MadeLotsofMoney wrote: Not only did they buy out 100% of NOVAerial but they still made nearly $1 million of revenues for the year and still have $1,425,989 cash on hand
addition, the Issuer signed a definitive agreement to purchase a 100% interest in NOVAerial Robotics Inc. for a total consideration of CAD $700,000 - payable as $300,000 in cash and $400,000 in shares of Global UAV Technologies with the shares being released per a three year escrow period. NOVAerial Robotics is a Canadian-based company that designs and manufactures single rotor helicopter-style unmanned aerial vehicles. The principal product is the Procyon 800E.
Significant variances in the Issuer’s cash flows for the year ended October 31, 2017 compared to the year ended October 31, 2016, were as follows:
i. Cash used in operating activities increased by $222,654 to $713,530 from $490,876 in 2016 due to incorporating the Issuer’s new subsidiaries.
ii. Cash used in investing activities increased by $744,904 to $895,503 from $150,599 primarily due to the acquisition of assets for the subsidiaries.!!!
iii. Cash provided by financing activities increased by $473,068 to $1,425,989 from $952,921 in 2016 due to proceeds from private placements and exercise of warrants and options