In January 2013, the Company entered into agreemen
Post# of 20
Posted On: 12/21/2013 9:22:58 PM
In January 2013, the Company entered into agreements to acquire Aspen Leaf Yogurt café assets, consisting of leasehold improvements,
property and equipment, for six Aspen Leaf Yogurt cafés and the franchise rights to Yogurtini self-serve frozen yogurt chains from Rocky
Mountain Chocolate Factory, Inc. (“RMCF”) in exchange for a 60% controlling ownership interest in the Company, a warrant that allows
RMCF to maintain its pro rata ownership interest if existing stock options and/or warrants are exercised, and notes payable totaling $900,000
(the “Rocky Mountain Transaction”).
As a result of the change in control occurring in connection with the aforementioned transactions, the Company has been deemed to have been
acquired by RMCF. Following the Rocky Mountain Transaction, the Company retained a significant minority interest of approximately 40% of
the issued and outstanding common stock. Due to the significant minority interest, the fair value increments and decrements have not been
included in the accompanying financial statements. As the accounting acquirer, RMCF will consolidate the Company’s results of operations in
its financial statements
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