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 June 12, 2017, the Company, entered into a Purchase and Sale Agreement to acquire Healthy Foods Markets LLC, a Carson, California based healthy food and grocery retailer. The contemplated acquisition of the business was aimed at creating a fulfillment center for the Snobar products and to create additional and immediate revenue and exposure for the Company. However, after further consideration and additional due diligence review of the target businesses, in September 2017 the Company determined to rescind the transaction. As a result, 4,900,000 consideration shares of the Company's common stock were returned and canceled.
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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