Acquisition of ARIA (formerly known as Seastone Delray)

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Acquisition of ARIA (formerly known as Seastone Delray)

5. Acquisition of ARIA (formerly known as Seastone Delray)

In the prior year, on February 14, 2017, the Company, utilized a portion of the proceeds realized on the sale of the Canadian Rehab Clinic to acquire certain assets of ARIA. 

The Company obtained its own license to run a rehabilitation Clinic in Florida in December 2016 and began operations, through its wholly owned subsidiary, ARIA, 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