Annual report pursuant to Section 13 and 15(d)

Subsequent Events

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Subsequent Events
12 Months Ended
Dec. 31, 2015
Subsequent Events [Abstract]  
Subsequent Events

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.