5. Acquisition of the business of Seastone of Delray

9 Months Ended

Sep. 30, 2017

Notes to Financial Statements

5. Acquisition of the business of Seastone of Delray

5. Acquisition of the business of Seastone of Delray

The Company, utilized a portion of the proceeds realized on the sale of the Canadian Rehab Clinic to acquire certain assets of Seastone of Delray.

The Company obtained its own license to run a rehabilitation Clinic in Florida in December 2016 and began operations, through its wholly owned subsidiary, Seastone of Delray, LLC, effective January 2017.

The assets acquired were as follows:

	Amount
Purchase price paid:
Cash paid to seller	$      2,960,000
Deposits previously paid to seller	110,000
Mortgage liability funds	3,000,000
	6,070,000
Assets acquired:
Property	4,410,000
Furniture and fixtures	80,000
Intangibles - to be classified	1,438,525
Receivables	141,475
	$      6,070,000