Thursday, October 15, 2020 11:11:38 AM
Didn't like seeing this. Wonder what happen?
https://www.sotechsecure.com/
Loss on investment in Sotech
As at July 31, 2020, the Company owns a 49% interest in Sotech Secure, LLC ("Sotech"), a Delaware Limited Liability Company with NanoBio Detection Systems LLC ("NanoBio") owning the remaining 51% interest. The Company has experienced challenges with its joint venture partner and has determined that it no longer holds significant influence or joint control over Sotech. Accordingly, the Company has discontinued the use of the equity method during the fourth quarter of 2020.
On September 14, 2020, the Company entered into a membership interest purchase agreement with NanoBio to sell its 49% interest in Sotech for USD $3,000,000 with an estimated closing date of October 31, 2020. Management expects that the proposed transaction will close as planned; however, there is no guarantee that transaction will proceed as expected. The Company has recognized a total loss of $2,549,444 on the investment during the year ended July 31, 2020. This represents a combination of the proportionate share of loss while being accounted for using the equity method of $1,531,817 and a fair value write-down of the investment of $1,017,627 to its fair value of $4,021,200 (USD $3,000,000).
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