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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Kallo Inc (CE) | USOTC:KALO | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0003 | 0.00 | 01:00:00 |
[X]
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2016
|
Nevada
|
98-0542529
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
Securities registered pursuant to Section 12(b) of the Act:
|
Securities registered pursuant to section 12(g) of the Act:
|
None
(Title of Class)
|
Common Stock
(Title of Class)
|
Large Accelerated Filer
|
[ ]
|
Accelerated Filer
|
[ ]
|
Non-accelerated Filer
|
[ ]
|
Smaller Reporting Company
|
[X]
|
Emerging Growth Company
(Do not check if a smaller reporting company)
|
[ ]
|
Page
|
||
PART I
|
3
|
|
|
||
Item 1.
|
Business.
|
3
|
Item 1A.
|
Risk Factors.
|
6
|
Item 1B.
|
Unresolved Staff Comments.
|
6
|
Item 2.
|
Properties.
|
7
|
Item 3.
|
Legal Proceedings.
|
7
|
Item 4.
|
Mine Safety Disclosures.
|
7
|
PART II
|
7
|
|
Item 5.
|
Market for Our Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
|
7
|
Item 6.
|
Selected Financial Data.
|
8
|
Item 7.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations.
|
9
|
Item 7A.
|
Quantitative and Qualitative Disclosures about Market Risk.
|
13
|
Item 8.
|
Financial Statements and Supplementary Data.
|
13
|
Item 9.
|
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
|
36
|
Item 9A.
|
Controls and Procedures.
|
36
|
Item 9B.
|
Other Information.
|
37
|
|
||
PART III
|
37
|
|
|
||
Item 10.
|
Directors, Executive Officers and Corporate Governance.
|
37
|
Item 11.
|
Executive Compensation.
|
40
|
Item 12.
|
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
|
42
|
Item 13.
|
Certain Relationships and Related Transactions, and Director Independence.
|
42
|
Item 14.
|
Principal Accountant Fees and Services.
|
43
|
|
||
PART IV
|
44
|
|
|
||
Item 15.
|
Exhibits and Financial Statement Schedules.
|
44
|
Signatures
|
46
|
|
Exhibit Index
|
47
|
1.
|
Care Platforms
|
a.
|
These include the care facility platforms – MobileCare
TM
and RuralCare
TM
described in more detail in the MD&A section, Dialysis care and brick and mortar hospitals as well as the emergency medical services care both land and air transportation.
|
2.
|
Digital Technology
|
a.
|
This component of the business includes the Electronic Medical Records (EMR), Picture Archiving and Communication System (PACS), eLearning system, eGovernance solutions as well as our Tele-health solution that supports the Global and Regional response centers for real time support of medical emergencies.
|
3.
|
Education & Training
|
a.
|
This component includes the education and training for all aspects of healthcare management – clinical including clinical informatics, engineering including bio-medical, information and communications technology and health administration.
|
A.
|
M.C. Telehealth
– Mobile Clinic Telehealth System – Developed and launched in November 2011.
|
B.
|
EMR Integration Engine
– Electronic Medical Record Integration Engine - Under development.
|
C.
|
C&ID-IMS
– Communicable and Infectious Disease Information Management System - Under Development
|
D.
|
CCG Technology
– Clinical-Care Globalization technology – Under Development
|
Number
|
Date of Filing
|
Place of Filing
|
Duration
|
1072203
|
November 3, 2009
|
Canada
|
Life of the Author, the remainder of the calendar year in which the author dies, and a period of 50 years following the end of that calendar year
|
1072204
|
November 3, 2009
|
Canada
|
Life of the Author, the remainder of the calendar year in which the author dies, and a period of 50 years following the end of that calendar year
|
1072205
|
November 3, 2009
|
Canada
|
Life of the Author, the remainder of the calendar year in which the author dies, and a period of 50 years following the end of that calendar year
|
1072543
|
November 17, 2009
|
Canada
|
Life of the Author, the remainder of the calendar year in which the author dies, and a period of 50 years following the end of that calendar year
|
1.
|
The company has proprietary Copyrighted Technology "EMR Integration Engine" that demonstrate the future direction for integrated solutions as well as current efforts that illustrate interoperability within the continuum of care. EMR Integration Engine is software, which connects all the other applications in or outside a hospital/clinic with the EMR system. This enables the doctor/nurse to seamlessly access information in other healthcare applications without moving from one computer to the next.
|
2.
|
C&ID-IMS is an Internet-based solution for monitoring and managing Communicable and Infectious Disease information. Our target markets are Health Organizations and Ministries of Health, hospitals and Center for Disease Control (CDC) & the World Health Organization (WHO) members around the globe.
|
3.
|
CCG is our clinical-care globalization technology. This product is an effective way to capitalize on the growing "medical tourism phenomenon" - patients going to low-cost countries for elective medical procedures –, a fast-growing worldwide, multibillion-dollar industry actively promoted by many countries. CCG can be used by both the destination and home country of a patient to maintain complete and accurate records of the treatment history, avoiding errors due to incomplete patient data and lessening the burden and expense of corrective action on the home country when medical tourists return home.
