Note 11 - Subsequent Events
|9 Months Ended|
Sep. 30, 2017
|Note 11 - Subsequent Events||
NOTE 11 - SUBSEQUENT EVENTS
11% Convertible Debt - HEP Investments, LLC
On October 18, 2017 the Company, HEP Investments, LLC (Lender) and Strome Mezzanine Fund LP (Participant) entered into an Amended and Restated Registration Rights Agreement (Amended Agreement). The Company and Lender are party to that certain Registration Rights Agreement, dated December 1, 2011 (Original Agreement) (filed as Exhibit 10.10 filed with the Companys 2011 Form 10-K filed on March, 30, 2012). In an agreement dated July 21, 2017 (Funding Agreement) between Lender and Participant, the Participant agreed to fund a total of $1.5 million through the Lenders 11% convertible note (at a conversion price of $.10) (see Note 6 Convertible Debt). As a part of this Funding Agreement, the Lender and the Company agreed to amend and restate the Original Agreement. The Amended Agreement, among other items, reaffirms or grants, as applicable, registration rights to Lender and Participant. Further details are included in the Amended Agreement and filed as Exhibit 10.1 as a part of this Form 10-Q.
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