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Pursuant
to FASB ASC 855, Management has evaluated all events and transactions that occurred from December 31, 2014 through the date of
issuance of these financial statements. During this period, we did not have any significant subsequent events, except as disclosed
below:
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In
February 2015, the Company entered into an agreement for new office space to replace
its existing space upon the expiration of its existing lease. Effective May 1, 2015,
the Company will be leasing approximately 3,251 square feet of general office space at
301 North Canon Drive, Suite 305, Beverly Hills, CA 90210 pursuant to a 35-month sub-lease
that commences on May 1, 2015. The Company will pay approximately $136,542 annually subject
to annual escalations of 3%. |
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On
March 2, 2015, the Company and SunTrust Bank entered into a Line of Credit Termination
Agreement in order to terminate the Company’s line of credit with SunTrust evidenced
by that certain commercial note dated August 15, 2014 in the principal amount of $2,000,000.
On the Termination Date, there were no amounts due or payable to SunTrust. |
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On
March 16, 2015, Jeffrey Weiss resigned from the Board of the Directors of the Company.
Mr. Weiss did not resign due to any disagreement with the Company or its management regarding
any matters relating to the Company's operations, policies or practices. Mr. Weiss will
act as an unpaid advisor to the Company. |
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On
March 18, 2015, Margaret Loesch was appointed to the Board of Directors of the Company. |
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