XML 31 R13.htm IDEA: XBRL DOCUMENT

Line of Credit - Related Parties	12 Months Ended
Dec. 31, 2017
Line Of Credit - Related Parties
Line of Credit - Related Parties	NOTE 7 – 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 14.5% of the Company as of December 31, 2017. The Credit Agreement, which expires November 23, 2018, provided for a revolving credit facility in an amount of up to $3,500,000 (“Facility Amount”), 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. In December 2017, the Company determined that it was probable that further advances would not be available from the Lender under this Credit Agreement. Accordingly, the Company charged to interest expense a total of $396,214 in deferred financing costs. As of December 31, 2017 and 2016, the Company had an outstanding balance of $0 and $0, respectively, under the Credit Agreement.

Line of Credit - Related Parties

12 Months Ended

Dec. 31, 2017

NOTE 7 – 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 14.5% of the Company as of December 31, 2017. The Credit Agreement, which expires November 23, 2018, provided for a revolving credit facility in an amount of up to $3,500,000 (“Facility Amount”), 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. In December 2017, the Company determined that it was probable that further advances would not be available from the Lender under this Credit Agreement. Accordingly, the Company charged to interest expense a total of $396,214 in deferred financing costs. As of December 31, 2017 and 2016, the Company had an outstanding balance of $0 and $0, respectively, under the Credit Agreement.