6. Asset acquisition
On July 10, 2012 IC Punch Media, Inc. (“the Company” or “Buyer”) entered into an Asset Purchase Agreement with Punch Television Network (“Punch”, “Seller”). Through the agreement, the Buyer has acquire substantially all of the assets, tangible and intangible, owned by Seller that are used in, or necessary for the conduct of, its Television Network business, including, without limitation: (i) the Station Licenses, subject to any obligations contained in disclosed license agreements and all related intellectual property; (ii) the fixed assets of Seller; (iii) any and all customer lists; and (iv) the goodwill associated therewith, all free and clear of any security interests, mortgages or other encumbrances. The aggregate consideration for the assets and business was 135,000,000 shares of restricted common shares of PNCH Stock.
Assets acquired are as follows:
| Tangible assets |
|
|
| |
|
| Film Library |
| $ | 650,000 |
|
| Software and broadcast equipment |
|
| 757,118 |
|
| Total Tangible assets |
|
| 1,407,118 |
| Intangible assets |
|
|
| |
|
| Affiliate agreements |
|
| 750,000 |
|
| Program licenses |
|
| 300,000 |
|
| Goodwill |
|
| 391,382 |
|
| Total intangible assets |
|
| 1,441,382 |
|
|
|
|
|
|
|
| Total assets acquired |
| $ | 2,848,500 |
|
|
|
|
|
|
| Consideration given |
|
|
| |
|
| Common stock |
| $ | 2,848,500 |
reference source
http://www.sec.gov/Archives/edgar/data/143759...c31201.htm
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