NOTE 14 – SIGNIFICANT EVENTS
On March 23, 2011, the Board of Directors and majority stockholders of the Company approved the entry into a Partial Purchase Agreement. Under the terms of the Agreement, Gate Technologies, LLC acquired sixty percent (60%) ownership of the operating division, Angels In Action, for total cash consideration of ninety thousand dollars ($90,000) and six hundred thousand dollars ($600,000) in the form of Gate Technologies, LLC Units contributed by Vince Molinari and Lori Livingston. The company has recorded the $90,000 as revenue and a receivable of which $32,000 has already been collected. The Gate Technologies units will be exchanged for the Company’s common stock, each quarter, over a three year period to begin no later the September 30, 2011.
What does the last statement mean to us?
