OTCPK:EXRTF - Post by User
Post by
barneyj44on Oct 23, 2018 4:41pm
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Post# 28859661
ExactEarth owns 18% of Myriota and 1 board seat
ExactEarth owns 18% of Myriota and 1 board seat
In November 2015, exactEarth invested AUD$2.0 million of start-up funding in Myriota, and in 2016 provided AUD$400,000 of in-kind contributions. exactEarth did not participate in this Series A preference share round; post-funding the Company will retain an 18% ownership position through its interest in ordinary shares, a seat on the six-person board of directors, and an exclusive license to Myriota's advanced signal processing technology in the maritime vessel field. exactEarth accounts for its investment in Myriota using the equity method on its balance sheet. As a result, even though the Series A funding round indicates that the value of our ordinary shares has increased, it will not impact the carrying value of the Company's investment in Myriota.