ORGANIZATION AND DESCRIPTION OF BUSINESS |
12 Months Ended |
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Dec. 31, 2015 | |
ORGANIZATION AND DESCRIPTION OF BUSINESS [Abstract] | |
ORGANIZATION AND DESCRIPTION OF BUSINESS |
NOTE 1 ORGANIZATION AND DESCRIPTION OF BUSINESS
Q2Power Technologies, Inc. (hereinafter the Company) was incorporated in Delaware on August 26, 2004. The Company is primarily a holding company for its sole subsidiary, Q2Power Corp. Formerly, the Companys name was Anpath Group, Inc., and prior to that, Telecomm Sales Network, Inc.
The Company, through its subsidiary, Q2Power Corp. (the Subsidiary or Q2P), operates a renewable power company focused on the conversion of waste to energy and other valuable reuse products. Q2P plans to utilize proprietary technology and business models demonstrated in the solar and wind power industries to monetize waste energy resources such as methane, waste fuel and other organic waste. The operations of the Company are essentially those of the Subsidiary.
On November 12, 2015, the Company and its special purpose merger subsidiary completed a merger (the Merger) with Q2P. As a result of the Merger, all outstanding shares of Q2P were exchanged for 24,034,475 shares of the Companys common stock, which represented an exchange ratio of 0.34 shares of the Company for every one share of Q2P (the Exchange Ratio). In addition, the Company assumed both the Q2P 2014 Founders Stock Option Plan and the 2014 Employees Stock Option Plan (the Option Plans), and 1,095,480 options outstanding thereunder. Also pursuant to the Merger, the officers and directors of Q2P assumed control over the management and Board of Directors of the Company. Subsequent to the Merger, the Company officially changed its name to Q2Power Technologies, Inc.
On December 1, 2015, in connection with the Merger the Company also sold its prior operating subsidiary, EnviroSystems Inc. (ESI), to three former shareholders in exchange for a return of 470,560 shares of the Companys common stock. ESI assumed all debt, payables and a litigation judgment that was on its books as of the Merger date. |