UVIC INC Just Filed Its Quarterly Report:   NOTE 11 – SUBSEQU...

 

NOTE 11 – SUBSEQUENT EVENTS

 

Subsequent to June 30, 2017, 18,332 shares in the common stock of the Company were issued as a result of the exercise of warrants.

 

Subsequent to June 30, 2017, 1,266,044 shares in the common stock of the Company were issued for gross proceeds of $307,591 as a result of the several private placements.

 

Acquisition of transportation enablement platform

During the three months ended June 30, 2017, the Company entered into an agreement to acquire a transportation enablement platform (the "Platform") which provides fully automated dispatching and bookings management built for taxi companies, limousine companies and ride-sharing service providers. The Platform gives customers an app based experience while the acquired cloud-based Platform, provides service providers a range of functions which include customer booking, accounts management, driver tracking, real-time notifications, auto dispatching algorithms, accounting and settlements, corporate account management as well as providing reporting and analytics. The Platform has also shown to have a direct application in the B2B space in providing corporations with a more efficient taxi chit solution to combat fraud and excessive administration costs.

 

In exchange for the acquisition of the Platform from a private Canadian based company, the Company will be providing as consideration the equivalent of up to C$1,000,000 in the form of non-registered shares in the common stock of the Company, based on a share price of the lesser of US$3.00 per share, or the share price on closing. The equivalent of C$400,000 in shares is payable on closing with C$300,000 payable in shares on the first anniversary of the closing, subject to the satisfaction of certain milestones, and an additional C$300,000 payable in shares on the second anniversary of the closing, subject to the satisfaction of certain milestones.

 

Transaction costs incurred with respect to the acquisition of the Platform have been expensed in the statements of loss and comprehensive loss for the three and six months ended June 30, 2017.

 

The transaction is expected to close in the third quarter of 2017, as there are currently conditions of closing that have not been completed.  As the transaction has not closed, the Company cannot calculate the total number of shares that are to be issued, nor is the financial information of Zerowire Group Inc., currently available.  As a result, pro forma information has not been presented.  The Company will make a determination of how the transaction will be accounted for when it prepares its financial statements for the period ended September 30, 2017.

 

The above information was disclosed in a filing to the SEC. To see the filing, click here.

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Other recent filings from the company include the following:

Financial Statements and - June 22, 2020

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