Asset Acquisition

12 Months Ended

May 31, 2012

Note 4.

Asset Acquisition

On April 30, 2012, the Company entered into an Asset Purchase Agreement with IntroMe, Inc (the “Seller”), and all the shareholders of the Seller (the “Shareholders”); setting forth the acquisition certain technology of IntroMe, Inc.

Pursuant to the terms of the Purchase Agreement, the Company acquired certain technology of the Seller in exchange for the sum of $75,000, the issuance of a promissory note, convertible into shares of our common stock, $0.001 par value at a per share conversion price of the closing price of the Company’s common stock on the conversion date, subject to certain adjustments, in the amount of $75,000,and common stock purchase warrants of the Company which shall enable Seller to acquire 4,080,000 shares of common stock, $0.001 par value, of the Company at $0.34 per share exercise price.

Total price paid for the Seller’s assets in the acquisition was $1,565,989.

The following sets forth the components of the purchase price:

Purchase Price:

Convertible notes issued to seller	$	75,000
Cash paid		75,000
Fair value of common stock warrants		1,367,837
Fair value conversion option		48,152
Total purchase price		1,565,989
Assets acquired
Acquired technology		1,565,989
Total assets acquired		1,565,989
Excess purchase price	$	-

The intangible assets acquired were deemed fully impaired by the Company at May 31, 2012.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

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+ Details

Bizzingo, Inc. 10-K