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Re: xZx post# 2660

Wednesday, 06/29/2016 1:59:18 PM

Wednesday, June 29, 2016 1:59:18 PM

Post# of 31730
Hi xZx, been a long time how you been doin? CLWD are the masters at settling debts. Check out this blurb from the Q

On May 21, 2014, the Company reached a settlement with a prior landlord for the reduction of past due rent and a payment schedule to pay off the remaining amount due. The total amount due, $227,053, was settled in the amount of $40,250, paid in monthly payments of $350. Once the $40,250 is paid off, the Company will recognize a gain on settlement of debt in the amount of $186,803. This debt is reported in long term liabilities, with the current portion of the payments reported in current liabilities
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