Bangtong International has not yet generated any revenues. The decrease in the price of revenues resulted from restricted licensing income earned from the corporate requiring no cost of revenues. Any translation changes resulting are not included in determining internet income but are included in foreign exchange adjustment to other comprehensive revenue, a component of fairness. This report consists of the certifications of our Chief Executive Officer and Chief Financial Officer required by Rule 13a-14 of the Securities Exchange Act of 1934 (the “Exchange Act”). On July 26, 2019, the Board of Directors accepted the resignation of Michael De La Garza as Chief Executive Officer and appointed Tom Wilkinson as Interim Chief Executive Officer. In August 2019, the Board of Directors formed a special committee of impartial directors (“Special Committee”) to research sure actions of Michael De La Garza. If declared by the board of administrators, holders of most well-liked inventory are entitled to obtain dividends prior and in preference to any declaration or payment of any dividend on the frequent stock of the company.
The company determines if an association comprises a lease at inception. Management determines the fair worth of inventory issuances utilizing the closing stock price on the grant date. Using the digital digital camera instance, a gross sales individual simply exhibits digicam after digital camera after digicam hoping to dazzle you with features till you buy one thing. This actually calls for an extraordinary effort to acquire the appropriate information about telephonic sales. This means that a guide may want to remain steps forward of any of their targeted shoppers in information and experience. Liessel may recall having seen it before. Utility mannequin. This model operates in a lot the same approach as an offline utility might operate, offering a product that has, via its use, develop into a necessity and is often tightly controlled. Bangtong International operates an e-commerce platform which serves consumers by way of its retail web sites that allow third-party sellers to sell their merchandise on its on-line marketplace. Yes, you’re educating your consumer to promote him or herself, so you have to perceive the psychology of promoting. If you use client information, you may still use the chron file, just make a second copy of the letter for your chron file.
The shareholders can only repay the loan by the transfer of all their equity pursuits in Shenzhen Bangtong to Jiaxing Bangtong or its designated persons. In addition, on the request of Jiaxing Bangtong or a social gathering designated by Jiaxing Bangtong, the shareholders of Shenzhen Bangtong ought to trigger Shenzhen Bangtong appoint any persons designated by Jiaxing Bangtong as administrators and/or executive director of Jiaxing Bangtong. By entering right into a series of agreements, Shenzhen Bangtong Electronic Commerce Limited (“Shenzhen Bangtong”) grew to become VIE of Jiaxing Bangtong. On November 6, 2018, Jiaxing Bangtong and Shenzhen Bangtong and every shareholder of Shenzhen Bangtong entered into an fairness interest pledge agreement. On August 8, 2019, the operating settlement with Ageos was terminated. Exclusive Option Agreement. On November 6, 2018 , Jiaxing Bangtong, Shenzhen Bangtong and each shareholder of Shenzhen Bangtong entered into an exclusive choice agreement. Bangtong International was integrated as a restricted firm below the legislation of Republic of Seychelles (“Seychelles”) on May 25, 2018. The Company’s registered office handle is Oliaji Trade Centre – 1 st Floor, Victoria, Mahe, Republic of Seychelles.
On November 5, 2018, Bangtong Group set up a wholly-owned subsidiary, Jiaxing Bangtong Electronic Technology Limited (“Jiaxing Bangtong” or “WOFE”) as wholly foreign-owned enterprises within the PRC. On May 30, 2018, Bangtong Development arrange a wholly-owned subsidiary, Bangtong Technology Group Limited (“Bangtong Group”) in Hong Kong. Research and growth bills elevated for the 9-month interval ended June 30, 2019 primarily as a result of higher salaries and consulting costs. Additionally, common and administrative expenses embrace funds to QHI and Noun Energy that are at the moment under investigation. 11,216 to an employee, which was recorded as inventory-primarily based compensation bills in research and improvement expense in the statement of operations. The Company’s operations rely upon the VIE to honor their contractual agreements with the company. The accompanying monetary statements include the balances and outcomes of operations of the corporate have been prepared pursuant to the foundations and rules of the U.S. The accompanying financial statements are presented on the premise that the corporate is a going concern.
Each share of most popular stock has 1.5 votes on all matters offered to be voted by the holders of common inventory. Each outstanding share of most well-liked stock is convertible into the Company’s common inventory at a rate of one preferred share to 1.5 widespread shares. Among the potential sources, Abdullah still appeared considered one of crucial. It was immaterial that Avery had purchased the Knightsbridge home from Aurelia; Felix still considered it as Aurelia’s. Felix checked out her in surprise and grinned. In October 2018, the company leased approximately 3,900 square ft of office house on North Scottsdale Road in Scottsdale, Arizona. In February 2019, the company and the landlord for its leased office area in Buda, Texas entered into a new lease settlement, and the company reduced its rented house from approximately 3,900 to 1,302 sq. feet. The brand new lease was effective February 1, 2019 and has a three-12 months time period.