Significant Acquisition

6 Months Ended

Jun. 30, 2022

Significant Acquisition

Significant Acquisition

Note 4 – Significant Acquisition

Effective March 15, 2021, the Company acquired fifty-five (55%) of the membership interest of SLA LLC. SLA LLC is a Florida private manufacturing and retail company of gyroplane kits. The acquisition was accounted for using the acquisition method in accordance with ASC 805.

The following table presents the allocation of the consideration given to the assets acquired and liabilities assumed, based on their fair values at March 15, 2021:

Consideration Given
Cash			$	1,000,000
Allocation of Consideration Given
Cash in bank	$	691,397
Inventory		25,000
Receivables - other		2,382
Intangible asset - Design, net		66,650
Goodwill		-
Other assets		2,000
Total assets			$	787,429
Current liabilities		124,375
Long-term liabilities		105,131
Total liabilities				229,506
Non-controlling interest fair value at time of acquisition of SLA LLC				(251,065	)
Net assets acquired			$	306,858

On May 3, 2021 the Company entered into an Asset Purchase Agreement to acquire certain assets in the Trike field from Atelier de Motelage RB, Inc. in exchange for an aggregate of One Hundred Ninety Five Thousand ($195,000) Dollars through SLEV.