Does UOIP even own Chanbond yet? reads like it is waiting for the lawsuit to end to verify proper purchase evaluation. read Bottom of note 18
NOTE 18 – ACQUISITION
On October 27, 2015, the Company entered into a purchase agreement with Deirdre Leane and ChanBond, LLC , pursuant to which the Company purchased Chanbond, in exchange for $5,000,000 payable on or before October 27, 2020 (see Note 4) and a shares payment of forty-four million, seven hundred thousand (44,700,000) shares of the Company’s common stock. William R. Carter, Jr. (a related party to the Company) was appointed as sole manager who shall have sole and exclusive authority over the business of ChanBond. ChanBond consists of a portfolio of patents that disclose a technology that allows cable companies to provide high-speed data transmission over their existing hybrid-fiber coaxial networks.
The purchase of ChanBond included the acquisition of intangibles currently valued at $5,223,500. The initial accounting for the business combination of ChanBond with the Company is not complete as the Company is working on obtaining valuation reports to support amounts. Additionally, as noted in Note 15, the Company may record possible contingent assets due to lawsuits to which ChanBond is a plaintiff.
