Subsequent Events |
12 Months Ended |
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Dec. 31, 2015 | |
| Subsequent Events [Abstract] | |
| Subsequent Events |
Note 21 - Subsequent Events
On March 2, 2016, our Executive Chairman, Dr. Raymond Akers, Jr., Phd, entered into a Settlement Agreement with a third party related to two pending lawsuits (the Lawsuits) filed by such third party against Dr. Akers (the Settlement Agreement) in connection with a personal guarantee on a loan that was made in order to benefit the Company. Pursuant to the terms of the Settlement Agreement, Dr. Akers is to pay the third party Two Hundred Fifty Five Thousand Dollars ($255,000) (the Settlement Amount) in consideration of the Lawsuits being dismissed with prejudice.
In accordance with the Companys Amended and Restated Articles of Incorporation, the Board, upon conducting a thorough analysis of the circumstances surrounding the Lawsuits, unanimously determined to indemnify Dr. Akers for the Settlement Amount concluding that Dr. Akers, as an agent of the Company, ultimately acted in the best interests of the Company and its shareholders.
The Company recognized the settlement as a material event as of December 31, 2015 and is reported as administrative expenses in the consolidated statement of operations and comprehensive income for the year ended December 31, 2015. |
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- References No definition available.
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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. No definition available.
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