![]() ![]() ![]() Whittle $80,000 which was accrued as of Janu(to be paid in equal payments of $10,000 per month beginning on April 1, 2015, of which $10,000 is in default), the Company agreed to withdraw from a joinder in connection with the Federal Action pending between the parties (and certain other parties) as described below, the parties provided each other mutual releases and the parties agreed to mutually dismiss, with prejudice, their claims. Pursuant to the terms of the Settlement, the Company agreed to pay Mr. Whittle entered into a Settlement Agreement and Release of Claims (the “ Settlement“), pursuant to which the parties agreed to dismiss their claims associated with the District Court, City and County of Denver, State of Colorado (Case No. Effective on March 31, 2015, the Company and Mr. Damages claimed by Whittle included $60,000 under the consulting agreement and $19,715 related to payments assumed by the Company. The cause of action set forth in the complaint includes breach of contract. The complaint alleged that Whittle entered into a consulting agreement with the Company for which the Company failed to make payments and that Rohan Marley, as both a director of the Company and of Marley Coffee Canada, Inc., additionally agreed that, as part of Whittle’s consulting compensation, the Company would assume a debt owed by Marley Coffee Canada to Whittle. On July 28, 2014, Shane Whittle, individually, a former significant shareholder and officer and director of the Company (“ Whittle“) filed a complaint against the Company in the District Court, City and County of Denver, State of Colorado (Case No. The appropriate weight to place on historical experience is a matter of judgment, based on relevant facts and circumstances. When estimating fair value, some of the assumptions will be based on, or determined from, external data and other assumptions may be derived from our historical experience with stock-based payment arrangements. These assumptions are subjective and generally require significant analysis and judgment to develop. Changes in these inputs and assumptions can materially affect the measure of estimated fair value of our share-based compensation. Stock-Based Compensation. Pursuant to the provisions of Financial Accounting Standards Board (“ FASB”) Accounting Standards Codification (“ ASC”) 718-10, “ Compensation – Stock Compensation,” which establishes accounting for equity instruments exchanged for employee service, management utilizes the Black-Scholes option pricing model to estimate the fair value of employee stock option awards at the date of grant, which requires the input of highly subjective assumptions, including expected volatility and expected life. The accompanying balance sheet at Januhas been derived from the audited balance sheet at Janucontained in such Form 10-K. Notes to the financial statements that would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal year as reported in the Company’s Annual Report on Form 10-K have been omitted. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year or any other future period. ![]() In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. (the “ Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission (“ SEC”) and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s latest Annual Report filed with the SEC on Form 10-K. The accompanying unaudited interim financial statements of Jammin Java Corp.
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