Acquisition of Seastone of Delray

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Acquisition of Seastone Delray

5. Acquisition of Seastone 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		5,990,000
Furniture and fixtures		80,000
	$	6,070,000