|
4.
|
MC-Telehealth (Mobile Clinic with Telehealth system) is our mobile clinic long distance or Telehealth technology. Our product enables the remote transmission of standardized formats of data for laboratory information, diagnostic imaging, diagnosis and clinical notes.
|
5.
|
KIDS (Kallo Integrated Delivery System), a Technology & process framework defines and describes the component parts of the various products and services tha
t Kāllo is delivering to its clients, including the human resources component, and how these parts interact and relate to one another. The framework also recognizes the need for collaboration with local care facilities, services and providers to support c
ontinuity of care and facilitate patient transport between facilities.
|
6.
|
KIDS (Kallo Integrated Delivery System) Global Tele-Health Ecosystems. The Tele-health Program encompasses the broad variety of Technologies and administrative processes needed to deliver virtual medical care, health promotion/prevention and other patient education to KIDS patients. The tele-health program facilitates synchronous and asynchronous interactions where patients or care providers are in different locations and includes scheduling, information delivery and care management services.
|
·
|
Communicable & Infectious disease Information Management System – supporting World Health Organization (WHO) and Center for Disease Control (CDC); $200B market
|
·
|
Electronic Medical Records integration engine for Health Information Access Layer – focused on clinics, hospitals, IDC & IHC; $100B market
|
·
|
Clinical Care Globalization – focused on medical tourism; $40B market
|
·
|
Mobile Medical Clinics – focused on disaster recovery management and rural community health services for wide range of services, HIV monitoring, chemotherapy, acute care, dialysis, etc; $30B market
|
ITEM 5. |
MARKET FOR OUR COMMON STOCK, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.
|
Fiscal Year – 2016
|
High Bid
|
Low Bid
|
|
|
Fourth Quarter 10-1-16 to 12-31-16
|
$0.0002
|
$0.00005
|
|
Third Quarter 7-1-16 to 9-30-16
|
$0.0001
|
$0.0001
|
|
Second Quarter 4-1-16 to 6-30-16
|
$0.0001
|
$0.0001
|
|
First Quarter 1-1-16 to 3-31-16
|
$0.0002
|
$0.00001
|
Fiscal Year – 2015
|
High Bid
|
Low Bid
|
|
|
Fourth Quarter 10-1-15 to 12-31-15
|
$0.0011
|
$0.0001
|
|
Third Quarter 7-1-15 to 9-30-15
|
$0.035
|
$0.0008
|
|
Second Quarter 4-1-15 to 6-30-15
|
$0.15
|
$0.265
|
|
First Quarter 1-1-15 to 3-31-15
|
$0.11
|
$0.0462
|
Plan category
|
Number of securities to
be issued upon exercise
of outstanding options,
warrants and rights
(a)
|
Weighted-average
exercise price of
outstanding options,
warrants and rights
(b)
|
Number of securities remaining
available for future issuance
under equity compensation plans
(excluding securities in column (a))
(c)
|
Equity compensation plans approved
by security holders
|
None
|
None
|
None
|
Equity compensation plans not
approved by securities holders
|
0
|
$0.0
|
52,766,666
|
Total
|
0
|
$0.0
|
52,766,666
|
|
PAGE
|
|
|
14
|
|
15
|
|
|
|
16
|
|
|
|
17
|
|
|
|
18
|
|
|
|
19 - 35
|
/s/ MaloneBailey, LLP
|
|
Houston, Texas
|
|
November 14, 2017
|
|
2016
|
2015
|
||||||
ASSETS
|
||||||||
Current Assets:
|
||||||||
Cash
|
$
|
-
|
$
|
4,998
|
||||
Prepaid expenses
|
57,011
|
132,259
|
||||||
Total Current Assets
|
57,011
|
137,257
|
||||||
Deposit – long term
|
-
|
20,627
|
||||||
Equipment, net
|
-
|
135,551
|
||||||
TOTAL ASSETS
|
$
|
57,011
|
$
|
293,435
|
||||
LIABILITIES AND STOCKHOLDERS' DEFICIENCY
|
||||||||
Current Liabilities:
|
||||||||
Bank overdraft
|
$
|
211
|
$
|
-
|
||||
Accounts payable and accrued liabilities
|
2,731,879
|
1,204,942
|
||||||
Derivative liabilities
|
270,581
|
210,834
|
||||||
Convertible promissory notes, net of discount of $8,872 and $69,568 respectively
|
324,586
|
204,826
|
||||||
Convertible loans payable – third parties
|
191,510
|
105,395
|
||||||
Short term loans payable
|
16,215
|
15,730
|
||||||
Convertible loans payable – related parties
|
615,163
|
272,712
|
||||||
Deferred lease inducement
|
1,260
|
15,380
|
||||||
Total Current Liabilities
|
4,151,405
|
2,029,819
|
||||||
Convertible promissory notes, net of discount of $Nil and $59,939 respectively
|
-
|
24,551
|
||||||
TOTAL LIABILITIES
|
4,151,405
|
2,054,370
|
||||||
Commitments and Contingencies
|
||||||||
Stockholders' Deficiency:
|
||||||||
Preferred stock, $0.00001 par value, 100,000,000 shares authorized,
95,000,000 Series A preferred shares issued and outstanding
|
950
|
950
|
||||||
Common stock, $0.00001 par value, 15,000,000,000 shares
authorized, 8,098,742,772 and 5,648,390,746 shares issued and
outstanding respectively.
