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Wednesday, July 19, 2017 9:56:47 PM
I posted the wrong qualification earlier today...we are very close to meeting these equity standard Nasdaq Capital Market
https://listingcenter.nasdaq.com/assets/initialguide.pdf
Looks like the balance sheet is about to get cleaned up based on todays 8k. 59M RMB is $8.8M so the debt side of B/S will look much better once this is complete.
On February 11, 2017, Kiwa Bio-Tech Products Group Corporation (OTC: KWBT) (the “Company”) executed an Equity Transfer Agreement with Dian Shi Cheng Jing (Beijing) Technology Co. (“Transferee”) whereby the Company transferred all of its right, title and interest in Kiwa Bio-Tech Products (Shandong) Co., Ltd. (“Shandong”) to the Transferee for the RMB equivalent of US$1.00. In connection with the transaction, the Transferee received all assets of Shandong which are estimated to be approximately RMB 14,057,713 at the effective date and assumed all liabilities of Shandong which are estimated to be approximately RMB59,446,513 at the effective date. In connection with this transaction, Transferee agreed to indemnify the Company for any liability or claims of any third party(ies) against Shandong or the Company for five (5) years. The transaction is subject to obtaining Chinese government approval for the transaction, which the parties agrees to use their best efforts to obtain prior to December 31, 2017.
https://www.sec.gov/Archives/edgar/data/1159275/000149315217001745/form8-k.htm
https://listingcenter.nasdaq.com/assets/initialguide.pdf
Looks like the balance sheet is about to get cleaned up based on todays 8k. 59M RMB is $8.8M so the debt side of B/S will look much better once this is complete.
On February 11, 2017, Kiwa Bio-Tech Products Group Corporation (OTC: KWBT) (the “Company”) executed an Equity Transfer Agreement with Dian Shi Cheng Jing (Beijing) Technology Co. (“Transferee”) whereby the Company transferred all of its right, title and interest in Kiwa Bio-Tech Products (Shandong) Co., Ltd. (“Shandong”) to the Transferee for the RMB equivalent of US$1.00. In connection with the transaction, the Transferee received all assets of Shandong which are estimated to be approximately RMB 14,057,713 at the effective date and assumed all liabilities of Shandong which are estimated to be approximately RMB59,446,513 at the effective date. In connection with this transaction, Transferee agreed to indemnify the Company for any liability or claims of any third party(ies) against Shandong or the Company for five (5) years. The transaction is subject to obtaining Chinese government approval for the transaction, which the parties agrees to use their best efforts to obtain prior to December 31, 2017.
https://www.sec.gov/Archives/edgar/data/1159275/000149315217001745/form8-k.htm
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