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Line of Credit - Related Parties
3 Months Ended
Mar. 31, 2017
Line Of Credit - Related Parties  
Line of Credit Related Parties

NOTE 5 – LINE OF CREDIT – RELATED PARTIES

 

Brentwood LIIT Corp.

 

On November 23, 2015, LIIT and LIBB entered into a Credit and Security Agreement (the “Credit Agreement”), by and among LIBB, as the borrower, LIIT and LIIT (NZ) Ltd. (the “Lender”). The Lender is controlled by a related party, Eric Watson, who beneficially owned approximately 17.4% of the Company as of March 31, 2017. The Credit Agreement provides for a revolving credit facility in an amount of up to $3,500,000, subject to approval by the lender. The Available Amount may be increased, in increments of $500,000, up to the Facility Amount, and LIBB may obtain further advances, subject to the approval of the Lender.