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NOTE 4 - ASSET PURCHASE AGREEMENT
3 Months Ended
Mar. 31, 2018
Notes to Financial Statements  
NOTE 4 - ASSET PURCHASE AGREEMENT

NOTE 4 – ASSET PURCHASE AGREEMENT

 

On February 19, 2018, the Company entered into an Asset Purchase Agreement (“Purchase Agreement”) with Elevated Portfolio Holdings, LLC (“Elevated Portfolio”), whereby Elevated Education Inc., a wholly owned subsidiary of the Company (“Elevated”) agreed to purchase the assets of Elevated Portfolio for 2,000,000 shares of the Company’s common stock, par value $0.0001 per share. Elevated Portfolio offers medically focused education modules to health professionals about the use of cannabis for health and wellness.  The Purchase Agreement was closed on March 5, 2018.  As a result, the Company is able to use the acquired assets to continue its consulting business and provide key educational products as part of its service offering.

 

Elevated acquired intangible assets from Elevated Portfolio and assumed $38,500 of liabilities.  The liabilities consisted of $19,000 payable to NewBridge, which was eliminated in consolidation.  The remaining assumed liabilities of $19,500 are payable Mustang Capital, LLC, a related party.  Elevated Portfolio and Mustang Capital, LLC are both related parties since Mark Mersman, the chief executive officer of NewBridge is the principal executive in these entities as well.  

 

The purchase of the intangible assets of Elevated Portfolio was valued at predecessor cost.  As a result, the Company has recorded payables to related parties of $19,500, and the shares at par value.