10. Subsequent Events
The Company has evaluated all events that occur after the balance sheet date through the date when the financial statements were issued to determine if they must be reported. The Management of the Company determined that there were no reportable subsequent events to be disclosed except as described below.
In the interest of full disclosure, the Company hereby discloses the following non-public information reported on a Form 8-K:
On November 15, 2016, the Company approved the signing of a non-binding Letter of Intent (LOI) for the acquisition of all assets, trade secrets, intellectual property, and proprietary information of Patriot Bioenergy Corporation, a Kentucky corporation. If after a period of due diligence all terms and conditions are agreed and conditions to Closing are met, definitive agreements would be executed. If Closing occurs as anticipated, these transactions would be dilutive to existing shareholders. No assurance can be had that the above transactions will be satisfactorily concluded. If these transactions are in fact concluded, the acquisitions will be reported in a report on Form 8-K.
The above information was disclosed in a filing to the SEC. To see the filing, click here.
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