The acquisition of Black Oak was accounted for in accordance with ASC 805-10 Business Combinations. The assets consisted primarily of the intellectual property and established marketing associated with the name Blüm, including its website www.blumoak.com, the medical marijuana dispensary license and customer relationships.
The following table summarizes the acquisition with an estimated purchase price (for accounting purposes as of the Closing Date) of $51,489,665:
As background for years now there has been claims of insider enrichment at the expense of shareholders.
About six month ago I learned that Martin Kaufman was Salwa Ibrahims husband.
I then learned that they were also known as MKSI Investments . One can see the letters match the first and last names. Then in a filing I found that MKSI is the masterlord for BlumOak that receives over 30,000 a month. Today I learned that that MKSI Investments own the building. It should also be noted that TRTC paid 800,000 of shareholders money to remodel the building recently. On top of that Martin Kaufman owns a Security Company named Core Security that TRTC shareholders now pay over 340,000 a year to protect the building. Plus in the last filing they raised that 340,000 by another 80,000. Plus Martin Kaufman owns a construction company that was paid 1000's of dollars in 2014 and 2015 to work on BlumOak. I have yet to determine who did the work that got paid 800,000.
Shareholders paid 51 million dollars for BlumOak but didnt buy the building owned by the seller?
This is just one issue that made me sell my holdings in TRTC.
Owner & Mortgage History Event Sale (Arm's Length) APN/Parcel ID 008 -0660-009-02 Owner Mksi Investments Llc Address 320 Lee St #1101, Oakland, CA 94610 Rights Corporation Sale Price $2,500,000.00 Mortgage Date 3/18/2016 Mortgage Details (at time of loan) $2,400,000 Private Party Lender Mortgage Deed Type Deed of Trust
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