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Subsequent Events
12 Months Ended
Dec. 31, 2021
Subsequent Events [Abstract]  
Subsequent Events

Note 6 – Subsequent Events

 

On December 15, 2021, the Company entered into various agreements with Logiq, Inc., a Delaware corporation (“Logiq”), including a Separation Agreement, Master Distribution Agreement, Tax Sharing Agreement and Transition Services Agreement, pursuant to which (amongst other things) Logiq agreed to transfer its CreateApp business to the Company, subject to customary conditions and approvals and completion of requisite financial statement audits (the “Separation”). On January 27, 2022, the Company and Logiq announced the closing of the Separation, pursuant to which Logiq sold and transferred CreateApp to the Company in exchange for 26,350,756 shares of Company common stock and assumption of liabilities of the CreateApp business. As a result of such acquisition, the Company is no longer a shell company and has acquired marketable assets and initiated operations related to the development and sale of the CreateApp platform and all of the CreateApp assets.

 

Included in the acquired marketable assets and initiated operations of CreateApp, is an Amount due from associate, PT Weyland Indonesia Perkasa (“WIP”) of $7,208,700 and $5,673,700 at December 31, 2021 and 2020.

 

This amount represents CreateApp’s investment in the proprietary software platform of WIP, AtoZ PAY, and will be reclassified by Lovarra as its acquired intangible assets at September 30, 2021. The valuation for this is supported by an independent valuation by CBI on March 14, 2022 in the amount of $31,500,000 on a willing buyer and willing seller basis.