secwatch.observer — SEC 8-K summary
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Issuer:     TransparentBusiness, Inc. (—)
CIK:        0001740742
Form:       8-K
Filed at:   2023-03-13T23:59:59+00:00
Accession:  0001829126-23-001980
Event type: m_and_a
Sentiment:  negative
Materiality: 0.60
Item codes: 2.01, 9.01, 9.02
LLM model:  deepseek-v4-flash:cloud@v2

Unicoin (fka TransparentBusiness) acquires ITSQuest; audited statements show $4.5M tax liability and net loss
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1740742/000182912623001980/0001829126-23-001980-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1740742/000182912623001980/unicoininc_8k.htm
  HTML page:      https://secwatch.observer/filing/0001829126-23-001980

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