INVESTMENT IN IMAGION BIOSYSTEMS

12 Months Ended

Dec. 31, 2019

INVESTMENT IN IMAGION BIOSYSTEMS

NOTE 3 - INVESTMENT IN IMAGION BIOSYSTEMS

As of December 31, 2019, the Company holds 61,516,508 shares of Imagion Biosystems (2,000,000 restricted shares for prepaid notes interests – see Note 8) that is 12% of Imagion’s total issued and outstanding common stock. Based upon Imagion’s trading price on December 31, 2019, $0.0175 per share, the fair value of the Imagion shares was $1,045,000.  During the year ended December 31, 2019, the Company recorded unrealized losses in its investments of $190,000.

As of December 31, 2018, the Company owned 64,099,476 shares of Imagion Biosystems (“Imagion”), resulting in a noncontrolling interest of 19% of Imagion’s issued and outstanding common stock. Based upon Imagion’s trading price on December 31, 2018, $0.021097 per share, the fair value of the Imagion shares was $1,352,000. During the year ended December 31, 2018, the Company recorded unrealized losses in its investment of $4,150,000.