|
80,988
|
56,485
|
||||||
Additional paid-in capital
|
30,965,822
|
30,324,674
|
||||||
Accumulated deficit
|
(35,142,154
|
)
|
(32,143,044
|
)
|
||||
Total Stockholders' Deficiency
|
(4,094,394
|
)
|
(1,760,935
|
)
|
||||
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY
|
$
|
57,011
|
$
|
293,435
|
For the Year
Ended
December 31,
2016
|
For the Year
Ended
December 31,
2015
|
|||||||
Operating Expenses
|
||||||||
General and administration
|
2,396,884
|
7,434,862
|
||||||
Selling and marketing
|
25,553
|
230,165
|
||||||
Impairment of assets
|
104,018
|
355,508
|
||||||
Depreciation
|
31,533
|
76,457
|
||||||
Operating loss
|
(2,557,988
|
)
|
(8,096,992
|
)
|
||||
Interest and financing costs
|
(323,944
|
)
|
(948,607
|
)
|
||||
Change in fair value of derivative liabilities
|
(147,970
|
)
|
97,890
|
|||||
Foreign exchange gain
|
30,792
|
66,093
|
||||||
Loss on extinguishment of convertible promissory note and
short term loan payable
|
-
|
(83,344
|
)
|
|||||
Net loss
|
$
|
(2,999,110
|
)
|
$
|
(8,964,960
|
)
|
||
Net loss per share - Basic and diluted
|
$
|
(0.00
|
)
|
$
|
(0.01
|
)
|
||
Weighted average number of shares outstanding - Basic and diluted
|
7,366,923,856
|
966,447,335
|
Preferred Stock
$.00001 par value
|
Common Stock
$.00001 par value
|
Additional
Paid-In
|
Deficit
Accumulated
During the
Development
|
Total
Stockholders'
|
||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Stage
|
Equity (Deficit)
|
||||||||||||||||||||||
Balance December 31, 2014
|
95,000,000
|
$
|
950
|
382,156,160
|
$
|
3,822
|
$
|
22,297,758
|
$
|
(23,178,084
|
)
|
$
|
(875,554
|
)
|
||||||||||||||
Issuance of common shares – Kodiak put
|
-
|
-
|
6,250,000
|
63
|
172,120
|
-
|
172,183
|
|||||||||||||||||||||
Shares issued to directors and employees
|
-
|
-
|
2,989,800,000
|
29,898
|
3,671,702
|
-
|
3,701,600
|
|||||||||||||||||||||
Shares issued for debt conversion
|
-
|
-
|
2,196,251,125
|
21,963
|
1,290,955
|
-
|
1,312,918
|
|||||||||||||||||||||
Issuance of common shares for cash
|
-
|
-
|
68,867,121
|
689
|
2,490,400
|
-
|
2,491,089
|
|||||||||||||||||||||
Shares issued for consulting services
|
-
|
-
|
3,508,500
|
35
|
230,392
|
-
|
230,427
|
|||||||||||||||||||||
Stock issued for settlement of payables
|
-
|
-
|
1,557,840
|
15
|
171,347
|
-
|
171,362
|
|||||||||||||||||||||
Net Loss
|
-
|
-
|
-
|
-
|
-
|
(8,964,960
|
)
|
(8,964,960
|
)
|
|||||||||||||||||||
Balance December 31, 2015
|
95,000,000
|
950
|
5,648,390,746
|
56,485
|
30,324,674
|
(32,143,044
|
)
|
(1,760,935
|
)
|
|||||||||||||||||||
Shares issued to directors and employees
|
-
|
-
|
4,485,000,000
|
44,850
|
403,650
|
-
|
448,500
|
|||||||||||||||||||||
Shares issued for debt conversion
|
-
|
-
|
2,450,352,026
|
24,503
|
192,648
|
-
|
217,151
|
|||||||||||||||||||||
Cancellation of shares issued to directors and employees
|
-
|
-
|
(4,485,000,000
|
)
|
(44,850
|
)
|
44,850
|
-
|
-
|
|||||||||||||||||||
Net Loss
|
-
|
-
|
-
|
-
|
-
|
(2,999,110
|
)
|
(2,999,110
|
)
|
|||||||||||||||||||
Balance December 31, 2016
|
95,000,000
|
$
|
950
|
8,098,742,772
|
$
|
80,988
|
$
|
30,965,822
|
$
|
(35,142,154
|
)
|
$
|
(4,094,394
|
)
|
For the Year
Ended
December 31,
2016
|
For the Year
Ended
December 31,
2015
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net loss
|
$
|
(2,999,110
|
)
|
$
|
(8,964,960
