ProText Mobility Inc (TXTM)

[zombywolf]

Did RSAMMD Acquisitions LLC give the $170,000 value of the Plandai tech to $TXTM someplace? That seemed to be the only thing of value in the assets released in the recent fins. $TXTM has had only net losses every year since 2015, so the tech hasnt done much for the company. I wonder how they valued it at that amount with earning anything from it. From the fins:

During the year ended December 31, 2019, the Company determined that the license acquired from Plandai Biotechnology to market
and sell pharmaceutical products incorporating Plandai’s proprietary Phytofare™ extract was materially and permanently impaired
due to the failure on the part of Plandai to maintain a sufficient supply of Phytofare™ to enable the Company to conduct the necessary
clinical trials and commercialize the product. As a result of this determination, the Company recorded a loss of $2,000,000 which is
recorded in other income and expense in the year ended December 31, 2019. As consideration for Plandai’s breach of contract, the
Company was entitled to, and received, detailed schematics, technology and know-how enabling the Company to continue the
development of products involving the hydrodynamic sheering process of phytonutrient extraction. The Company values this
intellectual property at $170,000, which is recorded as a fixed asset in the accompanying financial statements. On May 1, 2020,
Plandai Biotechnology agreed to return 100,000 shares of Series D Preferred stock and reduce the number of shares of common stock
owing from the acquisition of Cannabis Biosciences from 50,000,000 to 10,000,000 shares. These transactions resulted from the
failure on the part of Plandai to honor certain provisions of the license transfer agreements, including maintaining a sufficient supply
of inventory for sales and research, which resulted in the aforementioned impairment. The Company recorded $56,100 in the year
ended December 31, 2020 to offset the previous impairment expense.