12. SUBSEQUENT EVENTS
ASC 855-16-50-4 establishes accounting and disclosure requirements for subsequent events. ASC 855 details the period after the balance sheet date during which we should evaluate events or transactions that occur for potential recognition or disclosure in the financial statements, the circumstances under which we should recognize events or transactions occurring after th e balance sheet date in its financial statements and the required disclosures for such events.
On May 11, 2017, the Board of Directors of Pacific Ventures made some changes to its management team and Bod Smith was removed from all Executive position and Board of Director's responsibilities.
We have evaluated all subsequent events through the date these consolidated financial statements were issued, and determined the following are material to disclose.
The above information was disclosed in a filing to the SEC. To see the filing, click here.
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Other recent filings from the company include the following: