SUBSEQUENT EVENTS |
6 Months Ended |
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Jun. 30, 2019 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS |
NOTE 19 – SUBSEQUENT EVENTS
On July 2, 2019, the Company borrowed $100,000 under a short-term note, secured by all assets of Pellechar, LLC, a subsidiary of the Company. The note bears annual simple interest, at a rate of 12%. The Lender received a one-time stock option grant to purchase 500,000 shares of common stock, at $0.70 a share. The options have a contract term of three years. On July 18, 2019, the Company borrowed $150,000 under a short-term note from a current lender. The Company paid a one-time fee of $5,000 and will accrue a fee of $500 for each week after August 1, 2019 the note is outstanding. If the note is not repaid on or before the seventh month the note is outstanding, 30,000 shares of restricted common stock of the Company shall be issued to the lender.
In August 2019, the Company collected a note receivable of $300,000, which was fully allowed for previously. The collection resulted in the recording of a gain for the entire amount, as the carrying value was $0.
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- References No definition available.
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- Definition 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. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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