Noho, Inc. Provides Explanatory Update to Shareholders on Current Financial Statements
6/22/21, 7:00 AM
Scottsdale, Arizona, June 22, 2021 (GLOBE NEWSWIRE) -- NOHO, Inc. (OTC PINK: DRNK), a Wyoming corporation (the “Company”), announced the following:
The Company is pleased to announce the long-awaited filings of our current financial statements with OTC Markets and management is providing the following explanatory summary for our shareholders.
Following a dormant period since 2017, the current financials contain limited reporting categories, as all other accounts had been settled and there were no new transactions. However, management has determined to highlight some key entries as they bear upon the future of the Company going into the third quarter of 2021 and beyond. Of major importance, the new filings confirm there has been no dilution of the stock since 2017 and that management does not own any common shares at this time.
Asset Valuation
Management is moving forward with the final structuring of the asset-purchase transactions with Sibannac, Inc. (OTC Pink: SNNC) and reaffirms that it will be using the previously audited numbers from the 2017 filings as a barometer of the valuation for the warrants. to be distributed to the NOHO shareholders. As of 2017, the Company based the value of the software it acquired previously at $2,806,244. While that remains the valuation for the acquisition component, the Company has elected to depreciate the value of the IP to $500,000 for the current filings due to the dormancy of operations and the unknown value of the software in the future. This decision was cautionary and based on management’s conservative approach with the goal of eliminating valuation issues as the Company moves toward an audit and a return to fully reporting SEC status.
