XML 26 R12.htm IDEA: XBRL DOCUMENT v3.3.1.900
Note receivable
12 Months Ended
Dec. 31, 2015
Note Receivable [Abstract]  
Note Receivable [Text Block]

Note 6. Notes receivable

 

On February 26, 2015, the Company signed a letter of intent with Tera Group, Inc., owner of TeraExchange, LLC, a Swap Execution Facility regulated by the U.S. Commodity Futures Trading Commission, to negotiate a merger agreement. Since the merger agreement was not executed by the execution date, the merger was aborted. Simultaneous with the letter of intent, on February 26, 2015, the Company purchased a promissory note in the principal amount of $250 bearing interest at the rate of 5% per annum from the aggregate unpaid principal balance and all accrued and unpaid interest are due and payable upon demand at any time after August 15, 2015. As of December 31, 2015, the Company has fully reserved against the collectability of this note and the corresponding accrued interest.

 

On December 31, 2015, the Company carried a Note from Viggle in the amount of $1,875. Due to the credit worthiness of Viggle, the Company recognized an allowance of $300 (See “Note 17. Subsequent events” for restructured terms of the note receivable).