General form of registration statement for all companies including face-amount certificate companies

Investment (Tables) (OWP Ventures, Inc.)

v3.19.2
Investment (Tables) (OWP Ventures, Inc.) - OWP Ventures, Inc. [Member]
9 Months Ended
Dec. 31, 2018
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

According to the purchase method of accounting, the Company recognized the identifiable assets acquired and liabilities assumed as follows:

 

    May 30,  
    2018  
Assets Acquired:      
Cash     26,446  
Prepaid Expenses(1)     55,293  
Fixed Assets     103,296  
Total     185,035  
         
Liabilities Assumed:        
Accounts Payable     16,365  
Accrued Expenses     5,761  
Total     22,126  
         
Net Assets (Liabilities)     162,909  

 

(1) Prepaid expenses include $29,356 of costs incurred in obtaining the licenses. No further adjustment to fair value was necessary due to the highly speculative nascent stage of Colombia’s legal cannabis industry, uncertain regulatory and unrestricted Colombian licensing environment, and additional permissions and authorizations necessary to execute the Company’s business plan.

Majority Shareholder [Member]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

According to the purchase method of accounting, the Company recognized the identifiable assets acquired and liabilities assumed as follows:

 

    November 22,  
    2018  
Consideration:      
Cash paid at closing   $ 350,000  
Accounts payable     198  
Fair value of total consideration exchanged   $ 350,198  
         
Fair value of identifiable assets acquired assumed:        
Other current assets   $ 778  
Total fair value of assets assumed     778  
Consideration paid in excess of fair value (Goodwill)(1)   $ 349,420  

 

  (1)The consideration paid in excess of the net fair value of assets acquired and liabilities assumed has been recognized as additional paid-in capital due to the subsequent reverse merger.