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Replies to post #13431 on NoHo Inc (DRNK)
On October 19, 2016, NOHO, Inc. entered into a Spin-Off agreement with Purple Investment Group, Inc., a Nevada corporation, (“Spin-Off Agreement”), to ostensibly Spin-Off its ownership in a multi-level marketing business named DRNK Direct, LLC, as well as, certain assets and liabilities of Dolce Bevuto, LLC, the wholly-owned subsidiary of NOHO, Inc. Of additional importance is that notes payable of approximately $608,000.00 have been assigned to the buyer and are no longer obligations of NOHO, Inc.
A material effect of the Spin-Off Agreement resulted in the sale of liabilities of $2,271,830.00 and assets of $647,057.00 (expressed on the consolidated balance sheet of NOHO, Inc. as of June 30, 2016). A material effect of the Share Exchange Agreement resulted in an additional $4,000,000.00 of equity as expressed in the Media360 audited financial statements dated September 30, 2016. After consolidation of both the Share Exchange and Spin-Off Agreements, the net worth of the Company was approximately $3,455,601.00 as of September 30, 2016.
AI
