According to the 10-KSB, cash payments totaling $1,300,000 were to be paid for the Semco Distribution, Inc., plus Ultimate Surface LLC AND Semco Manufacturing deals.
Where did the cash come from?
Semco Distribution, Inc., plus Ultimate Surface LLC
$2,750,000 payable as follows;
$100,000 - deposit
$550,000 - upon completion of escrow
$100,000 - shares of restricted common stock with a valuation of $100,000
$2,000,000 - as cash performance payments based upon certain funding requirements.
Semco Manufacturing
$2,650,000 - consisting of:
$650,000 - in cash
$2,000,000 - in performance payments (50% of Net Profits as defined)
sec.gov |
