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13. SUBSEQUENT EVENTS
6 Months Ended
Jun. 30, 2015
Subsequent Events [Abstract]  
13. SUBSEQUENT EVENTS

In accordance with ASC 855-10, the Company has analyzed its operations subsequent to June 30, 2015 through the date these financial statements were issued and has determined that the following would be included as subsequent events.

 

Refinance of Debt

 

On August 6, 2015, the Company refinanced its senior debt obligations along with the refinance of other short term credit facilities including the working capital line of credit, the capital expenditure line of credit and the short term bridge financing. The total proceeds from this refinance was $13,670,000 bearing interest at 14%. The loan payments are interest only with a balloon payment for the outstanding principal in five years. These funds include $2,825,000 to be used in future acquisitions.