Disposal of Weedweb

9 Months Ended

Mar. 31, 2016

Discontinued Operations and Disposal Groups [Abstract]

NOTE 3 – DISPOSAL OF WEEDWEB

Effective April 29, 2015, the Company entered into a Confidential Settlement and Mutual Release Agreement (the “Settlement Agreement”) with WeedWeb Inc, a privately held Delaware corporation (“WeedWeb”) and Weedweb’s controlling stockholder Mary Kay Tantum (“Tantum”). Pursuant to this agreement, we are to unwind the share exchange transactions which were made in connection with a share exchange agreement dated June 30, 2014, among the same parties. The decision to unwind and rescind the transaction was in large part as a result of lack or performance and lack of consideration required pursuant to the terms of the share exchange agreement. As a result, the parties mutually concluded that rescinding the transaction was warranted in the circumstances. 15,000,000 common shares of the Company were returned and cancelled in return for the disposal of WeedWeb.

The following table summarizes the loss from discontinued operations:

Income and Expenses of Discontinued Operations

	Three Months		Three Months
	Ended		Ended
	March 31, 2016		March 31, 2015

General and administrative expenses	$	—	$	12,728

Loss from discontinued operations	$	—	$	(12,728	)

	Nine Months		Nine Months
	Ended		Ended
	March 31, 2016		March 31, 2015

General and administrative expenses	$	—	$	173,574

Loss from discontinued operations	$	—	$	(173,574	)

As of the date of disposal, the assets and liabilities of WeedWeb consisted of the following:

Cash	$	2,142
Property and equipment, net		3,185
Intangible assets		14,208
Accounts payable to related party		(3,486	)
Net assets disposed	$	16,049

- Definition

The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

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+ Details

Kore Resources Inc. 10-Q