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 the balance sheet date in its financi al statements and the required disclosures for such events. We have evaluated all subsequent events through the date these consolidated financial statements were issued, and determined the following are material to disclose:

 

As of January 2016 Snobar Holdings went into default on the note payable to JRSR26.  The company decided to try to renegotiate the repayment terms of the modification in order to not put financial pressure on the company.

 

The above information was disclosed in a filing to the SEC. To see the filing, click here.

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