|12 Months Ended|
Dec. 31, 2015
|Subsequent Events [Abstract]|
Note 12 – Subsequent Events
Subsequent to December 31, 2015, the Company cancelled an acquisition and forfeited the non-refundable deposits that had been paid on behalf of the Company by a related entity. Total non cash loss from this write off was included in our other income and expenses as a one time charge to the Company’s operations.
Subsequent to year end, the Company issued 592,829 shares of restricted common stock in settlement for expenses paid for on behalf of the Company. Total costs incurred by the related entity included $450,000 for the acquisition of Gateway (see Note 10, Acquisitions), $75,000 for funding the deposits for the landfill acquisition that were written off subsequent to year end and $67,829 for professional fees paid for on behalf of the Company. The shares settled a total of $592,829 and are included in liabilities on the Company’s balance sheet at December 31, 2015.
Subsequent to December 31, 2015, the Company entered into an agreement to settle the Company’s consolidated related party note due the majority shareholder of the Company. The consolidated balances of these related party notes at December 31, 2015 were $2,017,301. Subsequent to year end, the Company’s Board of Directors and Majority Shareholder (holder of the Note) mutually agreed to convert $2,000,000 of the Notes balance to 10% cumulative preferred stock; these notes have been included in long-term liabilities due to the conversion subsequent to year end. The remaining balance of the related party note after conversion was approximately $13,000.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
No definition available.