In January 2006, the Company acquired all the stock of SEMCO Manufacturing...
11. Subsequent events
In January 2006, the Company acquired all the stock of SEMCO Manufacturing (SEMCO), a Nevada business that manufactures and sells concrete coating products. The purchase terms are payment of $2,650,000 consisting of $650,000 in cash and $2,000,000 in performance payments (50% of Net Profits as defined) plus Plasticon restricted common stock worth $100,000.
Additionally, the Company will pay a royalty payment (4% of Net Profits as defined) for twenty years beginning after the $2,000,000 of performance payments are made. The agreement includes a five year employment agreement with a base salary and other benefits specified. Management is in the process of gathering information to apply purchase accounting to the SEMCO acquisition. The operations from SEMCO will be included in the operating results of the Company starting February 1, 2006.
On April 4, 2006, the Company increased authorized shares of common stock to 13,500,000,000 shares. Also on that date the authorized shares of preferred stock increased to 6,000,000,000
shares.
otcstockinfo.com |
