Note 13 – Subsequent Event During January 2016,
Post# of 2290
Posted On: 05/05/2016 9:36:39 PM
Note 13 – Subsequent Event
During January 2016, the Company issued $250,000 of Secured Debentures (“Debentures”) with interest at
7.5% per annum. The Debentures are due 24 months after closing. Each $1,000 Debenture provides for
338,133,000 warrants which are exercisable at a price of $.0075 per share for period of not to exceed 2
years.
During January 2016, the company exercised the first ‘right of refusal’ on purchasing Alpine Springs.
Currently the company is paying $65,000 per year with a lease that expires Oct 31, 2035, making a
minimum future payment of $1,605,824 (see note 11 above). Instead of paying this future payment, the
company will purchase Alpine Springs for an amount of $600,000. This purchase will be quite beneficial to
the company.
On February 2, 2016, the Company entered into a Promissory Note with EBF Partners LLC. The Company,
pursuant to the Agreement, sold future receipts, accounts, written contracts and other obligations to EBF
Partners LLC. The sale price is $35,000. The company will make a total of approximately 65 daily loan
payments of $753.85. EBF Partners LLC purchased a total of $49,000 in receipts. EBF Partners LLC has a
security interest in all accounts, chattel paper, equipment, general intangibles, instruments and inventory.
Mrs. Francine Lavoie, sole member of the Board of Directors and Company CEO, has also personally
guaranteed the Agreement.
During January 2016, the Company issued $250,000 of Secured Debentures (“Debentures”) with interest at
7.5% per annum. The Debentures are due 24 months after closing. Each $1,000 Debenture provides for
338,133,000 warrants which are exercisable at a price of $.0075 per share for period of not to exceed 2
years.
During January 2016, the company exercised the first ‘right of refusal’ on purchasing Alpine Springs.
Currently the company is paying $65,000 per year with a lease that expires Oct 31, 2035, making a
minimum future payment of $1,605,824 (see note 11 above). Instead of paying this future payment, the
company will purchase Alpine Springs for an amount of $600,000. This purchase will be quite beneficial to
the company.
On February 2, 2016, the Company entered into a Promissory Note with EBF Partners LLC. The Company,
pursuant to the Agreement, sold future receipts, accounts, written contracts and other obligations to EBF
Partners LLC. The sale price is $35,000. The company will make a total of approximately 65 daily loan
payments of $753.85. EBF Partners LLC purchased a total of $49,000 in receipts. EBF Partners LLC has a
security interest in all accounts, chattel paper, equipment, general intangibles, instruments and inventory.
Mrs. Francine Lavoie, sole member of the Board of Directors and Company CEO, has also personally
guaranteed the Agreement.
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