Be careful
As I read this Duratech owns USNAP if they spin off to the NASDAQ what will be left? The real company will be on the NASDAQ free and clear of the old mess. These shares will be worth??????
Accounting Treatment; Change of Control. The Share Exchange is being accounted for as a "reverse merger," since the Duratech Shareholders own a majority of the outstanding shares of the Registrant's common stock immediately following the Share Exchange and Asset Purchase. Duratech is deemed to be the acquirer in the reverse merger. Consequently, the assets and liabilities and the historical operations that are reflected in the financial statements prior to the Share Exchange are those of Duratech and are recorded at the historical cost basis of Duratech, and the consolidated financial statements after completion of the Share Exchange include the assets and liabilities of the Registrant and Duratech, historical operations of Duratech, and operations of the Registrant from the closing date of the Share Exchange.
