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Note 12. Subsequent Events
9 Months Ended
Jun. 30, 2014
Notes  
Note 12. Subsequent Events

NOTE 12. SUBSEQUENT EVENTS

 

In preparing these financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through August 6, 2014, the date the financial statements were available to be issued.

 

On July 31, 2014, the Company completed a real estate purchase and paid $2,250,000 plus closing costs. See Note 10.

 

An officer of the Company loaned the Company $250,000. The loan is due on December 31, 2014 and bears interest at 5%.

 

During July 2014, the Company sold 867,667 Units to a group of accredited investors at a price of $3.00 per Unit. Each Unit consists of one share of the Company’s common stock and one warrant. Each warrant allows the holder to purchase one share of the Company’s common stock at a price of $8.00 per share at any time on or before April 30, 2018. An officer and director of the Company purchased $2,000,000 of the Units for cash.

 

The Company also loaned an additional $450,000 to Natures Wellness Center in July 2014 pursuant to the note receivable agreement. (See Note 4).

 

On July 30, 2014 the Company’s Board of Directors approved the issuance of up to $10 million in a Convertible Note Offering to accredited and institutional investors. The secured notes will carry an annual interest rate, be convertible into common stock at the discretion of the investors and include warrants.