Subsequent Events |
3 Months Ended | |
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Mar. 31, 2018 | ||
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| Subsequent Events [Text Block] |
Note 11. Subsequent Events
On April 10, 2018, the Company borrowed a total of $300,000 from two of its board members, Joseph Gamberale and Joel Tracy, pursuant to promissory notes of $150,000, respectively. The notes bear interest at 12% annually and mature May 21, 2018. Mr. Gamberale personally guaranteed Mr. Tracy’s Note. Promissory Note
On May 9, 2018, the Company borrowed $200,000 from a third party shareholder pursuant to a promissory note. The note bears interest at 40% annually and matures on June 25, 2018. Mr. Gamberale personally guaranteed the note and Mr. Gamberale and Mr. Tracy agree to subordinate their existing notes. |
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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://www.xbrl.org/2003/role/presentationRef
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