On February 15, 2017, Adaiah Distribution Inc. (the Company or Adaiah) entered into an Asset Purchase Agreement with 3D Pioneer Systems, Inc., a Nevada corporation (3D) to acquire all of 3Ds intellectual property, apps, other assets and all related contractual rights used in connection with such property (the Assets). The acquisition will be accomplished by issuing 1 million shares of the Companys common stock to 3D and paying a total of $120,000, in equal quarterly payments, with the first payment to be made the closing of the Asset Purchase Ag reement.
3Ds apps are designed to educate young children (starting at 2 years old) about the environment, natural resources and how to make decisions that are consistent with green or save your plant initiatives. These applications teach children to respect the planet in a fun and engaging manner, utilizing music, caricatures, numerous colors and graphic art. Utilization of the apps allows children to be creative as they paint pictures from the main application or freely from their own mind and fantasies. The apps also help children to learn to play music in a fun and interactive manner. The apps are currently available on smartphones operating on the Android platform.
The acquisition of the Assets is subject to completion of due diligence by Adaiah. The parties anticipate being able to complete the acquisition by March 15, 2017.
The Company has evaluated events subsequent to the date these financial statements have been issued to assess the need for potential recognition or disclosure in this report. Such events were evaluated through the date these financial statements were available to be issued. Based upon this evaluation, it was determined that other than the event disclosed above, no other subsequent events occurred that require recognition or disclosure in the financial statements.
The above information was disclosed in a filing to the SEC. To see the filing, click here.
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