|
)
|
||
Adjustments to reconcile net loss to net cash used in operating activities
|
||||||||
Depreciation
|
31,533
|
76,457
|
||||||
Stock-based compensation
|
448,500
|
3,701,600
|
||||||
Impairment of assets
|
104,018
|
355,508
|
||||||
Loss on extinguishment of accounts payable
|
-
|
83,344
|
||||||
Amortization of debt discount
|
120,635
|
780,364
|
||||||
Deferred lease inducement
|
(14,120
|
)
|
(19,801
|
)
|
||||
Change in fair value of derivative liabilities
|
147,970
|
(97,890
|
)
|
|||||
Interest and penalties on promissory notes
|
201,642
|
128,397
|
||||||
Unrealized foreign exchange gains
|
7,244
|
(60,981
|
)
|
|||||
Non-cash consulting fees
|
-
|
230,427
|
||||||
Changes in operating assets and liabilities:
|
||||||||
Decrease (Increase) in other receivables
|
-
|
11.531
|
||||||
Decrease (Increase) in deferred project cost
|
-
|
24,990
|
||||||
Decrease (Increase) in prepaid expenses and deposits
|
95,875
|
18,357
|
||||||
(Decrease) in deferred revenue
|
-
|
(24,990
|
)
|
|||||
Increase (Decrease) in accounts payable and accrued liabilities
|
1,526,965
|
204,885
|
||||||
NET CASH USED IN OPERATING ACTIVITIES
|
(328,848
|
)
|
(3,552,762
|
)
|
||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Purchase of equipment
|
-
|
(225,033
|
)
|
|||||
NET CASH USED IN INVESTING ACTIVITIES
|
-
|
(225,033
|
)
|
|||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Proceeds from issuance of common stock
|
-
|
2,663,272
|
||||||
Proceeds from convertible promissory notes
|
-
|
580,075
|
||||||
Proceeds from other convertible notes ($268,311 from related parties; 2015 - $272,712)
|
323,667
|
341,423
|
||||||
Increase in bank indebtedness
|
211
|
-
|
||||||
Repayment of loans payable
|
-
|
(53,540
|
)
|
|||||
NET CASH PROVIDED BY FINANCING ACTIVITIES
|
323,878
|
3,531,230
|
||||||
Effect of exchange rate changes on cash
|
(28
|
)
|
1,224
|
|||||
NET DECREASE IN CASH
|
(4,998
|
)
|
(245,341
|
)
|
||||
CASH
|
||||||||
Beginning of year
|
4,998
|
250,339
|
||||||
End of year
|
$
|
-
|
$
|
4,998
|
||||
SUPPLEMENTAL CASH FLOW INFORMATION:
|
||||||||
Income tax paid
|
$
|
-
|
$
|
-
|
||||
Interest paid
|
$
|
-
|
$
|
-
|
||||
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES
|
||||||||
Note issued for settlement of accounts payable
|
$
|
-
|
$
|
18,610
|
||||
Short term loan transferred to convertible note
|
$
|
-
|
$
|
22,977
|
||||
Accounts payable for equipment
|
$
|
-
|
$
|
244,243
|
||||
Initial debt discount on convertible promissory notes
|
$
|
-
|
$
|
607,510
|
||||
Stock issued for settlement of accounts payable
|
$
|
-
|
$
|
171,362
|
||||
Conversion of promissory notes into common shares
|
$
|
217,151
|
$
|
1,312,918
|
||||
Convertible loan payable for expenses paid directly by lender
|
$
|
5,434
|
$
|
-
|
•
|
Quoted prices for identical or similar assets or liabilities in non-active markets (examples include corporate and municipal bonds which trade infrequently);
|
|
•
|
Inputs other than quoted prices that are observable for substantially the full term of the asset or liability (examples include interest rate and currency swaps); and
|
|
•
|
Inputs that are derived principally from or corroborated by observable market data for substantially the full term of the asset or liability (examples include certain securities and derivatives).
