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Friday, January 10, 2020 10:28:08 AM
Effective August 30, 2019, the Company entered into an agreement to purchase all of the outstanding stock of Vivis Corporation, a Wyoming corporation, (“Vivis”) from Sydney Jim, the Company’s CEO. The purchase price for Vivis is $35,000 cash and a royalty of 40 percent of gross revenue until $100,000 is paid declining to 25 percent until an additional $100,000 has been paid. There will be a 10 percent royalty in perpetuity. Since this transaction involves our CEO, it will be accounted for as a related party transaction.
The acquisition of Vivis was accounted for as an asset acquisition according to ASC 805-10 Business Combinations. The primary asset held by Vivis at the date of the acquisition was inventory.
In reviewing the assets category, it shows only $3,196 on deposit which indicates to me that this either represents the value of Vivis inventory and/or cash left over from financing operations. Either way, the price paid for Vivis ($35,000 + $200,000 + 10% perpetual in royalties) seems to have been way overvalued.
As reported here on iHub, others have reported buying their product during the relevant time period. Why doesn't the amended report show any revenues or related cost of sales? To date the company has raised nearly $7.9 million in additional paid in capital - why doesn't the company have any assets to show for that effort?? Where has the money gone??!?
Regarding their product - why aren't they advertising it for sale?
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