TransparentBusiness, Inc.: M&A transaction — Unicoin (fka TransparentBusiness) acquires ITSQuest; audited statements show $4.5M tax liability and net loss

TransparentBusiness, Inc.

Acquired ITSQuest, a professional staffing agency with 12 locations, on Nov 19, 2020 for undisclosed consideration.
ITSQuest audited: revenue $11.5M (Jan-Nov 2020) and $14.8M (FY2019); net loss attributable to common of $306K for the period.
Long-term tax liability of $4.47M to New Mexico Taxation & Revenue Dept for 2011-2018 assessments; no payment plan finalized.
Total stockholders' deficit was $3.22M as of Nov 26, 2020, with liabilities of $4.62M exceeding assets of $1.40M.
ITSQuest became a 51%-owned subsidiary of Unicoin after the share exchange.

item 2.01 item 9.01 item 9.02

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

TransparentBusiness, Inc. completed an acquisition involving ITSQuest, Inc. (closed 2020-11-19).

Action: acquisition
Counterparty: ITSQuest, Inc.
Closing: 2020-11-19

Exact text from the filing

On November 19, 2020, Unicoin Inc. (formerly known as TransparentBusiness, Inc.) (the “Company”) acquired ITSQuest, Inc. (“ITSQuest).

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Source: SEC EDGAR

accession 0001829126-23-001980

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