|6 Months Ended|
Jun. 30, 2019
|Subsequent Events [Abstract]|
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.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef