0001615774-17-001366.txt : 20170331 0001615774-17-001366.hdr.sgml : 20170331 20170331060358 ACCESSION NUMBER: 0001615774-17-001366 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20150406 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Completion of Acquisition or Disposition of Assets ITEM INFORMATION: Unregistered Sales of Equity Securities ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20170331 DATE AS OF CHANGE: 20170331 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Ipsidy Inc. CENTRAL INDEX KEY: 0001534154 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-54545 FILM NUMBER: 17727850 BUSINESS ADDRESS: STREET 1: 780 LONG BEACH BLVD. CITY: LONG BEACH STATE: NY ZIP: 11561 BUSINESS PHONE: (407) 951-8640 MAIL ADDRESS: STREET 1: 780 LONG BEACH BLVD. CITY: LONG BEACH STATE: NY ZIP: 11561 FORMER COMPANY: FORMER CONFORMED NAME: ID Global Solutions Corp DATE OF NAME CHANGE: 20141014 FORMER COMPANY: FORMER CONFORMED NAME: IIM Global Corp DATE OF NAME CHANGE: 20130107 FORMER COMPANY: FORMER CONFORMED NAME: Silverwood Acquisition Corp DATE OF NAME CHANGE: 20111102 8-K/A 1 s105683_8k.htm 8-K/A

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K/A

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of earliest event reported): April 6, 2015

 

 

 

(Exact name of registrant as specified in its charter)

 

Delaware 000-54545 46-2069547
(State or Other Jurisdiction of
Incorporation)		 (Commission File Number)  (IRS Employer Identification
Number)

 

780 Long Beach Blvd., Long Beach, New York 11561

(Address of principal executive offices) (zip code)

 

407-951-8640

(Registrant's telephone number, including area code)

 

Copies to:

Stephen M. Fleming, Esq.

Fleming PLLC

49 Front Street, Suite 206

Rockville Centre, New York 11570

Phone: (516) 833-5034

Fax: (516) 977-1209

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

 

Item 1.01     Entry into a Material Definitive Agreement.

Item 2.01     Completion of Acquisition or Disposition of Assets

Item 3.02     Unregistered Sales of Equity Securities

 

On March 6, 2015, Ipsidy Inc. (f/k/a ID Global Solutions Corporation) (the “Company”) and all of the shareholders (the "Multipay Shareholders") of Multipay S.A., a Colombian corporation ("Multipay"), entered into a Share Purchase Agreement relating to the purchase by the Company from the Multipay Shareholders of all of the outstanding shares of Multipay (the “Share Purchase Agreement”). On April 6, 2015 (the "Closing Date") the parties closed on the Share Purchase Agreement (the "Closing") As a result of the Closing, the Company acquired 100% of the issued and outstanding shares of Multipay (the "Multipay Shares") from the Multipay Shareholders. In consideration for the Multipay Shares, the Company agreed to issue to the Multipay Shareholders up to an aggregate of 7,600,000 shares of common stock of the Company. Under the terms of the Share Purchase Agreement, within ten days of the Closing Date, the Company was required to issue 7,000,000 shares of common stock. Upon the Multipay Shareholders paying certain liabilities in the approximate amount of $370,000, the Company was required to deliver the balance of 600,000 shares of common stock to the Multipay Shareholders. In the event the Multipay Shareholders do not pay the entire amount of the certain liabilities by the 12-month anniversary of the Closing Date, the Company will not be required to deliver the remaining shares of common stock. On May 7, 2015, the Company and Multipay executed an amendment to the Share Purchase Agreement to 1) amend the number of shares to be issued within ten days of the Closing Date from 7,000,000 shares to 6,101,517 shares of common stock; and 2) to amend the balance of shares to be delivered from 600,000 shares to 1,498,483 shares, upon the payment of certain liabilities by the Multipay Shareholders. The 6,101,517 shares were issued on May 18, 2015. The deadline for issuance of the additional shares of common stock was extended by six months to November 7, 2016.    The time for the Multipay Shareholders to pay certain liabilities expired and the Multipay Shareholders had only paid part of the relevant liabilities. As a result the Company clawed back 1,237,946 shares of common stock in accordance with the terms of the Share Purchase Agreement, as amended and an additional 260,537 shares of common stock were issued in August 2016 for the balance of the consideration.   The Company had recorded a contingent liability of approximately $370,000 because of the contingency of the shares to be issued and debt to be released upon the payment of certain liabilities by the Multipay Shareholders.    

