as incurred. The Company
incurred $ 3,874 and $6,425 as of December 31, 2015 and 2014, respectively.
24
SNOOGOO CORP.
(formerly Casey Container Corp.)
Notes to the Financial Statements
December 31, 2015 and 2014
9. NON-INTEREST BEARING LOANS
On January 28, 2011 and February 3, 2012, Auspice Capital, a former related
party loaned the Company $27,000 in non-interest bearing loans of which $22,000
are outstanding as of December 31, 2015 and 2014.
The amounts of all non-interest bearing loans outstanding at December 31, 2015
and December 31, 2014, respectively are unsecured (see Note 6, "Related Party
Transactions") follows:
December 31, December 31,
2015 2014
-------- --------
Non-interest bearing to Loans:
Non-Officer/Director $ 22,000 $ 22,000
Chairman Of Board and Officer -- 4,850
-------- --------
Total $ 22,000 $ 26,850
======== ========
|
10. INTEREST BEARING LOANS
On August 12 and 19, 2011, a nonrelated party loaned the Company $15,000, in an
interest bearing Promissory Note at 8% per annum and a one-time financing fee of
$9,900. The loan, one-time financing fee and unpaid accrued interest is due upon
the Company's receipt of equity capital from an investor group. The full amounts
are unsecured and not in default. See item November 17, 2014 below.
On August 27, 2012, the Company borrowed $40,000 in a ninety-day non-interest
bearing Promissory Note and a one-time financing fee of $10,000, which was
expensed, from a non-related party. The loans, one-time financing fees and
accrued interest is due upon the Company's receipt of equity capital from an
investor group. The loan is unsecured and has a maturity date of December 31,
2013. The Company has not raised equity capital from any investor group.
On November 17, 2014, a company controlled by the Chairman assumed an
interest-bearing loan, with principal and cumulative accrued interest totaling
$28,647.08 from a Non-Related Party (see Note 6 "Related Party Transactions).
The amounts of all interest bearing loans outstanding at December 31, 2015 and
2014, respectively, are not in default, are not secured and accrued interest has
been recorded in the respective years, follows:
December 31, December 31,
2015 2014
-------- --------
Interest bearing to Related and
Non-Related Parties:
Related Party - principal $ -- $ 24,900
cumulative interest accrued -- 4,049
Non-Related Party - principal 50,000 50,000
cumulative interest accrued 9,863 4,931
-------- --------
Total $ 59,863 $ 83,881
======== ========
|
25
SNOOGOO CORP.
(formerly Casey Container Corp.)
Notes to the Financial Statements
December 31, 2015 and 2014
11. ARUBA BRANDS CORP. STOCK PURCHASE AGREEMENT
On September 18, 2013, the Company entered into a Stock Purchase Agreement
("Agreement") with Aruba Brands Corp ("Aruba"), whereby Aruba would acquire for
$1.5 million, 19.9% in Restricted Common shares, based upon the total of the
Company's issued and outstanding shares upon completion of the funding of this
Agreement. The Company filed a Form 8-K with the SEC on September 24, 2013. No
funding occurred as of December 31, 2014 and the Company deems the transaction
terminated.
12. STOCK PURCHASE AGREEMENT
On April 3, 2014, the Company approved and signed a Stock Purchase Agreement
dated March 24, 2014 with an investor group for a total amount of $10 million.
For $5 million of the total, the investor will receive Restricted Common shares
equal to forty percent (40%) of the total number of Common shares issued and
outstanding on the date of funding and the investor would loan the Company $5
million at 6%, to be paid over a period of years, with a payment grace period of
interest and principal until January 1, 2016. The Company filed a Form 8-K with
the SEC on April 14, 2014. No funding was received as of December 31, 2014 and
the Company deems the transaction terminated.
13. ACQUISITION OF INTERNET SEARCH AND SHARE ENGINE
On February 11, 2015, the Company completed an Asset Purchase Agreement to
acquire certain intellectual property associated with a proprietary social
network technology the Company intends to use to launch certain web and mobile
applications targeting the online search, save and share community. As
consideration, the Company has agreed to pay the seller 10% of all future
advertising revenues, collected from its search, save and share website, up to a
maximum of $4 million. (See Note 4).
14. SUBSEQUENT EVENTS
On February 1, 2016, the Company initially entered into two Consulting
Agreements for investor relations, corporate image and business strategy and
issued a total of 2,000,000 Restricted Common shares and agreed to a monthly
fee, modified to one Consulting Agreement, for a term of six months with the
monthly fee to be paid upon the Company receiving an infusion of capital not
expected until the fourth quarter.
On May 25, 2016, the Board Of Directors approved the issuance of up to
20,000,000 Restricted Common shares at $0.01 per share ($200,000) plus
participation in a Revenue Sharing Agreement of $0.02 for each $1.00 of
advertising revenue the Company receives for a period of thirty-six months after
the effective date as defined in the Revenue Sharing Agreement. The payment of
the Revenue Sharing is earned on a pro-rata basis, based on the portion each
investor makes towards the $200,000 total investment. Based on the full $200,000
being received from investors, if an investor invests $20,000 (10% of the
$200,000 total investment), such investor will receive 10% of $0.02 ($0.002) for
each dollar of advertising revenue the Company receives over the thirty-six
month period. The following five (5) investments have been received by the
Company pursuant to the Investment and Revenue Sharing Agreement Document:
1. On July 26, 2016, the Company received an investment of $37,500 and issued
3,750,000 Restricted Common shares at $0.01 per share. The certificate was
issued on August 30, 2016.
26
SNOOGOO CORP.
(formerly Casey Container Corp.)
Notes to the Financial Statements
December 31, 2015 and 2014
14. SUBSEQUENT EVENTS (continued)
2. On August 5, 2016, the Company received two investments - one for $15,000,
one for $36,000 and issued 1,500,000 and 3,600,000 Restricted Common shares
respectively at $0.01 per share on August 30, 2016.
3. On September 5, 2016, the Company received an investment of $3,750 and issued
375,000 Restricted Common shares at $0.01 per share on September 9, 2016.
4. On September 20, 2016, the Company received an investment of $20,000 and
issued 2,000,000 Restricted Common shares at $0.01 per share. The certificate
was issued on October 19, 2016.
5. On September 28, 2016, the Company received an investment of $10,000 and
issued 1,000,000 Restricted Common shares at $0.01 per share. The certificate
was issued on October 19, 2016.
On August 31, 2016, the Company signed a Debt Settlement Agreement with a
non-related party issuing 2,000,000 Restricted Common shares at $0.01 per share
on September 6, 2016, in exchange for $20,000 of payables owed to the recipient.
On August 31, 2016, the Company signed a Debt Settlement Agreement with a
non-related party issuing 3,000,000 Restricted Common shares at $0.01 per share
on September 6, 2016, in exchange for $30,000 of payables owed to the recipient.
On September 1, 2016, the Company signed a Consulting Agreement and issued
4,000,000 Restricted Common shares at $0.01 per share on September 6, 2016.
On September 6, 2016, the Company signed a Debt Settlement Agreement with a
non-related party issuing 2,400,000 Restricted Common shares at $0.01 per share.
The certificate was issued on October 19, 2016.
27