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Posted On: 12/26/2018 8:34:23 PM
Post# of 36568
Speaking of intangible assets,
“Note 9 - Acquisition of Pharmacies and New Formation:
On December 28, 2017, the Company through its wholly owned subsidiary NuGenerex, completed the acquisition of the assets and 100% of the membership interests of two pre-operational pharmacies, Empire State Pharmacy Holdings, LLC and Grainland Pharmacy Holdings, LLC, pursuant to the bills of sale for a consideration of $320,000 Promissory Note due and payable in full on June 28, 2018 bearing an annual interest rate of 3%. The note was extended by six months and set to mature with the same terms on December 28, 2018.
The purchase price has been allocated as of the acquisition date based on management’s preliminary estimates as follows:
Intangible assets $ 276,380
Property and Equipment 19,879
Leasehold Improvements 17,761
Computer Software 5,980
Total Assets Acquired $ 320,000
The intangible assets represent the licenses obtained to operate a pharmacy in the respective state of each of the acquired pharmacies.”
For Grainland, if I’m accurate, they should cancel the promissory note. I think there is no such license:
https://pharmacy.ks.gov/docs/default-source/d...6d75a401_2
Unless they fixed this over the last few weeks.
“Note 9 - Acquisition of Pharmacies and New Formation:
On December 28, 2017, the Company through its wholly owned subsidiary NuGenerex, completed the acquisition of the assets and 100% of the membership interests of two pre-operational pharmacies, Empire State Pharmacy Holdings, LLC and Grainland Pharmacy Holdings, LLC, pursuant to the bills of sale for a consideration of $320,000 Promissory Note due and payable in full on June 28, 2018 bearing an annual interest rate of 3%. The note was extended by six months and set to mature with the same terms on December 28, 2018.
The purchase price has been allocated as of the acquisition date based on management’s preliminary estimates as follows:
Intangible assets $ 276,380
Property and Equipment 19,879
Leasehold Improvements 17,761
Computer Software 5,980
Total Assets Acquired $ 320,000
The intangible assets represent the licenses obtained to operate a pharmacy in the respective state of each of the acquired pharmacies.”
For Grainland, if I’m accurate, they should cancel the promissory note. I think there is no such license:
https://pharmacy.ks.gov/docs/default-source/d...6d75a401_2
Unless they fixed this over the last few weeks.
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