Acquisitions

9 Months Ended

May. 31, 2015

NOTE 4 – ACQUISITIONS

Amian Health Services

On December 10, 2013, our subsidiary Angels of Mercy acquired the assets of Amian Health Services. Pursuant to the Agreement, the Owners sold all the assets for $100,000 represented by a down payment of $75,000 at closing and a one year Secured Promissory Note for $25,000.

The acquisition was accounted for using the acquisition method of accounting and the purchase price was allocated to the assets acquired and liabilities assumed based upon their estimated fair values at the date of acquisition. Identifiable intangible assets include patents and purchased goodwill.

The purchase price was allocated to assets acquired and liabilities assumed as follows:


Cash and cash equivalents	$	8,646
Property and equipment		6,000
Purchased goodwill		85,354

Total assets acquired	$	100,000

On September 25, 2014, we acquired all the outstanding shares of Esteemcare Inc. and its wholly owned subsidiary, Affordable Medical Equipment Solutions Inc. in exchange for a $400,000 down payment, $100,000 note and payoff of $173,433 in operating leases.

The purchase price was allocated to assets acquired and liabilities assumed as follows:

Cash and cash equivalents	$	12,449
Accounts receivable (net)		573,130
Inventory		106,165
Prepaid expenses and other current assets		860
Property and equipment		3,008
Deposits and other assets		10,551
Purchased goodwill		622,610

Total assets acquired	$	1,328,773

Accounts payable and other accrued expenses	$	454,877
Inventory financing agreements		125,463
Notes payable		75,000

Total liabilities assumed	$	655,340

Oncologix Tech Inc. 10-Q/A