Home > Boards > US OTC > Miscellaneous > MAGNA LAB INC (MAGAA)

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db7 Member Level  Wednesday, 06/14/17 01:38:14 PM
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In January 2017, the Company’s President and Chief Executive Officer (the “CEO”) entered into an Asset Purchase Agreement (the “Purchase Agreement”) with the Company. Under the Purchase Agreement, the CEO purchased all of the intellectual property rights, any and all physical assets, any and all permits and all non-financial books, records, files, design specification, software and other data related to the Company’s magnetic resonance imaging technology. In exchange for purchased assets, the CEO (a) assumed all liabilities of the Company related exclusively to the purchased assets and (b) agreed to forgiveness of all indebtedness owing from the Company totaling approximately $110,000.

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Results of Operations – Operating expenses of $149,000 and $63,000 during the years ended February 28, 2017 and February 29, 2016, respectively, reflect operating costs of occupancy, insurance, professional and other fees associated with maintaining our public reporting and minimal operations and, in 2017, costs associated with a potential merger transaction that has been abandoned.

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In January 2017, the Company’s CEO converted the remaining 2,389 shares of Class B common stock under his control to Class A common stock

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