Annual report [Section 13 and 15(d), not S-K Item 405]

Note 4 - Business Combinations

v3.26.1
Note 4 - Business Combinations
 12 Months Ended
Dec. 31, 2025
Notes to Financial Statements  
Business Combination [Text Block]

4. Business Combinations

 

RemoteMore USA, Inc.

 

On September 20, 2021, the Company acquired a 45.62% interest in RemoteMore, a software developer recruiting company, for an estimated total purchase price of $1,363,333, paying $863,333 in cash and $500,000 to be paid within one year of the acquisition date, or until certain factors of the agreement were met.

 

In February 2022, in connection with the September 2021 acquisition of the 45.62% interest in RemoteMore, and as a component of the aforementioned $500,000 remaining purchase price payment, the Company issued 13,986 shares of its Common Stock, with a value of $400,000, to the co-founders of RemoteMore. In January 2023, the Company exercised its option to purchase an additional 20% interest in RemoteMore at a purchase price of $116,667.

 

In May 2023, the Company acquired an additional 7% interest in RemoteMore for approximately $235,000. The acquisition interest and price were based on the original valuation of RemoteMore in September 2021. This acquisition increased the Company’s interest in RemoteMore to 72.62%.

 

In  April 2024, the Company and the minority group made an aggregate $300,000 capital injection while maintaining the same percentage of control of interest. 

 

In  February 2025, the Company acquired an additional 10.01% interest for approximately $300,000 for a total of 82.63% interest in RemoteMore.

 

In November 2025, the Company acquired an additional 1.95% ownership interest through the conversion of a $43,800 loan, increasing its total interest in RemoteMore to 84.58%.