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SUBSEQUENT EVENTS
9 Months Ended
Sep. 30, 2016
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
15. SUBSEQUENT EVENTS

 

As discussed in Note 9, the Agreement entered into with IronHorse in September 2016 provided that by October 10, 2016, the Company was required to demonstrate to IronHorse that it has adequate funding to carry out its obligations under the IronHorse Agreement; otherwise the IronHorse Agreement would terminate. On October 10, 2016, the Company and IronHorse entered into an amendment to the IronHorse Agreement whereby the date to demonstrate sufficient funding was extended until November 10, 2016. On November 11, 2016, IronHorse agreed to a second extension of this date until December 11, 2016.

 

As of September 30, 2016, the Company owned an aggregate of 11,374,157 shares of common stock of Anfield Resources, Inc. with a fair market value of $1,904. As of November 16, 2016, the fair market value of these shares was approximately $560, resulting in an unrealized loss of $1,344 for the period from October 1, 2016 through November 16, 2016.