Debt |
9 Months Ended | |
|---|---|---|
Sep. 30, 2016 | ||
| Debt Disclosure [Text Block] |
Note 6. Debt
Note Payable Related Party
In February 2015, the Company entered into a loan agreement with Ivy Equity Investors, LLC for up to $500,000 of borrowings for startup expenses, including professional fees related to the Company’s initial public offering and expenses incident to the acquisition of the Target Assets and businesses of the Target Companies. On March 1, 2015, 5,289,136 shares were issued to Ivy Equity Investors, LLC reducing the note payable and accrued interest balance by $5,289 which represents the par value of the shares issued. Ivy Equity Investors, LLC is an affiliate of the Company’s founder and current board member, Mr. Gamberale who at the time was the Company’s sole director. In May 2016 the loan agreement was amended to permit up to $600,000 of aggregate borrowings for startup expenses. In July 2016 the loan agreement was amended to permit up to $1,000,000 of aggregate borrowings for startup expenses. Upon the completion of the IPO on September 30, 2016, a portion of the proceeds were utilized to pay the balance of all amounts due under the loan. As of September 30, 2016 and December 31, 2015, the outstanding borrowings under the loan were $0 and $353,450, respectively, and the accrued interest amounts accrued under the loan were $0 and $8,127, respectively. The loan bore interest at 6% per annum and matured on the earlier of the closing of the IPO, or January 1, 2017.
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| CFFC Promotions, LLC [Member] | ||
| Debt Disclosure [Text Block] |
Note 5. Debt
Note Payable
In February 2014, the Company entered into a loan agreement with Mr. Colombino for $100,000 of borrowings with a due date of February 1, 2017. In 2015 the Company paid $15,000 to reduce the note payable to $67,000 and agreed to defer all remaining payments until February 1, 2017. As of September 30, 2016 and December 31, 2015, the outstanding balance on the note was $67,000. |