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SUBSEQUENT EVENTS | 9 Months Ended
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Sep. 30, 2018
Notes to Financial Statements |
NOTE 13 - SUBSEQUENT EVENTS | KBB Name Change On October 2, 2018, Kaneh Bosm BioTechnology Inc. (KBB), with whom the Company has an equity investment in pursuant to the May 17, 2018 share exchange agreement, changed its name to ICC International Cannabis Corp. Amendment of the Trade Facility Agreement On October 17, 2018, SkyPharm S.A., as Commodity Buyer, and the Company, as Guarantor, entered into a Further Amendment to Supplemental Deed dated May 16, 2018 with Synthesis Structured Commodity Trade Finance Limited (“Synthesis”). The parties entered into a Trade Finance Facility Agreement (the “Agreement”) dated May 12, 2017, as amended on November 16, 2017, pursuant to which Synthesis granted SkyPharm a trade finance facility (the “Facility”). The outstanding principal balances under the Facility as of October 17, 2018 are both US$4,000,000 and €2,000,000. All accrued interest and any other fees outstanding as of October 1, 2018 were forgiven. Interest commenced on October 1, 2018 at six (6%) percent per annum plus one month EURIBOR, when it is positive, and 6% per annum plus USD one month LIBOR. Provided the Facility has not been terminated as of August 31, 2019, SkyPharm shall repay the principal amount in quarterly installments of €125,000 and US$150,000 commencing no later than August 31, 2019. The remaining unpaid principal shall be repaid in full with all other outstanding amounts at final maturity of August 31, 2021. SkyPharm is required to open accounts with Varengold Bank AG no later than November 30, 2018.

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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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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