||Organization and Business:|
Acquisitions XVI, Inc. (the Company) was incorporated in the state of Delaware on October 21, 2011 for the purpose
of raising capital that is intended to be used in connection with its business plan which may include a possible merger, acquisition
or other business combination with an operating business.
July 23, 2012, Sole Comfort Shoes, Inc. (Purchaser) agreed to acquire 23,350,000 shares of the Companys common
stock par value $0.0001 for a price of $0.0001 per share. At the same time, Accelerated Venture Partners, LLC agreed to tender
3,500,000 of their 5,000,000 shares of the Companys common stock par value $0.0001 for cancellation. Following these transactions,
Sole Comfort Shoes, Inc. owned approximately 94% of the Companys 24,850,000 issued and outstanding shares of common stock
par value $0.0001 and the interest of Accelerated Venture Partners, LLC was reduced to approximately 6% of the total issued and
outstanding shares. Simultaneously with the share purchase, Timothy Neher resigned from the Companys Board of Directors
and Onkar Dhaliwal was simultaneously appointed to the Companys Board of Directors. Such action represents a change of control
of the Company. The Purchaser used their working capital to acquire the Shares. The Purchaser did not borrow any funds to acquire
The Company is currently in
the development stage. All activities of the Company to date relate to its organization, initial funding and share issuances.