ERBB I NVESTMENTS At May 24, 2010, th
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Posted On: 11/08/2012 9:41:11 AM
ERBB
I NVESTMENTS
At May 24, 2010, the company entered into a Joint Venture Production Agreement with Panpacific Business Limited, "PanPacific", whereby it would receive 50% of the profits in three scheduled concerts with internationally known artists to be performed in Hong Kong, and other agreed-upon joint enterprises, for 60 million restricted common shares valued at $2,400,000. On August 9, 2010, PanPacific and the company formed a Nevada corporation and named it Panpacific International, Inc., "Pan International". PanPacific contributed it business operation for concert promotions along with future joint ventures to be identified in the future and its advertising network for 75% ownership and the company received 25% for its prior capital investment of 60 million common shares. During December 2010, the company issued a restricted stock dividend to its shareholders comprised of 80% of its holdings, which was 20% of Pan International's total outstanding common shares. The company reduced its investment in Pan International by 80% to 480,000 for the dividend.
At September 30, 2012 the company owned 10 million shares of Pan International representing 5% of Pan International's total outstanding common shares with a cost basis of $480,000.
I NVESTMENTS
At May 24, 2010, the company entered into a Joint Venture Production Agreement with Panpacific Business Limited, "PanPacific", whereby it would receive 50% of the profits in three scheduled concerts with internationally known artists to be performed in Hong Kong, and other agreed-upon joint enterprises, for 60 million restricted common shares valued at $2,400,000. On August 9, 2010, PanPacific and the company formed a Nevada corporation and named it Panpacific International, Inc., "Pan International". PanPacific contributed it business operation for concert promotions along with future joint ventures to be identified in the future and its advertising network for 75% ownership and the company received 25% for its prior capital investment of 60 million common shares. During December 2010, the company issued a restricted stock dividend to its shareholders comprised of 80% of its holdings, which was 20% of Pan International's total outstanding common shares. The company reduced its investment in Pan International by 80% to 480,000 for the dividend.
At September 30, 2012 the company owned 10 million shares of Pan International representing 5% of Pan International's total outstanding common shares with a cost basis of $480,000.
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