Pulled from the latest MCOA 8-K regarding the asse
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Posted On: 12/04/2022 11:50:46 PM
Pulled from the latest MCOA 8-K regarding the asset purchase of SIGO.
During the nine months ended September 30, 2022, the Company (MCOA) incurred a $2,020,982 impairment loss on an intangible asset associated with the acquisition of VBF Brands Inc. which is currently under litigation.
Since the conditions of the acquisition of VBF haven’t been consummated, this assumed debt was recorded as an Other Current Asset. Based on the current conditions and at the suggestion of legal counsel, the company has determined a risk in the collectability of this asset and accordingly, has calculated an impairment loss of $2,020,982 as the acquisition continues to not be consummated as of September 30, 2022.
During the nine months ended September 30, 2022, the Company (MCOA) incurred a $2,020,982 impairment loss on an intangible asset associated with the acquisition of VBF Brands Inc. which is currently under litigation.
Since the conditions of the acquisition of VBF haven’t been consummated, this assumed debt was recorded as an Other Current Asset. Based on the current conditions and at the suggestion of legal counsel, the company has determined a risk in the collectability of this asset and accordingly, has calculated an impairment loss of $2,020,982 as the acquisition continues to not be consummated as of September 30, 2022.
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