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Subsequent Events
12 Months Ended
Dec. 31, 2016
Subsequent Events [Abstract]  
Subsequent Events

NOTE 13. SUBSEQUENT EVENTS

 

Tronco Asset Sale

 

On March 28, 2017, the Company and Tronco finalized an agreement with a third party and pursuant to this agreement, the third party acquired all of Tronco Ohio assets for $550,000. As the Tronco’ s senior secured lender, we released our lien and security interest on these assets in accordance with the agreement.

 

Also on March 28, 2017 and related to the sale of the Tronco assets, the Company agreed to a non-cash receipt of the $550,000 from Tronco by reducing our bonus accrual liabilities. The bonus accrual was earned by the Meiers in 2014, and was recorded in other long term liability. As a result of this agreement, we have reduced both the other long term liability and the Tronco note receivable in 2017.