|
December 31, 2016
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Liabilities:
|
||||||||||||||||
Derivative liability
|
$
|
-
|
$
|
-
|
$
|
270,581
|
$
|
270,581
|
December 31, 2015
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Liabilities:
|
||||||||||||||||
Derivative liabilities
|
$
|
-
|
$
|
-
|
$
|
210,834
|
$
|
210,834
|
2016
|
2015
|
|||||||
Computer equipment under capital lease
|
$
|
223,683
|
$
|
223,683
|
||||
Nexus computer equipment under capital lease
|
42,023
|
42,023
|
||||||
Computer equipment
|
50,724
|
50,724
|
||||||
Computer software
|
37,210
|
37,210
|
||||||
Hardware & Installation
|
10,128
|
10,128
|
||||||
Office furniture and equipment
|
27,739
|
27,739
|
||||||
Leasehold improvement
|
55,072
|
55,072
|
||||||
Medical Equipment
|
13,274
|
13,274
|
||||||
Clinical Command Center
|
15,790
|
15,790
|
||||||
Infrastructure
|
7,911
|
7,911
|
||||||
Total Equipment
|
483,554
|
483,554
|
||||||
Less accumulated depreciation
|
(379,536
|
)
|
(348,003
|
)
|
||||
Less impairment
|
(104,018
|
)
|
-
|
|||||
Equipment – net
|
$
|
-
|
$
|
135,551
|
Original face amount
|
Interest rate
|
Due date
|
Conversion price per share
|
|||
Promissory note of $100,000
|
10%
|
|
December 21, 2015
|
65% of lowest trading day over the last 15 trading days
|
||
Promissory note of $50,000
|
8%
|
|
October 5, 2015
|
60% of the lowest trading price over the last 15 trading days
|
||
Promissory note of $87,500
|
8%
|
|
January 15, 2016
|
70% of average of two lowest closing bid price over the last 15 trading days
|
||
Promissory note of $55,000
|
8%
|
|
February 11, 2016
|
60% of the lowest trading price over the last 15 trading days
|
||
Promissory note of $50,000
|
12%
|
|
February 3, 2017
|
65% of the lowest trading price over the last 25 trading days
|
||
Promissory note of $50,000
|
8%
|
|
June 8, 2017
|
65% of the lowest trading price over the last 20 trading days
|
|
2016
|
2015
|
||||||
|
||||||||
Balance as at Beginning of Period
|
$
|
229,377
|
$
|
16,175
|
||||
New convertible promissory notes
|
-
|
633,611
|
||||||
Original issue discount
|
-
|
(53,536
|
)
|
|||||
Interest and penalties
|
103,502
|
114,914
|
||||||
Derivative liabilities
|
-
|
(607,510
|
)
|
|||||
Converted into shares
|
(128,928
|
)
|
(654,641
|
)
|
||||
Amortization of debt discount
|
120,635
|
780,364
|
||||||
Balance as at end of period
|
$
|
324,586
|
$
|
229,377
|
||||
Convertible notes – short term
|
(324,586
|
)
|
(204,826
|
)
|
||||
Convertible notes – long term
|
$
|
-
|
$
|
24,551
|
|
2015
|
2016
|
||||||
Fair value as at Beginning of Year
|
$
|
210,834
|
$
|
336,390
|
||||
New promissory notes
|
-
|
607,510
|
||||||
Elimination associated with conversion of promissory notes
|
(88,223
|
)
|
(635,176
|
)
|
||||
Change in fair value loss (gain)
|
147,970
|
(97,890
|
)
|
|||||
Fair value as at End of Year
|
$
|
270,581
|
$
|
210,834
|
2016
|
2015
|
|||||||
Convertible promissory note bearing interest at 15% per annum – third party
|
$
|
191,510
|
$
|
105,395
|
||||
Convertible promissory note bearing interest at 15% per annum – related party
|
615,163
|
272,712
|
||||||
$
|
806,673
|
$
|
378,107
|
2016
|
2015
|
|||||||
Non-interest bearing short term funding from third parties
|
16,215
|
15,730
|
||||||
$
|
16,215
|
$
|
15,730
|
2016
|
2015
|
|||||||
Net loss for the year
|
$
|
(2,999,110
|
)
|
$
|
(8,964,960
|
)
|
||
Effective statutory rate
|
34
|
%
|
34
|
%
|
||||
Expected tax recovery
|
$
|
(1,019,697
|
)
|
$
|
(3,048,086
|
)
|
||
Net effects of non deductible and allowable items
|
254,917
|
1,742,542
|
||||||
Change in valuation allowance
|
764,780
|
1,305,544
|
||||||
$
|
-
|
$
|
-
|
2016
|
2015
|
|||||||
Net operating loss carry forward
|
$
|
5,525,126
|
$
|
4,779,729
|
||||
Equipment
|
138,154
|
118,771
|
||||||
Valuation allowance
|
(5,663,280
|
)
|
(4,898,500
|
)
|
||||
Deferred tax assets, net of valuation allowance
|
$
|
-
|
$
|
-
|
2017
|
$
|
18,620
|
||
$
|
18,620
|
2015
|
$
|
209,965
|
||
2016
|
245,720
|
|||
$
|
455,685
|
-
|
equal to $20,000,000, payable as to an advance of $300,000 immediately after the loan agreement for the Kallo MobileCare and RuralCare program is signed by the Minister of Finance of the Republic of Guinea and the remainder within 7 to 14 business days of receipt of payment for the Project by Kallo in proportion to the payments received by Kallo.
