|12 Months Ended|
Dec. 31, 2015
15. SUBSEQUENT EVENTS
On March 23, 2016, the Company entered into a Secured note under the senior secured loan agreement in the amount of $15,000. In addition, the Company extended all Secured Notes issued under the Senior Secured Loan Agreement to September 30, 2016, in the aggregate amount of $962,361. As of the filing date, the company is in default on the senior secured loan agreement. The lenders may call the notes or foreclose upon the assets of the Company.
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