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Subsequent Events | 12 Months Ended
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Dec. 31, 2016
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS |
20. | SUBSEQUENT EVENTS
We have evaluated subsequent events through the time of filing on March 30, 2017, the date we have issued this Annual Report on Form 10-K. As of such date, except as described below, there were no material, reportable subsequent events. During the first quarter of 2017, we acquired a 4,114 square foot building that is adjacent to our Nisin production plant for additional warehousing and storage space. The purchase price was $465,500, and we financed this purchase, in part, with a mortgage loan in the amount of $340,000 bearing interest at a variable rate equal to the one-month LIBOR plus a margin of 2.25% with monthly principal and interest payments due for ten years based on a twenty-year amortization schedule. During the first quarter of 2017, we amended two loan agreements, as described in Note 11, increasing the total available loan amount from up to approximately $4.5 million to up to approximately $6.5 million. During the first quarter of 2017, we discontinued the production and sale of our topical wipes product line. In connection therewith, we wrote off approximately $38,000 worth of fixed assets and recognized $45,000 from the sale of certain other fixed assets and product rights, resulting in a net gain of approximately $7,000. During the first quarter of 2017, our $500,000 line of credit was extended through August 29, 2017.

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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. + References No definition available. + Details
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