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SETTLEMENT GAIN (LOSS)
12 Months Ended
Dec. 31, 2014
SETTLEMENT GAIN (LOSS) [Abstract]  
SETTLEMENT GAIN (LOSS)
NOTE 16 – SETTLEMENT GAIN (LOSS)

In December 2011, the Company was sued in Circuit Court of the 17th Judicial District, Winnebago County, Illinois, by LIBCO Industries, Inc., alleging the Company breached a construction contract and tortuously interfered with a business relationship, and is seeking damages in excess of $185,000.  The case has subsequently been transferred to the 19th Judicial Circuit Court, Lake County, Illinois.  Management believes that the allegations are frivolous and wholly without merit and will vigorously defend the claim.  Related to this matter, Process Piping, LLC, a sub-contractor for LIBCO Industries, filed a mechanics lien on the property leased by the Company, claiming it was owed in excess of $95,000 by LIBCO Industries.  As of December 31, 2011, the Company accrued as a settlement loss, the $62,500 paid to Process Piping, LLC on March 6, 2012 in exchange for a release of its lien as well as an assignment of all of its claims against LIBCO Industries.  On January 31, 2013, the Circuit Court granted the Company’s motion for partial summary judgment on the tortious interference claim.  In the fourth quarter of 2013, the parties settled all outstanding matters and the case has subsequently been dismissed. As part of the settlement, the Company received $10,000 in cash and both parties provided releases of all respective claims.
 
On February 12, 2013, we entered into a settlement agreement with a former provider of investment services over compensation provided in a prior period for services in the raising of equity capital for the Company.  As a result of this agreement, the Company issued 875,000 shares of common stock to this party.  As of December 31, 2012, the Company has recorded a common stock payable and settlement loss in the amount of $1,881,250.
 
On January 1, 2015 the Company and ANP entered into a new Custom Processing Agreement (the “new CPA”) replacing the Agreement from October 17, 2011.  The term of the new CPA will be one year.  The new CPA provides that the Company and ANP mutually agree to release each other from the original Agreement. .  Also agreed to was the Company absolution to ANP of any responsibility to pay the balance of line of credit in the amount of $459,608 and accrued interest of $59,398.  ANP further agreed to release the Company from any responsibility to pay $359,713 owed to ANP relating to the original Agreement.   The Company further agrees to remove from ANP’s premises any BioFiber Gum product and all remaining product and raw materials.
 
The CPA further stipulates that ANP will provide custom product processing services in the future on an order-by-order basis provided ANP has the available capacity to produce the Company’s products.  The Company agrees to give ANP purchase orders for a minimum of 40,000 pounds of product per order.
 
As a result of the new CPA, the Company has recognized a settlement loss of $159,293 as of December 31, 2014.