 

Multipay through the use of its own proprietary software platforms is engaged in providing an array of value added payment gateway services as well as complimentary mobile wallet applications and services to various customers in Colombia and Peru. The company was established in December of 2008 and had 14 full time employees based in Bogota, Colombia as of the date of acquisition.

 

The foregoing information is a summary of each of the agreements involved in the transactions described above, is not complete, and is qualified in its entirety by reference to the full text of those agreements, each of which is attached an exhibit to this Current Report on Form 8-K.  Readers should review those agreements for a complete understanding of the terms and conditions associated with this transaction.

 

Item 9.01  Financial Statements and Exhibits

 

(a) Financial Statements of business acquired

 

Audited Financial Statements of Multipay, S.A. for the year ended December 31, 2014 and 2013

 

(b) Proforma Financial Information

 

Proforma Financial Information of Multipay, S.A.

 

 

 

 

(c) Shell Company Transactions

 

Not applicable.

 

(d) Exhibits

 

Exhibit Number   Description
10.1  

Share Purchase Agreement by and between ID Global Solutions Corporation and the Multipay S.A. Shareholders dated March 6, 2015 (1)

 

10.2  

Amendment No. 1 to the Share Purchase Agreement by and between ID Global Solutions Corporation and the Multipay S.A. Shareholders dated May 7, 2015 (2)

     
99.1  

Audited Financial Statements of Multipay, S.A. for the year ended December 31, 2014 and 2013

 

99.2   Proforma Financial Information of Multipay, S.A.

 

(1)Incorporated by reference to the Form 8-K Current Report filed with the Securities Exchange Commission on March 12, 2015.
   
(2)

Incorporated by reference to the Form 10-Q Quarterly Report filed with the Securities Exchange Commission on March 29, 2017.  

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  Ipsidy Inc.
Date: March 30, 2017 By: /s/Stuart P. Stoller
  Name: Stuart P. Stoller
  Title: Chief Financial Officer

 

 

 

 EX-99.1 2 s105683_ex99-1.htm EXHIBIT 99-1

 

Exhibit 99.1

 

MULTIPAY S.A.S.

 

Financial statements as of December 31, 2014 and 2013

 

 

 

 

EXTERNAL AUDITOR’S REPORT

 

To the Stockholders of

MULTYPAY S.A.S:

 

I have audited the accompanying financial statements of MULTYPAY S.A.S, which include the statement of financial position as of December 31, 2014 and 2013, and the profits and losses statements, and of cash flows for the periods those ended, and a summary of the significant accounting policies, as well as other explanatory notes.

 

Management is responsible for the preparation and accurate presentation of these financial statements in accordance with Accounting Standards accepted in the United States (USGAAP). This responsibility includes: designing, implementing, and keeping an adequate internal control system for the preparation and presentation of financial statements free of material misstatements, whether due to fraud or error; selecting and applying the appropriate accounting policies; as well as making reasonable accounting estimates under the circumstances.

 

My responsibility is to express an opinion on those financial statements, based upon ours audits. I obtained the information necessary to comply with my functions and conduct my work in accordance with auditing standards generally accepted in Colombia. These standards require that I plan and conduct the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit of the financial statements includes examining, on a test basis, the evidence supporting the figures and disclosures in the financial statements. The audit procedures selected depend upon the professional judgment of the auditor, including his assessment of the risks of significant errors in the financial statements. In the risk assessment, the auditor considers the internal control of the Company that is relevant for the preparation and reasonable presentation of the financial statements, with the purpose of designing audit procedures appropriate under the circumstances. An audit also includes, assessing the accounting principles used and significant accounting estimates made by Management, as well as evaluating the general presentation of the financial statements. I consider that my audit provides a reasonable basis to express our opinion.

 

 

 

 

In my opinion, the aforementioned financial statements, present fairly, in all material respect, the financial position of MultyPay S.A.S as of December 31, 2014 and 2013, the results of its operations and the cash flows for the periods those ended, in conformity with Accounting Standards accepted in the United States (USGAAP)

 

/s/ NELSON RINCON ANGEL

NELSON RINCON ANGEL

T.P. 43081-T

 

December 6,2016

 

 

 

 

MULTIPAY S.A.S.

