Under Item 8: THIS SECTION WAS REMOVED..............................
On February 21, 2001, Biocurex acquired patents and intellectual property from Lagostar Trading, S.A., in exchange for 1,950,000 shares of Biocurex's common stock, after giving effect to a 13-for-1 forward stock split which took place in March 2001.
On March 25, 2001, Biocurex acquired certain assets from Curex Technologies, Inc. in consideration for the assumption by Biocurex of convertible notes payable by Curex and totaling $2,326,869. The notes were convertible, at the option of Biocurex, into shares of Biocurex's common stock on the basis of one share of common stock for each $2.00 of note principal or interest converted. In May 2001 Biocurex elected to convert the Curex notes and issued 1,544,404 shares of its common stock in payment of the notes and accrued interest.
The patents and intellectual property acquired from Lagostar were originally valued at $3,900,000. In accordance with P. 18 of APB 29, the value of Biocurex's common stock given in exchange was considered to be more clearly evident than the fair value of the patents and intellectual property received. As a result, the common stock issued in the Lagostar transaction was originally valued at $2.00 per share for financial reporting purposes. The $2.00 per share valuation was based upon the conversion rate of the Curex promissory notes which were assumed by Biocurex. Biocurex's offer to assume the notes from the Curex noteholders began on February 21, 2001, the date Biocurex acquired Lagostar.
The assets acquired from Curex were originally valued in accordance with P. 67 of APB 16 (as specified in P. 25 of APB 17) in an amount equal to the liabilities assumed.
Not sure what it means.................Foam