|
-
|
equal to $4,000,000, payable within 7 to 14 business days of receipt of payment for the Project by Kallo in proportion to the payments received by Kallo. In addition, a performance incentive payment of $1,000,000 will be payable to three persons related to the third party in accordance to the same terms of payment described herein.
|
ITEM 9A |
CONTROLS AND PROCEDURES.
|
* |
Lack of segregation of duties
|
* |
Insufficient controls over the financial close process and preparation of the financial statements identified by the auditors during the audit of the company's financial statements for the year ended December 31, 2016
.
|
Name and Address
|
Age
|
Position(s)
|
John Cecil
225 Duncan Mills Road, Suite 504
Toronto, Ontario
Canada M3B 3H9
|
53
|
President, Chairman of the Board of Directors, Chief
Executive Officer and Chief Financial Officer
|
Lloyd A. Chiotti
31 Sisman Avenue
Aurora, ON, L4G 6R9
|
68
|
Chief Operating Officer and Director
|
Samuel R Baker
89 Shawnee Circle
Toronto, ON, M2H 2X9
|
81
|
Secretary and a Director
|
1. |
A petition under the Federal bankruptcy laws or any state insolvency law was filed by or against, or a receiver, fiscal agent or similar officer was appointed by a court for the business or property of such person, or any partnership in which he was a general partner at or within two years before the time of such filing, or any corporation or business association of which he was an executive officer at or within two years before the time of such filing;
|
2. |
Convicted in a criminal proceeding or is a named subject of a pending criminal proceeding (excluding traffic violations and other minor offenses);
|
3. |
The subject of any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining him from, or otherwise limiting, the following activities;
|
i) |
Acting as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage transaction merchant, any other person regulated by the Commodity Futures Trading Commission, or an associated person of any of the foregoing, or as an investment adviser, underwriter, broker or dealer in securities, or as an affiliated person, director or employee of any investment company, bank, savings and loan association or insurance company, or engaging in or continuing any conduct or practice in connection with such activity;
|
ii) |
Engaging in any type of business practice; or
|
iii) |
Engaging in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation of Federal or State securities laws or Federal commodities laws;
|
4. |
The subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any Federal or State authority barring, suspending or otherwise limiting for more than 60 days the right of such person to engage in any activity described in paragraph 3.i in the preceding paragraph or to be associated with persons engaged in any such activity;
|
5. |
Was found by a court of competent jurisdiction in a civil action or by the Commission to have violated any Federal or State securities law, and the judgment in such civil action or finding by the Commission has not been subsequently reversed, suspended, or vacated;
|
6. |
Was found by a court of competent jurisdiction in a civil action or by the Commodity Futures Trading Commission to have violated any Federal commodities law, and the judgment in such civil action or finding by the Commodity Futures Trading Commission has not been subsequently reversed, suspended or vacated;
|
7. |
Was the subject of, or a party to, any Federal or State judicial or administrative order, judgment, decree, or finding, not subsequently reversed, suspended or vacated, relating to an alleged violation of:
|
i) |
Any Federal or State securities or commodities law or regulation; or
|
ii) |
Any law or regulation respecting financial institutions or insurance companies including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and-desist order, or removal or prohibition order, or
|
iii) |
Any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity; or
|
8. |
Was the subject of, or a party to, any sanction or order, not subsequently reversed, suspended or vacated, of any self-regulatory organization (as defined in Section 3(a)(26) of the Exchange Act (15 U.S.C. 78c(a)(26)), any registered entity (as defined in Section 1(a)(29) of the Commodity Exchange Act (7 U.S.C. 1(a)(29)), or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member.
|
(a)
|
(b)
|
(c)
|
(d)
|
(e)
|
(f)
|
(g)
|
(h)
|
(i)
|
(j)
|
Name and Principal
Position [1]
|
Year
|
Salary
($)
|
Bonus
($)
|
Stock
Awards
($)[1]
|
Option
Awards
($)
|
Non-Equity
Incentive Plan
Compensation
(S)
|
Change in
Pension Value &
Nonqualified
Deferred
Compensation
Earnings
($)
|
All Other
Compensation
($)
|
Totals
($)
|
John Cecil
|
2016
|
161,907
|
0
|
225,000
|
0
|
0
|
0
|
0
|
386,907
|
Chairman & CEO
|
2015
|
132,902
|
0
|
1,950,000
|
0
|
0
|
0
|
0
|
2,082,902
|
|
|
|
|
|
|
|
|
||
Vince Leitao
|
2016
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Former President
|
2015
|
29,644
|
0
|
0
|
0
|
0
|
0
|
0
|
29,644
|
(resigned 02/29/2016)
|
|||||||||
Samuel Baker
|
2016
|
0
|
0
|
42,500
|
0
|
0
|
0
|
0
|
42,500
|
Secretary
|
2015
|
0
|
0
|
480,000
|
0
|
0
|
0
|
0
|
480,000
|
Lloyd Chiotti
|
2016
|
130,334
|
0
|
110,000
|
0
|
0
|
0
|
0
|
240,334
|
Director & EVP
|
2015
|
0
|
0
|
1,200,000
|
0
|
0
|
0
|
0
|
1,200,000
|
[1] |
During the year ended December 31, 2016, 3,775,000,000 common shares were initially approved for issuance to directors and officers for a total amount of $377,500 of which $NIL was contributed as cash by them and $377,500 was to be granted to them as stock-based compensation.
