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Subsequent Events
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3 Months Ended | ||
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Mar. 31, 2014
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| Subsequent Events [Abstract] | |||
| SUBSEQUENT EVENTS |
On April 17, 2014, the Company’s Board of Directors accepted the resignation letter of Mr. Fields from the Company’s Board of Directors of January 3, 2014. Additionally at this meeting, Mr. Andrew Shapiro was authorized, approved and ratified to serve as a member of the Board of Directors.
At the Board of Directors meeting of April 17, 2014, the Board resolved to enter into three year contract with Mr. Farkas, whereby Mr. Farkas will receive a monthly salary of $40,000 with an increase to $50,000 per month in the event the Company becomes listed on NASDAQ or NYSE. All other aspects of his 2010 contract shall remain the same.
On April 24, 2014, the Company entered into an agreement with a firm to administer the financial affairs of 350 Green LLC under a Trust Mortgage resulting in all assets and liabilities of 350 Green LLC being transferred to the Trust.
As of April 30, 2014, the Company entered into agreements with four shareholders to provide financing commitments totaling $6,250,000 through December 31, 2014, in the event additional financing is necessary.
On June 3, 2014, Manhattan Charging LLC and its members, a majority member of Beam, filed a complaint in the United States District Court –Eastern District of New York alleging various causes of action regarding compliance under certain agreements that governed the sale of the members’ interests to the Company. The Company asserts that the complaint is without merit and intends to vigorously defend its position. Although the Company can not predict the outcome of this matter, it is the Company’s opinion that any accrual for potential loss is not warranted at this time.
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