 

BALANCE SHEET

 

AS OF DECEMBER 31, 2014 AND 2013

(Amounts stated in dollars)

 

   2014   2013 
ASSETS          
Current assets          
           
Cash (Note 3)  $2,871  $3,561 
Accounts Receivable (Note 4)   205,863    158,418 
Accounts Receivable with related parties   -    788 
           
Total Current Assets   208,734    162,768 
           
Non-Current Assets          
           
Equipment, net (Note 5)   22,041    30,820 
Intangibles (Note 6)   572,944    789,384 
Other assets   -    639 
           
Total Non-Current Assets   594,984    820,843 
           
TOTAL ASSETS  $803,718   $983,611 

 

 

 

 

MULTIPAY S.A.S.

 

BALANCE SHEET

 

AS OF DECEMBER 31, 2014 AND 2013

(Amounts stated in dollars)

 

   2014   2013 
LIABILITIES          
           
Current Liabilities          
Financial obligations (Note 7)  $496,715   $582,478 
Suppliers (Note 8)   38,123    6,645 
Accounts payable (Note 9)   119,723    45,819 
Loans to related parties (Note 10)   334,136    197,913 
Taxes, encumbrances and rates (Note 11)   68,019    76,713 
Labor obligations (Note 12)   22,255    8,491 
Accrued liabilities and provisions (Note 13)   26,142    27,523 
Other liabilities (Note 14)   13,512    3,991 
           
Total current liabilities   1,118,625    949,572 
           
Long-Term Liabilities          
           
Financial obligations (Note 7)   -   - 
           
Total liabilities  $1,118,625  $949,572 
           
STOCKHOLDERS' EQUITY (DEFICIT)          
           
Capital stock  $1,385,728  $1,720,598 
Reserves   5,413    6,721 
Retained Earnings   (1,363,727)   (1,208,441)
Results for the period   (342,321)   (484,839)
           
TOTAL STOCKHOLDERS' EQUITY (DEFICIT)   (314,907)   34,039 
           
TOTAL LIABILITIES AND STOCKHOLDERS (DEFICIT)  $803,718   $983,611 

 

 

 

 

MULTIPAY S.A.S.

 

STATEMENT OF OPERATIONS AND OTHER COMPREHENSIVE RESULTS

 

AS OF DECEMBER 31, 2014 AND 2013

(Amounts stated in dollars)

 

   2014   2013 
         
Operating revenues (Note 15)  $765,135    S 1,301,528 
           
Returns and sales discounts (Note 15)   (32,998)   (200,461)
           
Net sales   732,137    1,101,067 
           
Cost of operation and sales (Note 16)   (445,779)   (717,711)
           
Gross profit   286,358    383,357 
           
Administration expenses (Note 17)   427,447    599,153 
Sales expenses (Note 17)   50,019    65,253 
           
Operating profit   (191,107)   (281,049)
           
Other revenues   2,602    9,541 
Other disbursements   (153,815)   (203,297)
           
Profit before taxes   (342,321)   (474,805)
           
Income tax provision   -    (10,034)
           
Loss for the period  $(342,321)  $(484,839)
           
OTHER COMPREHENSIVE RESULTS          
           
Other comprehensive income or (deficit)   -    - 
           
Results for the period and other comprehensive results  $(342,321)  $(484,839)

 

 

 

  

MULTIPAY S.A.S.

 

STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

 

FOR THE PERIOD BETWEEN JANUARY 1 AND APRIL 6, 2015

 

   Capital   Reserves   Retained
Earnings		   Results for
the period		   Total
Equity (deficit)		 
                     
BALANCES AS OF DECEMBER 31, 2012  $1,618,568   $4,867   $(1,123,984)  $(217,255)  $282,196 
                          
Transfer to retained earnings   -         (217,255)   217,255   -
Increase in equity   235,257    -    -    -    235,257 
Results for the period                  (484,839)   (484,839)
Adjustment in conversion   (133,227)   1,854    132,798    -    1,425 
                          
BALANCES AS OF DECEMBER 31, 2013  $1,720,598   $6,721   $(1,208,441)  $(484,839)  $34,039 
                          
Transfer to retained earnings   -         (484,839)   484,839    -
Adjustment of prior periods   -    -    -    -    - 
Loss for the period                  (342,321)   (342,321)
Adjustment in conversion   (334,870)   (1,308)   329,553    -    (6,625)
                          
BALANCES AS OF DECEMBER 31, 2014   1,385,728    5,413    (1,363,727)   (342,321)   (314,907)

 

 

 

  

MULTIPAY S.A.S.

