Post by
bohemian61 on Aug 28, 2019 9:14pm
LMAO DON'T READ THIS DUMMY GIMMY !!
17 LITIGATION AB Mining Limited (“AB Mining”) commenced a claim, jointly and severally, against the Company and Metaverse during the year ended April 30, 2019, pursuant to a breach of the Asset Purchase Agreement between AB Mining, Metaverse, and the Company. AB Mining is seeking damages and costs for the sale of crypto-machines to Metaverse for a purchase price of $26,388,750. On August 13, 2019, the summary judgement ruled that the Company and Metaverse, jointly and severally, breached the agreement with AB Mining and AB Mining is entitled to damages and costs, with the hearing by the Registrar to follow. The date of hearing has not been set and the exact amount of damages cannot be quantified at this time. The Company had, as part of the Asset Purchase Agreement, agreed to act as a guarantor and that in the event that Metaverse did not list its shares on an exchange, the Company would issue shares to AB Mining in the amount of $26,388,750. AB Mining is seeking shares of the Company due to the breach of the Asset Purchase Agreement. It is unclear if the Company or Metaverse will be required to issue the shares related to the breach of the Asset Purchase Agreement. Metaverse has accrued $31,487,056 in its records as at April 30, 2019. In the event the Company is required to perform under the guarantee it may be required to issue $26,388,750 worth of shares to AB Mining. In exchange for issuing the shares, the Company could expect to receive shares in Metaverse for the same amount. No amounts have been recorded in the financial statements by the Company as at April 30, 2019 with respect to this litigation, as Metaverse has recorded the full amount in its financial statements as at April 30, 2019. If the court rules that the Company is required to issue shares to AB Mining the transaction will be recorded at that time
Comment by
gimmycash on Aug 28, 2019 11:17pm
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