Send PM
Followers 5
Posts 615
Boards Moderated 0
Alias Born 08/22/2016

Re: None

Friday, 05/13/2022 12:40:27 PM

Friday, May 13, 2022 12:40:27 PM

Post# of 29066
GAXY identifies itself as a holding company. Their primary purpose is to acquire other struggling businesses at a steep discount. Their school product line appears to be an orchestrated front (most likely for tax purposes) to acquire these other businesses. Explains the continuous decline in share price (tax write off) for the company. Investors in their school product line services receive nothing in return from their investments but provide the company with cash to provide further acquisitions. Remember that the company paid $3,000,000 in CASH to acquire Interlock Concepts and Ehlert Solutions Group back in 2019.

Galaxy Next Generation, Inc. (OTCPK:GAXY) signed an agreement to acquire Interlock Concepts, Inc. and Ehlert Solutions Group, Inc. from Brad Ehlert for $4.4 million on September 3, 2019. The purchase price, subject to adjustment, to be paid as follows: (a) upon signing of agreement Brad Ehlert will receive 1.35 million shares of common stock of Galaxy; (b) as part of the closing the Galaxy shall deliver a promissory note in the amount of $1 million, subject to adjustment based on the successful completion of due diligence, and two other promissory notes in the amount of $1 million each; (c) (i) the second promissory note shall be adjusted based upon the gross revenues earned by Interlock and Ehlert from the date September 3, 2019 through August 31, 2020 and (ii) the third promissory note shall be adjusted based upon the gross revenues earned by Interlock and Ehlert from September 1, 2020 through August 31, 2021. On the completion, Interlock and Ehlert will be wholly owned subsidiaries of Galaxy. For the period ending June 30, 2019, Interlock Concepts and Ehlert Solutions together reported total assets of $0.85 million, Stockholders' Deficit of $1.2 million, revenues of $4.4 million, operating loss of $0.51 million and net loss of $0.51 million. As per the terms, Brad Ehlert shall resign for any and all officer and director positions on closing of the transaction. The transaction is subject to execution of employment agreement between Galaxy and Brad Ehlert. The transaction is expected to close in the end of September 2019. Galaxy Next Generation, Inc. (OTCPK:GAXY) completed the acquisition of Interlock Concepts, Inc. and Ehlert Solutions Group, Inc. from Brad Ehlert on September 4, 2019.

A holding company is a parent business entity—usually a corporation or LLC—that doesn't manufacture anything, sell any products or services, or conduct any other business operations. Its purpose, as the name implies, is to hold the controlling stock or membership interests in other companies.

Volume:
Day Range:
Bid:
Ask:
Last Trade Time:
Total Trades:
  • 1D
  • 1M
  • 2M
  • 3M
  • 6M
  • 1Y
  • 2Y
  • 3Y
  • 5Y
Recent GAXY News

FEATURED Goldshore Intersects Additional High-Grade Shears in the QES Zone at the Moss Lake Gold Project Nov 28, 2022 8:39 AM

Nextech AR CEO Evan Gappelberg Buys 250,000 Shares of Company Stock In Open Market Purchases NTAR Nov 29, 2022 7:15 AM

EVCI CAREER COLLEGES HOLDING CORP. (EVCI) PROVIDES SHAREHOLDER UPDATE AND ANNOUNCES YEAR TO DATE RESULTS OF ZHEJIANG DASHANG MEDIA CO. EVCI Nov 28, 2022 8:30 AM

Branded Legacy, Inc. Signs Joint Venture To Add Additional $300,000 a Year In Revenue BLEG Nov 23, 2022 11:10 AM

Clearmind Announces Initiation of CMND-100 Manufacturing Program to Address its Upcoming Clinical Trial CMND Nov 23, 2022 9:50 AM

Branded Legacy, Inc. Gets Approval From State to Reduce Authorized Common Shares by 300 Million BLEG Nov 22, 2022 1:15 PM

Defiance Resumes Drilling In Zacatecas DNCVF Nov 22, 2022 11:53 AM

InnerScope Hearing Technologies (OTC: INND) Announces its HearingAssist Brand of OTC Hearing Aids on RiteAid.com INND Nov 22, 2022 11:52 AM

ECRID Offers Federal Housing Finance Agency (FHFA) Credit & Lending Platform to Immediately Assist Low-Credit and No-Credit Home Buyers, and Others ECDD Nov 22, 2022 11:51 AM

BioLife Sciences Inc. (OTC:PK BLFE) is Pleased to Announce Its Q1 2023 Slated Release of Its Copper-Infused Fabric Pot Prototype BLFE Nov 22, 2022 11:50 AM

Fission 3.0 Hits Off-Scale Radioactivity in New Discovery on PLN A1 Conductor FUU Nov 21, 2022 11:05 AM

Perpetual Industries Reports Strong Third-Quarter PRPI Nov 21, 2022 8:00 AM

Nextech AR Solutions Corp. Reports Record Q3 Sequential Growth As 3D Modeling Revenue Surges +192% and Gross Profit Margin Improves To +60% NEXCF Nov 17, 2022 7:03 PM

AgriFORCE Receives Notice of Allowance Related to its FORCEGH+ Facility from the United States Patent and Trademark Office AGRIW Nov 17, 2022 9:06 AM

Organicell Starts Enrolling Long COVID Trial OCEL Nov 17, 2022 8:38 AM