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Note 1 - Organization
12 Months Ended
Dec. 31, 2015
Notes  
Note 1 - Organization

NOTE 1 – ORGANIZATION

 

Biotricity, Inc. (formerly MetaSolutions, Inc.) (the “Company”) was incorporated under the laws of the State of Nevada on August 29, 2012. The Company issued 3,500,000 shares of common stock to its founder at inception in exchange for organizational costs. Following its formation, the Company issued 1,000,000 shares of common stock to its founder, as consideration for the purchase of a business plan along with developmental code and software. The founder paid approximately $1,000 for the business plan, software and development code. The acquisition was valued at $1,000.

 

On December 29, 2015, the Company’s founder and sole executive officer and director, and the owner of 4,500,000 shares of the Company’s common stock representing 50% of the Company’s issued and outstanding common stock, consummated a Securities Purchase Agreement (“SPA”) pursuant to which he sold such shares to an unrelated third party for aggregate consideration of $265,100, or approximately $.0589 per share. The third party further purchased 2,015,000 shares of the Company’s common stock in a series of private transactions for $0.02 a share from non-affiliates of the Company (the “Non-Affiliate Shares”). Upon completion of the purchase of such shares, the third party owned 6,515,000 shares, or approximately 72.4% of the issued and outstanding common stock of the Company.

 

On February 2, 2016, the Company entered into an exchange agreement with 1061806 BC LTD. (“Callco”), a British Columbia corporation and wholly owned subsidiary (incorporated on February 2, 2016), 1062024 B.C. LTD., a company existing under the laws of the Province of British Columbia (“Exchangeco”), iMedical Innovation Inc., a company existing under the laws of Canada (“iMedical”), and the former shareholders of iMedical (the “Exchange Agreement”), whereby Exchangeco acquired 100% of the outstanding common shares of iMedical, taking into account certain shares pursuant to the Exchange Agreement. After giving effect to this transaction, the Company acquired all of iMedical’s assets and liabilities and commenced operations through iMedical.

 

The Company is engaged in research and development activities within the remote monitoring segment of preventative care. The Company is focused on a realizable healthcare business model that has an existing market and commercialization pathway. As such, its efforts to date have been devoted in building technology that enables access to this market through the development of a tangible product.