Entertainment As part of its Entertainment di
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Posted On: 06/14/2017 7:11:19 AM
Entertainment
As part of its Entertainment division, in 2016, the Company acquired the right to 87 percent of the outstanding equity of Framepool AG (“Framepool”), a leading provider of stock footage to producers of commercials, feature films, television, and other audio-visual programming. Framepool is headquartered in Munich, Germany with operations in Los Angeles, New York, London, Paris.
The Company acquired the Framepool equity stake from a third party for EUR 986,144 along with debt owed by Framepool to the third party of EUR 253,563, for a total acquisition price of EUR 1,239,707 (or $1,304,488 using an exchange rate of 1.052255 as of December 31, 2016) (the “Framepool Consideration”). The Framepool Consideration is due on July of 2018.
In addition, during 2016, the Company provided loans to Framepool in an aggregate amount of $275,055 (the “Framepool Loans”).
On or about April 10, 2017, Framepool filed for insolvency in Germany. As a result, the Company has created a loss reserve provision of $1,579,543 in these financial statements for any contingent liabilities pertaining to the Framepool transaction and has not consolidated its financial results with these financial statements as previously anticipated.
The amount of the loss reserve provision is equal to the sum of the Framepool Consideration and the Framepool Loans.
The Company is currently evaluating its legal position with regard to the Framepool transaction and will monitor closely the risks and opportunities of the German insolvency process of Framepool.
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Ummm, Chris?
wtf is going on?
As part of its Entertainment division, in 2016, the Company acquired the right to 87 percent of the outstanding equity of Framepool AG (“Framepool”), a leading provider of stock footage to producers of commercials, feature films, television, and other audio-visual programming. Framepool is headquartered in Munich, Germany with operations in Los Angeles, New York, London, Paris.
The Company acquired the Framepool equity stake from a third party for EUR 986,144 along with debt owed by Framepool to the third party of EUR 253,563, for a total acquisition price of EUR 1,239,707 (or $1,304,488 using an exchange rate of 1.052255 as of December 31, 2016) (the “Framepool Consideration”). The Framepool Consideration is due on July of 2018.
In addition, during 2016, the Company provided loans to Framepool in an aggregate amount of $275,055 (the “Framepool Loans”).
On or about April 10, 2017, Framepool filed for insolvency in Germany. As a result, the Company has created a loss reserve provision of $1,579,543 in these financial statements for any contingent liabilities pertaining to the Framepool transaction and has not consolidated its financial results with these financial statements as previously anticipated.
The amount of the loss reserve provision is equal to the sum of the Framepool Consideration and the Framepool Loans.
The Company is currently evaluating its legal position with regard to the Framepool transaction and will monitor closely the risks and opportunities of the German insolvency process of Framepool.
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Ummm, Chris?
wtf is going on?
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