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Reverse Acquisition
9 Months Ended
Sep. 30, 2017
Notes to Financial Statements  
Reverse Acquisition

On March 1, 2017, the Company entered into a Stock Exchange Agreement with IX Biotechnology, Inc. (“IXB”), a Wyoming corporation. The transaction closed on April 6, 2017 and, pursuant to the agreement, the Company issued 10,000,000 shares of its restricted common stock in exchange for all the issued and outstanding shares of IXB. As a result of the Stock Exchange Agreement the Company became IXB’s sole shareholder, making IXB a subsidiary of the Company. The transaction is accounted for as a reverse acquisition and IXB is considered the accounting acquirer for financial reporting purposes.

Assets acquired and liabilities assumed are reported at their fair values as at the closing date. The fair value of the shares issued is equivalent to the net assets acquired.