Solei Systems Inc. (fka SOLI)

[was16]

Garden Rose has already posted information on the pro forma financials ( see below if you missed it).


Garden Rose Member Level Tuesday, 08/27/19 10:01:06 AM
Re: None 6.000
Post #
25126
of 26523
Based on the foregoing research I've concluded that SOLI did not have to already have filed the Pro Forma stuff, if they are required to file the the Pro Forma, it is w/the filing of the audited financials of (KB) CareClix.

By researching this pro-forma stuff, I think I've made some headway. Last night I figured out that SOLI's acquisition of KB was classified as a business combination.

In business combinations, ASC 805-30-25-5 indicates that acquirers shall recognize the fair value as of the acquisition date as part of the consideration transferred. Changes in the fair value for contingent liabilities will be recognized in earnings until the contingency is settled."

TAKE NOTE THAT THE ACQUISITION HAS TO BE RECOGNIZED AS FAIR VALUE

The above quote is in last paragraph:

https://investorshub.advfn.com/boards/read_msg.aspx?message_id=150771784

Now.......here is the jackpot for SOLI:

3110.1
NOTE: While the acquisition of an investment to be accounted for under the equity method meets the definition of a business for purposes of S-X 3-05 financial statements and S-X Article 11, full pro forma financial information prepared under Article 11 generally is not required if the registrant elects the fair value option for the investment under SFAS 159 [ASC 825]. In this situation, we expect registrants to include a narrative discussion explaining how the application of SFAS 159 [ASC 825] for this investment will impact the results of operations and balance sheet in future periods.

3110.4 Pro forma information required by S-X Article 11 should be filed at the same time the audited financial statements of the acquired business are filed. Presentation of the acquiree’s financial statements without accompanying pro forma information can be misleading, and there is an expectation that the information required by Item 9.01 of Form 8-K will be filed as promptly as feasible. The pro forma information presented in connection with a Form 8-K reporting consummation of an acquisition is not expected to reflect definitive conclusions regarding allocation of the purchase price or other effects. However, uncertainties affecting the pro forma presentation and the possible consequences when they are resolved, if material, should be highlighted.
www.sec.gov/corpfin/cf-manual/topic-3