Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

v3.19.2
Subsequent Events
6 Months Ended
Jun. 30, 2019
Subsequent Events [Abstract]  
Subsequent Events

NOTE 23 – SUBSEQUENT EVENTS

 

On July 30, 2019, the Company, completed the acquisition of substantially all of the assets of CarrierWeb Services Ltd. (“CarrierWeb Ireland”), an affiliate of CarrierWeb, from e*freightrac Holding B.V., the owner of the outstanding equity of CarrierWeb Ireland. Consideration for the CarrierWeb Ireland acquisition included (i) $500,000 in cash paid at closing, and (ii) 126,748 shares of the Company’s common stock, less (1) 55,783 shares for the payment of aggregate principal amount plus accrued and unpaid interest outstanding under $300,000 loans, less (2) 43,706 shares held back.

 

The CarrierWeb Ireland acquisition will be accounted for by using the acquisition method of accounting and the purchase price paid will be assigned to the net assets acquired based on the fair value of such assets and liabilities at the date of the acquisition.