Hoops Scouting USA acquires Grit Performance Athletics app for $100K in stock, exits shell company status

HOOPS SCOUTING USA

Acquired Grit Mobile Application and related assets for $100,000, paid with 500,000 restricted shares.
Grit app has 3,500+ users and 757 premium subscribers; founded by professional coach Doug Plumb.
Company was a shell company prior to transaction; now has an operating business in basketball training.
Plans to franchise app to clubs and recruit NBA/NCAA influencers for revenue-sharing programs.
No financial statements provided; references prior 10-K and 10-Q filings for financial information.

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

HOOPS SCOUTING USA: Company ceased to be a shell company upon entering into an asset purchase agreement and providing Form 10 information by incorporation by reference (effective 2023-02-17).

Change: shell status
Effective: 2023-02-17

Exact text from the filing

Item 5.06 of Form 8-K states that if the registrant was a shell company before transactions changing the status of a shell company, then the registrant must disclose the information that would be required if the registrant were filing a general form for registration of securities on Form 10.

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HOOPS SCOUTING USA filing history →

Source: SEC EDGAR

accession 0001477932-23-001149

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