Annual report pursuant to Section 13 and 15(d)

Disposition of Bow Energy Ltd., A Related Party (Tables)

v3.21.1
Disposition of Bow Energy Ltd., A Related Party (Tables)
12 Months Ended
Dec. 31, 2019
Disposition Of Bow Energy Ltd. Related Party  
Schedule of Consideraion Received for Sale of Business

The total consideration received for the sale of Bow is summarized as follows:

 

Cash   $ 100,000  
Shares returned to treasury (70,807,417 shares at $0.07 per share)     4,956,519  
Fair value of retained non-controlling interest (20% of $4,683,893 net liabilities of BEIH)     (1)
Total consideration received   $ 5,056,519  

 

(1) Initially recognized at $0 as the entity is in a net liability position.

Schedule of Loss on Acquisition and Disposition of Business

The total loss on acquisition and disposition of Bow is summarized as follows:

 

Total consideration paid for the acquisition of Bow   $ 34,607,088  
Total consideration received for the disposition of Bow     (5,056,519 )
Change in net assets of Bow during the ownership period     (231,015 )
Loss on acquisition and disposition of Bow   $ 29,319,554