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v2.4.0.6
Business Combinations
12 Months Ended
Dec. 31, 2011
Business Combinations [Abstract]  
Business Combinations

8.  Business Combinations

Effective October 31, 2008, the Company issued 2,000,000 shares of common stock and a notes payable to acquire all of the outstanding stock of OneWorld Hotel Destination Services, Inc. The purchase is being accounted for as an acquisition as required by SFAS No. 141.  Due to SFAS No. 141 OneWorld Hotel Destination Services, Inc. is considered the predecessor company.  Goodwill has been recorded and listed as another asset.  The purchase is being reported and operating as a wholly owned subsidiary of the parent company.  The purchase has been recorded as follows:

 

2,000,000 shares of common stock valued at $.09 each equals $180,000.

Notes payable at $469,800, with 1% interest and maturity dates of May 9, 2011 and October 19, 2011

 

Total purchase price of OneWorld Hotel Destination Services, Inc. was $649,800.

 

Net assets of OneWorld Hotel Destination Services, Inc. was $375,351.

 

Goodwill recorded on purchase ($649,800 - $375,351) is $274,449.

 

The quote for the price of the stock was from Otcbb.com.  It showed the price of the stock to be in the $.10 range.  The Company used a price of $.09 because of the large volume of shares.  

That is also the price used by the seller when he filed his Canadian income tax return.  The value used for the note was principal amount.

 

Net assets were calculated as follows:

 

BS
One World
10/31/2008
ASSETS
     Current Assets:
          Cash  $ 623,005 
          Accounts receivable   252,698 
          Other current assets   17,224 
     Total current assets   892,927 
     Other Asset   44,536 
 
TOTAL ASSETS   937,463 
LIABILITIES
     Current Liabilities
          Accounts payable  $ 560,263 
          Other current liabilities   1,849 
     Total current liabilities   562,112 
NET ASSETS  $ 375,351 

 

IS
January through December 31, 2008      
One World Global Eliminations Consolidated
Sales  $ 247,685   $ -     $ 247,685 
Cost of Sales   208,917        208,917 
Gross profit   38,768    -    -    38,768 
Expenses:
     Wages and salaries   26,290    26,290 
     Subsidiary expenses   33,375    33,375 
     Other administrative expenses   11,065    23,456      34,521 
Total expenses   37,355    56,831    -    94,186 
Income/(loss) from operations   1,413    (56,831)   -    (55,418)
Other income/(expenses)   (16,873)       (16,873)
Income before income taxes   (15,460)   (56,831)   -    (72,291)
Income taxes         - 
Net income/(loss)  $ (15,460)  $ (56,831)  $ -     $ (72,291)

 

Following is the proforma balance sheet and income statement as of the acquisition date, October 31, 2008: 

 

** OneWorld is reported for the four months ended October 31, 2008.