In November, 2016 the Company disposed of its 33.33% interest in Aqueous Services, LLC by transferring it membership interest to the other partners in exchange for release of any contingent liabilities. The investment had previously been impaired to zero value for financial reporting so the transaction had no effect on the current quarters financial statements.
Aqueous is no more, so much for those projections and calculations..lol
NOTE 12 – SUBSEQUENT EVENTS
On January 4, 2017, the Company received a notice of default from the holder of the seller note related to our purchase of CTR for out failure to make timely payments, specifically our payment of $20,000 due on December 15, 2016. As a result, the holder has accelerated the note’s principal, interest and penalties, totaling $1,414,130, and the underlying collateral is subject to foreclosure. The Company has begun negotiations with the note holder to restructure and extend the note and is also seeking alternative financing.
Company is in default...what a joke!!
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