KinerjaPay Corp (fka KPAY)

[John23V]

When your really bored, why don't you try figuring this one out : Who is FRS Lending, Inc.? Why on earth did KPAY pay $2,372,945 for them? A company that was incorporated on 11-13-18.

https://icis.corp.delaware.gov/Ecorp/EntitySearch/NameSearch.aspx

Along with a finders fee of $157,000. A finders fee to who?

From the 10Q 3-31-19

Pg 29:
On January 15, 2019, the 200,000 Series D Preferred Shares were issued to the shareholders of FRS Lending, Inc., a Delaware corporation (“FRS”) in consideration for the acquisition by the Company of 100% of the capital stock of FRS, which shall operate on behalf of and provide the Company with services related to the Company’s lending and micro-lending activities and related lending services in the U.S., Indonesia and internationally, which is a newly developing division that the Corporation is planning to devote resources to grow its operations. The fair value of the consideration was calculated at $2,372,945, based on 10% of the fully diluted common shares of the Company as of the date of issuance. FRS did not have any significant tangible assets or liabilities as of the date of acquisition. The agreement also includes an employment agreement with a three-year term. The consideration issued in the acquisition has been recognized as consideration related to the employment agreement and will be amortized over the three-year term of the employment agreement. The current portion is included in prepaid expense and the long term portion in other assets, on the accompanying condensed consolidated balance sheet. The amortization expense for the three months ended March 31, 2019 was $165,000.

No tangible assets. But the good news is whoever it is signed a 3 year employment agreement, so they must expect KPAY to be around for 3 more years.

Probably something related to KFUND, but another company with zero background info.