|
·
|
John Cecil –2,250,000,000 common shares issuable as compensation valued at $225,000
|
·
|
Samuel Baker – 1,100,000,000 common shares issuable as compensation valued at $110,000
|
·
|
Lloyd Chiotti – 425,000,000 common shares issuable as compensation valued at $42,500
|
Name and Address
Beneficial Owner [1]
|
Number of Common
Shares Owned
|
Percentage of
Ownership
|
Number of Preferred
Shares Owned
|
Percentage of
Ownership
|
John Cecil [2]
225 Duncan Mills Road, Suite 504
Toronto, ON M3B 3H9
|
1,653,612,857
|
20.52%
|
70,000,000
|
73.69%
|
Lloyd Chiotti
31 Sisman Avenue
Aurora, ON, L4G 6R9
|
823,242,258
|
10.22%
|
5,000,000
|
5.26%
|
Samuel Baker [3]
255 Duncan Mill Road, Unit 504
Toronto, ON, M3B 3H9
|
327,903,850
|
4.07%
|
0
|
0.00%
|
All Officers and Directors as a Group (3 persons)
|
2,804,758,965
|
34.81%
|
75,000,000
|
78.95%
|
[1]
|
The persons named above may be deemed to be a "parent" and "promoter" of our company, within the meaning of such terms under the Securities Act of 1933, as amended, by virtue of his/its direct and indirect stock holdings.
|
[2]
|
Includes 19,600,000 shares of common stock owned by family members of John Cecil.
|
[3]
|
Includes 400,000 shares of common stock owned by family members of Samuel Baker.
|
[4]
|
Each preferred share is entitled to 100 votes.
|
ITEM 13. |
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.
|
|
2016
|
$
|
49,530
|
|
MaloneBailey LLP
|
|
2015
|
$
|
149,446
|
|
MaloneBailey LLP
|
|
2016
|
$
|
0
|
|
MaloneBailey, LLP
|
|
2015
|
$
|
0
|
|
MaloneBailey LLP
|
|
2016
|
$
|
0
|
|
MaloneBailey, LLP
|
|
2015
|
$
|
0
|
|
MaloneBailey LLP
|
|
2016
|
$
|
0
|
|
MaloneBailey LLP
|
|
2015
|
$
|
0
|
|
MaloneBailey LLP
|
|
Incorporated by reference
|
Filed
|
|||
Exhibit
|
Document Description
|
Form
|
Date
|
Number
|
herewith
|
|
|||||
2.1
|
Articles of Merger
|
8-K
|
1/21/11
|
2.1
|
|
|
|||||
3.1
|
Articles of Incorporation
|
SB-2
|
3/05/07
|
3.1
|
|
|
|||||
3.2
|
Bylaws
|
SB-2
|
3/05/07
|
3.2
|
|
|
|||||
3.3
|
Amended Articles of Incorporation (11/23/2015)
|
8-K
|
12/02/15
|
3.1
|
|
|
|||||
4.1
|
Specimen Stock Certificate
|
SB-2
|
3/05/07
|
4.1
|
|
|
|||||
10.1
|
Agreement with Rophe Medical Technologies Inc. dated December 11, 2009
|
10-K
|
3/31/10
|
10.2
|
|
|
|||||
10.2
|
Amended Agreement with Rophe Medical Technologies Inc. dated December 18, 2009
|
10-K
|
3/31/10
|
10.3
|
|
|
|||||
10.3
|
Amended Agreement with Rophe Medical Technologies Inc. dated March 16, 2010
|
10-K
|
3/31/10
|
10.4
|
|
|
|||||
10.4
|
Investment Agreement with Kodiak Capital Group, LLC dated October 20, 2014
|
S-1
|
10/30/14
|
10.6
|
|
|
|||||
10.5
|
Amended Agreement with Jarr Capital Corp.
|
8-K
|
2/22/11
|
10.1
|
|
|
|||||
10.6
|
Termination of Employment Agreement with John Cecil
|
8-K
|
2/22/11
|
10.2
|
|
|
|||||
10.7
|
Termination of Employment Agreement with Vince Leitao
|
8-K
|
2/22/11
|
10.3
|
|
|
|||||
10.8
|
Termination of Employment Agreement with Samuel Baker
|
8-K
|
2/22/11
|
10.4
|
|
|
|||||
10.9
|
Services Agreement with Buchanan Associates Computer Consulting Ltd.
|
10-K
|
5/18/11
|
10.1
|
|
|
|||||
10.10
|
Equipment Lease Agreement with Buchanan Associates Computer Consulting Ltd.
