Acquisition of FOH Online Corp Inc.
|12 Months Ended|
Jan. 31, 2019
|Acquisition Of Foh Online Corp Inc.|
|Acquisition of FOH Online Corp Inc.||
On November 15, 2018 the Company entered into a Stock Purchase Agreement with the shareholders of FOH Online Corp Inc (FOH), which included Cullen Investments Limited (Cullen) a related entity, that the Company purchased all of the issued and outstanding shares of FOH. The transaction was settled on December 6, 2019. The sub licence agreement which was in place between the Company and FOH was terminated upon completion of this transaction. The company has treated this transaction as an asset acquisition as the activities of FOH did not constitute a business.
Details of the purchase consideration, the net assets acquired and goodwill are as follows:
The assets and liabilities recognised as a result of the acquisition are as follows