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Note 14 - Subsequent Events
6 Months Ended
Jun. 30, 2018
Notes  
Note 14 - Subsequent Events

NOTE 14 – Subsequent Events

 

On August 6, 2018, the Company and its third party landlord executed a First Amendment to Lease (see Note 12). The amendment provides for the extension of the lease term for an additional three years commencing on November 1, 2018 and ending on October 31, 2021 at monthly rental of $3,193 for year 1, $3,289 for year 2, and $3,388 for year 3.

 

On August 13, 2018, the Company and Pasquale and Rosemary Ferro executed an Addendum to 12% Convertible Promissory Note (the “Addendum”). The Addendum provides for an increase in the maximum principal amount of the Note facility to $300,000 and extends the maturity date of the Note to June 30, 2021. The principal balance of the notes payable due to Pasquale and Rosemary Ferro under the Note facility at June 30, 2018 was $113,500 (see Note 7).