Annual report pursuant to Section 13 and 15(d)

Subsequent Event

v3.8.0.1
Subsequent Event
12 Months Ended
Dec. 31, 2017
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events
In January 2018, we paid $2.0 million in cash in return for a convertible promissory note (“Note”) from WayBlazer, Inc. (“WayBlazer”), which is an unrelated company that specializes in an artificial intelligence platform for the travel industry. The Note bears interest at 8% per annum and matures in January 2021. The Note is convertible into WayBlazer’s common stock shares upon a qualified financing event, as defined in the Note. If converted, the shares would represent an ownership interest of approximately 8%.
We also entered into a strategic development agreement (“Development Agreement”) with WayBlazer for the development of property management applications. Under the terms of the Development Agreement, we will pay direct development costs and a license fee to use any property management applications developed. The initial license has a term of five years. At the end of the license term, and under certain other circumstances, the Company has the right to purchase a perpetual license for the applications.