SUBSEQUENT EVENTS
|
12 Months Ended |
---|---|
Dec. 30, 2011
|
|
Notes to Financial Statements | |
Note 16 - SUBSEQUENT EVENTS |
On January 4, 2012, through our wholly-owned and newly formed subsidiary Disaster Recovery Services, Inc., we entered into an asset purchase agreement (the “agreement”), with DR Services of Louisiana, LLC, a Louisiana Limited Liability Company, and Environmental Resource Group, LLC, a Louisiana Limited Liability Company (collectively “DRS”). Under the terms of the agreement, we acquired substantially all of DRS’s assets in exchange for $300,000 ($150,000 paid at closing and $150,000 to be paid in six subsequent monthly installments of $25,000) and 1.5 million shares of our restricted common stock. There is also a contingent fee of up to an additional 1.5 million shares of our restricted common stock based on certain enumerated operating performance standards over the next 2 years.
Prior to the agreement, DRS had subcontracted with us to provide temporary employment services in various disaster relief projects, such as flood recovery work in several states.
On March 15, 2012, we issued 36,000 shares to our investor relations firm for services valued at approximately $13,000. |