Posted On: 08/15/2016 3:32:55 PM
Post# of 75364
on page 75, this was added...
In 2014, the Company acquired the issued and outstanding shares of Chill Texas, Inc. ("CTI"
, for consideration of 5,000,000 shares of its common stock valued at $57,000, based on the stock price at the date of acquisition. The main reason for the acquisition was to facilitate the company in its research and development of hemp-infused drinks. Prior to the acquisition, CTI had no assets other than a nominal amount of inventory of samples of a hemp-infused drink, no liabilities, no employees and minimal, if any, operations. As a result, we considered the value of the transaction to be stock based expenses which amount was charged directly to earnings in the accompanying statement of operations.
In 2014, the Company acquired the issued and outstanding shares of Chill Texas, Inc. ("CTI"
, for consideration of 5,000,000 shares of its common stock valued at $57,000, based on the stock price at the date of acquisition. The main reason for the acquisition was to facilitate the company in its research and development of hemp-infused drinks. Prior to the acquisition, CTI had no assets other than a nominal amount of inventory of samples of a hemp-infused drink, no liabilities, no employees and minimal, if any, operations. As a result, we considered the value of the transaction to be stock based expenses which amount was charged directly to earnings in the accompanying statement of operations.
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