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accounting - Sunday 18 June 2023 22:44
The following table is a reconciliation of the licenses:
August 31, 7.INVESTMENT IN EQUITY INSTRUMENTS Until February 28, 2019,
the Company accounted for the investment in Waterproof using the
equity method of accounting resulting in a carrying value of $587,274.
The following month, New Line was fined $125,000 for failing to provide requested accounting documents.
Included in the agreement is: (1) a provision for
three months written notice or salary paid in lieu of notice
upon termination without just cause and (2) a provision to increase the
base salary to $30,000 per month, retroactive to January 1, 2021, upon the Company
raising US$5 million in funding (achieved).
Company will advance US$1,147,928 to DCU as follows:
(1) US$573,964 upon the date of the loan agreement (advanced subsequently);
and (2) US$573,964 on the first month anniversary (advanced subsequently).
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