Replies to post #12105 on Affluence Corporation (AFFU)

[oldstocks]

Ok i see your thinking

Financial Statements come out in the Quarterly Reports and the Annual Report

Your thinking we should be seeing more details in the annual report.

In the last quarterly report filed in November it stated:
On October 14 2024 the Company issued an LOl to acquire DigiBriks, a software and services company located in Barcelona, Spain.

Before that a news release was out in April

ACCESSWIRE / April 9, 2024 / Affluence Corporation, a leader in Smart City Software and Internet of Things (IoT) technology, today announced that it has reached an agreement to acquire three IoT technology companies and, along with OneMind Technologies, will form a new company named Digibriks. The proposed acquisition includes companies with complementary software products, engineering, integration, and implementation services capabilities. Affluence has executed Letters of Intent with all three companies, and upon completion, Digibriks will become a wholly owned subsidiary of Affluence.

After that News Release we were smart enough to figure out the Digibriks was owned by Mingothings International SLU
That plan didn’t work out so well because Mingothings at the time was more interested in working on partnerships with OneMind Technologies.

Now according to the last news release, evidently Mingothings wants more voting control to get the acquisition deal completed.

Now Affluence Corp will end up with all of MTi Mingothings

Affluence Corp will be the Corporation
OneMind Technologies will remain a subsidiary
MTi Mingothings will be a subsidiary

MTi Mingothings former shareholders will end up owning the majority of the Affluence Corp voting shares. At that point the former MTi Mingothings shareholders will have a majority ownership in Affluence Corp.

These details will most likely be in the next 2 reports filed by Affluence Corp.




IFRS 3, or International Financial Reporting Standard 3, deals with Business Combinations. It provides guidelines for how companies should account for mergers, acquisitions, and other business combinations in their financial statements.
The standard outlines principles for recognizing and measuring:
1. Assets and Liabilities: Acquired assets and liabilities are measured at their fair value.
2. Goodwill: Any excess of the purchase price over the fair value of net assets is recognized as goodwill.
3. Bargain Purchases: If the purchase price is less than the fair value of net assets, the difference is recorded as a gain.
4. Disclosure Requirements:
Companies must provide detailed information about the nature and financial effects of the business combination.

IFRS 3 ensures transparency and consistency in reporting business combinations, helping stakeholders evaluate the financial impact of such transactions.