|6 Months Ended|
Jun. 30, 2020
|NOTE 20. SUBSEQUENT EVENTS||
NOTE 20 - SUBSEQUENT EVENTS
On July 1, 2020, the Company granted Alan Gladstone and Steven J. Ross, our independent directors, each 541,350 shares of the Company’s common stock and 454,545 options to purchase common stock. The options vest quarterly over a three year period. These grants are part of the Independent Director Agreements for Mr. Gladstone and Mr. Ross signed on July 1, 2019.
On July 29, 2020, 1815 Carnegie LLC, a wholly-owned subsidiary of Terra Tech Corp. (the “Company”), completed its previously announced disposition of the real property located at 1815 E. Carnegie, Santa Ana, CA to Dyer 18 LLC (the “Buyer”) for $9.20 million in cash pursuant to a Standard Offer, Agreement and Escrow Instructions for Purchase of Real Estate (the “PSA”) between the Company and the Buyer, dated April 13, 2020. There is no material relationship between the Company or its affiliates and the Buyer other than in respect of the transactions contemplated by the PSA.
On July 31, 2020, the Company paid off the secured borrowing agreements with Clearfi, LLC, an unaffiliated third party in the amount of $0.37 million.
Subsequent to June 30, 2020, senior convertible promissory notes and accrued interest in the amount of $0.20 million and $0.04 million, respectively, were converted into 2,959,670 shares of common stock.
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.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef