Discontinued Operations, Disclosure
|12 Months Ended|
Dec. 31, 2015
|Discontinued Operations, Disclosure||
7. DISCONTINUED OPERATIONS
In efforts to streamline operations and expenses the Company elected to discontinue the Dr. Pave and Dr. Pave Worldwide entities during 2015. The financial results of these events are represented in the discontinued operations included in the December 31, 2015 and 2014 financial statements.
The operating results of the discontinued operations of Dr. Pave and Dr. Pave Worldwide for the years ended December 31, 2015 and 2014 are summarized below:
The balance sheet items for discontinued operations as of December 31, 2015 and 2014 are summarized below:
The Companys borrowings included in discontinued operations as of December 31, 2015 and 2014 are as follows:
Revolving line of credit - The Company assumed a revolving line of credit through the acquisition of Dr. Pave in the amount of $229,980, and is secured by the assets of Dr. Pave, LLC a wholly owned subsidiary of the Company. The total line of credit available is $250,000 with $20,020 unused as of December 31, 2015. The balance on the line of credit bears interest at a rate of 12% per annum. Interest is payable monthly on the first day of each month. The outstanding principal balance as of July 1, 2015 shall become due and payable in sixty (60) equally amortized monthly installments of principal and interest due on the fifteenth day of each calendar month until paid in full. As of December 31, 2015 no principal payments have been made, the Company is in default on the revolving line of credit. The Company will work with the lenders to explore extension or conversion options. There is no guarantee the lenders will accommodate our requests.
Interest on the revolving line of credit totaling $25,330 was outstanding at December 31, 2015.
Secured Notes Payable - The Company assumed secured notes payable through the acquisition of Dr. Pave in the amount of $160,000. The principal amount and accrued interest in the amount of $14,361 was converted into the senior secured loan agreement as described below on June 30, 2015.
The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.
Reference 1: http://www.xbrl.org/2003/role/presentationRef