|
10-K
|
5/18/11
|
10.2
|
|
|
|||||
10.11
|
Agreement with Mansfield Communications Inc.
|
10-K
|
5/18/11
|
10.3
|
|
|
|||||
10.12
|
Agreement with Watt International Inc.
|
10-K
|
5/18/11
|
10.4
|
|
|
|||||
10.13
|
Pilot EMR Agreement with Nexus Health Management Inc.
|
10-K
|
5/18/11
|
10.5
|
|
|
|||||
10.14
|
2011 Non-Qualified Stock Option Plan
|
S-8
|
6/27/11
|
10.1
|
|
|
|||||
10.15
|
Multimedia Contractual Agreement with David Miller
|
8-K
|
10/28/11
|
10.1
|
|
|
|||||
10.16
|
Strategic Alliance Agreement with Petro Data Management Services Limited and Gateway Global Fabrication Ltd.
|
8-K
|
11/02/11
|
10.1
|
KALLO INC.
|
||
BY:
|
JOHN CECIL
|
|
John Cecil
|
||
President, Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer and Chairman of Board of Directors
|
Signature
|
Title
|
Date
|
JOHN CECIL
|
President, Principal Executive Officer,
|
November 14, 2017
|
John Cecil
|
Principal Financial Officer, Principal Accounting
Officer and the Chairman of Board of Directors
|
|
SAMUEL BAKER
|
Corporate Secretary and member of
|
November 14, 2017
|
Samuel Baker
|
the Board of Directors
|
|
LLOYD A. CHIOTTI
|
Chief Operating Officer and member of the
|
November 14, 2017
|
Lloyd A. Chiotti
|
Board of Directors
|
|
Incorporated by reference
|
Filed
|
|||
Exhibit
|
Document Description
|
Form
|
Date
|
Number
|
herewith
|
|
|||||
2.1
|
Articles of Merger
|
8-K
|
1/21/11
|
2.1
|
|
|
|||||
3.1
|
Articles of Incorporation
|
SB-2
|
3/05/07
|
3.1
|
|
|
|||||
3.2
|
Bylaws
|
SB-2
|
3/05/07
|
3.2
|
|
|
|||||
3.3
|
Amended Articles of Incorporation (11/23/2015)
|
8-K
|
12/02/15
|
3.1
|
|
|
|||||
4.1
|
Specimen Stock Certificate
|
SB-2
|
3/05/07
|
4.1
|
|
|
|||||
10.1
|
Agreement with Rophe Medical Technologies Inc. dated December 11, 2009
|
10-K
|
3/31/10
|
10.2
|
|
|
|||||
10.2
|
Amended Agreement with Rophe Medical Technologies Inc. dated December 18, 2009
|
10-K
|
3/31/10
|
10.3
|
|
|
|||||
10.3
|
Amended Agreement with Rophe Medical Technologies Inc. dated March 16, 2010
|
10-K
|
3/31/10
|
10.4
|
|
|
|||||
10.4
|
Investment Agreement with Kodiak Capital Group, LLC dated October 20, 2014
|
S-1
|
10/30/14
|
10.6
|
|
|
|||||
10.5
|
Amended Agreement with Jarr Capital Corp.
|
8-K
|
2/22/11
|
10.1
|
|
|
|||||
10.6
|
Termination of Employment Agreement with John Cecil
|
8-K
|
2/22/11
|
10.2
|
|
|
|||||
10.7
|
Termination of Employment Agreement with Vince Leitao
|
8-K
|
2/22/11
|
10.3
|
|
|
|||||
10.8
|
Termination of Employment Agreement with Samuel Baker
|
8-K
|
2/22/11
|
10.4
|
|
|
|||||
10.9
|
Services Agreement with Buchanan Associates Computer Consulting Ltd.
|
10-K
|
5/18/11
|
10.1
|
|
|
|||||
10.10
|
Equipment Lease Agreement with Buchanan Associates Computer Consulting Ltd.
|
10-K
|
5/18/11
|
10.2
|
|
|
|||||
10.11
|
Agreement with Mansfield Communications Inc.
|
10-K
|
5/18/11
|
10.3
|
|
|
|||||
10.12
|
Agreement with Watt International Inc.
|
10-K
|
5/18/11
|
10.4
|
|
|
|||||
10.13
|
Pilot EMR Agreement with Nexus Health Management Inc.
|
10-K
|
5/18/11
|
10.5
|
|
|
|||||
10.14
|
2011 Non-Qualified Stock Option Plan
|
S-8
|
6/27/11
|
10.1
|
|
|
|||||
10.15
|
Multimedia Contractual Agreement with David Miller
|
8-K
|
10/28/11
|
10.1
|
|
|
|||||
10.16
|
Strategic Alliance Agreement with Petro Data Management Services Limited and Gateway Global Fabrication Ltd.
|
8-K
|
11/02/11
|
10.1
|
1 Year Kallo (CE) Chart |
1 Month Kallo (CE) Chart |
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