yes it would but here is something to look at .
Post# of 913
(Total Views: 361)
Posted On: 12/28/2017 12:39:27 AM
yes it would but here is something to look at . from what I read bvtk gained 200,000 in assets from helpcomm inc and bvtk will get 40% of profits from work performed by them . bvtk seen the assets in the last 10q now bvtk should see the 40% profits starting in the next 10q when it comes out.
from 10q
Table of Contents
Other Assets
The Company accounts for amounts paid to acquire exclusivity rights as other assets. Other assets are amortized over the term of exclusivity. In June 2017, the Company purchased for $200,000 exclusivity rights from HelpComm (see Note
for a one-year term, and accordingly for the three and six months ended September 30, 2017, amortization expense was $50,000 and $63,333, respectively
Other
On June 6, 2017, the Company entered into an exclusive one-year Strategic Alliance Agreement with HelpComm, Inc. (“HelpComm”), a telecom construction services corporation located in Manassas, Virginia, pursuant to which (i) the Company will provide at least $200,000 in business expansion funding to HelpComm within ten (10) business days of execution of the agreement, and 40% of profits from services performed by HelpComm pursuant to receipt of the expansion funding from the Company will be allotted to the Company , (ii) the Company will provide HelpComm up to an additional $100,000 of expansion funding per fiscal quarter, (ii) HelpComm will provide job-related purchase orders to the Company for administration, accounting and fund distribution, (iii) the Company will provide project management and sales services to HelpComm, and (iv) the parties will support each other’s marketing and promotional efforts. The Company remitted the $200,000 to HelpComm on June 26, 2017, and has recorded $200,000 as other assets on the balance sheet included herein . The Company is amortizing the exclusive rights over the one-year term of the agreement. On September 20, 2017, the Company entered into a Letter of Intent to potentially acquire HelpComm.
NOTE 9 - Subsequent Events
On October 25, 2017, the Company entered into a Stock Purchase Agreement (the “Stock Purchase Agreement”) with Johnny Bolton (the “Seller”), the owner of HelpComm (See Note , to purchase HelpComm from the Seller for a total purchase price of $2,425,000, consisting of $25,000 of cash and 100,000 shares of Series D Convertible Preferred Stock, with such series of convertible stock to be designated prior to closing of the acquisition. Each share of Series D Convertible Preferred Stock will be convertible into a number of shares of Company common stock equal to $24.00 divided by the volume-weighted average price of the common stock as reported on OTCMarkets.com on the trading day immediately preceding conversion. The closing of the acquisition is contingent on multiple conditions being satisfied prior to closing, including (i) the designation of the Series D Convertible Preferred Stock, (ii) the representations and warranties of each of the parties in the Stock Purchase Agreement being true and complete as of the closing date, (iii) new employment agreements with employees of HelpComm being executed on terms agreeable to the parties at or prior to closing, (iv) the parties agreeing as to the payment of liabilities of the Seller associated with HelpComm prior to closing, (v) the Seller completing his analysis of certain taxation issues prior to closing, (vi) the Company completing its review of HelpComm’s books and records and concluding its assessment of HelpComm’s auditability, and (vii) other customary closing conditions.
On June 6, 2017, the Company entered into a Strategic Alliance Agreement with HelpComm, Inc. (“HelpComm”), a telecom construction services corporation located in Manassas, Virginia, pursuant to which the Company provided $200,000 in business expansion funding, and 40% of profits from services performed by HelpComm pursuant to receipt of the expansion funding from the Company would be allotted to the Company. The Company remitted the $200,000 to HelpComm on June 26, 2017, and expects revenue from HelpComm from orders already received by HelpComm. On September 20, 2017, the Company entered into a non-binding Letter of Intent to potentially acquire HelpComm. On October 25, 2017, the Company entered into a Stock Purchase Agreement to acquire HelpComm, with the closing of the acquisition contingent on multiple preclosing conditions.
source
https://www.sec.gov/Archives/edgar/data/14495...tk_10q.htm
from 10q
Table of Contents
Other Assets
The Company accounts for amounts paid to acquire exclusivity rights as other assets. Other assets are amortized over the term of exclusivity. In June 2017, the Company purchased for $200,000 exclusivity rights from HelpComm (see Note
for a one-year term, and accordingly for the three and six months ended September 30, 2017, amortization expense was $50,000 and $63,333, respectively Other
On June 6, 2017, the Company entered into an exclusive one-year Strategic Alliance Agreement with HelpComm, Inc. (“HelpComm”), a telecom construction services corporation located in Manassas, Virginia, pursuant to which (i) the Company will provide at least $200,000 in business expansion funding to HelpComm within ten (10) business days of execution of the agreement, and 40% of profits from services performed by HelpComm pursuant to receipt of the expansion funding from the Company will be allotted to the Company , (ii) the Company will provide HelpComm up to an additional $100,000 of expansion funding per fiscal quarter, (ii) HelpComm will provide job-related purchase orders to the Company for administration, accounting and fund distribution, (iii) the Company will provide project management and sales services to HelpComm, and (iv) the parties will support each other’s marketing and promotional efforts. The Company remitted the $200,000 to HelpComm on June 26, 2017, and has recorded $200,000 as other assets on the balance sheet included herein . The Company is amortizing the exclusive rights over the one-year term of the agreement. On September 20, 2017, the Company entered into a Letter of Intent to potentially acquire HelpComm.
NOTE 9 - Subsequent Events
On October 25, 2017, the Company entered into a Stock Purchase Agreement (the “Stock Purchase Agreement”) with Johnny Bolton (the “Seller”), the owner of HelpComm (See Note
, to purchase HelpComm from the Seller for a total purchase price of $2,425,000, consisting of $25,000 of cash and 100,000 shares of Series D Convertible Preferred Stock, with such series of convertible stock to be designated prior to closing of the acquisition. Each share of Series D Convertible Preferred Stock will be convertible into a number of shares of Company common stock equal to $24.00 divided by the volume-weighted average price of the common stock as reported on OTCMarkets.com on the trading day immediately preceding conversion. The closing of the acquisition is contingent on multiple conditions being satisfied prior to closing, including (i) the designation of the Series D Convertible Preferred Stock, (ii) the representations and warranties of each of the parties in the Stock Purchase Agreement being true and complete as of the closing date, (iii) new employment agreements with employees of HelpComm being executed on terms agreeable to the parties at or prior to closing, (iv) the parties agreeing as to the payment of liabilities of the Seller associated with HelpComm prior to closing, (v) the Seller completing his analysis of certain taxation issues prior to closing, (vi) the Company completing its review of HelpComm’s books and records and concluding its assessment of HelpComm’s auditability, and (vii) other customary closing conditions. On June 6, 2017, the Company entered into a Strategic Alliance Agreement with HelpComm, Inc. (“HelpComm”), a telecom construction services corporation located in Manassas, Virginia, pursuant to which the Company provided $200,000 in business expansion funding, and 40% of profits from services performed by HelpComm pursuant to receipt of the expansion funding from the Company would be allotted to the Company. The Company remitted the $200,000 to HelpComm on June 26, 2017, and expects revenue from HelpComm from orders already received by HelpComm. On September 20, 2017, the Company entered into a non-binding Letter of Intent to potentially acquire HelpComm. On October 25, 2017, the Company entered into a Stock Purchase Agreement to acquire HelpComm, with the closing of the acquisition contingent on multiple preclosing conditions.
source
https://www.sec.gov/Archives/edgar/data/14495...tk_10q.htm
(0)
(0)