 

STATEMENT OF CASH FLOWS

 

AS OF DECEMBER 31, 2014 AND 2013

(Amounts stated in dollars)

 

   2014   2013 
CASH FLOWS FROM OPERATING ACTIVITIES:          
Net loss for the period  $(342,321)  $(484,839)
Adjustments to reconcile loss with the net cash used in operating activities:          
Depreciation   -    - 
Income tax provisions   -    - 
    (342,321)   (484,839)
           
Net changes in operating assets and liabilities:          
Inventory decrease   -    - 
Decrease in accounts receivable   (78,277)   59,864 
Accounts Receivable with related parties   635    71,870 
Decrease in inventories   -    - 
Decrease in intangibles   62,807    (8,805)
Other assets   515    (639)
Increase in suppliers   32,772    (28,918)
Increase in accounts payable   82,821    (184,755)
Increase in taxes, encumbrances and rates   6,236    54,555 
Decrease in labor obligations   15,416    3,561 
Increase in accrued liabilities and provisions   3,975    8,281 
Increase in other liabilities   10,298    (9,446)
           
Total net cash flows provided by operating activities   137,199    (34,432)
           
CASH FLOWS FROM INVESTING ACTIVITIES:          
Increase in equipment   2,781    12,570 
           
Total net cash flows provided by investing activities   2,781    12,570 
           
CASH FLOWS FROM FINANCING ACTIVITIES:          
           
Decrease in financial obligations   27,601    213,356 
Loans to related parties   174,742    35,343 
Decrease in equity   -    259,910 
           
Total net cash flows provided by financing activities   202,344    508,609 
           
NET DECREASE IN CASH   3    1,908 
           
CASH AT THE BEGINNING OF THE YEAR   2,868    1,653 
           
CASH AT THE END OF THE YEAR   2,871    3,561 

 

 

 

 

MULTIPAY S.A.S.

 

NOTES TO THE FINANCIAL STATEMENTS

 

AS OF DECEMBER 31, 2014 AND 2013

(Amounts stated in dollars)

 

1.ECONOMIC ENTITY

 

MULTIPAY S.A., is a Colombian joint-stock company incorporated on December 02, 2008 through a private document, registered before the Chamber of Commerce of Bogota, D.C. on December 09, 2008 under No. 01260897 of Book IX. Its term goes until December 02, 2038.

 

The main corporate purpose of the Company is the integration and supply of solutions and the provision of e-commerce services and data and information processing, including the processing of transactions and payments made by means of electronic means through the different communication channels, as well as the collection and distribution operations through the very same means; the provision of administrative, economic, and technical advisory and consulting services in the IT and communications area, including the strategic planning, design and management of transactional networks, e-commerce and e-payment systems, and information systems in general; creation, design, development, implementation, installation, distribution, editing, maintenance, support and commercialization of information systems and programs (software), to be used in office equipment, computers, mobile devices, communications and telematics equipment, electronic equipment, and the like.

 

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

a. Presentation of financial statements

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (USGAAP) and the functional currency is the Colombian peso. The financial statements were restated in US dollars using the market representative rate at the close of each year.

 

b. Operations carried out in Foreign Currency

All transactions carried out in currencies other than the Colombian peso are presented using the market representative exchange rates in force and effect on the dates of the operations. Balances in currencies other than the Colombian peso are updated according to the exchange rate in force at exercise closing. The exchange gains or losses of operations denominated in currencies other than the Colombian peso, together with the corresponding related hedging effects, are included in the statement of profits and losses.

 

 

 

 

c. Use of accounting estimates

The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America require Management to make estimates and assumptions that affect the amounts presented for assets and liabilities as of the balance sheet date, as well as the amounts presented as revenues and expenses during the corresponding period. The most significant estimates related to the preparation of financial statements of MultiPay relate to the allowance for doubtful accounts, and tax provisions, among others. Management considers that these estimates are adequate. Actual results might differ from those estimates.

 

d. Cash and cash equivalents

Cash equivalents are defined as cash on hand, banks and short-term deposits in banks. With an original maturity of three or less months.

 

e. Equipment

Equipment is presented at cost less accrued depreciation. Maintenance and repair expenses are imputed to operations as incurred. Depreciation is calculated using the straight-line method and it is charged to operations during the estimated useful life of the assets.

 

The useful lives of the assets are as follows:

 

- Office equipment, 10 years

- Computer and communications equipment, 5 years

 

f. Intangibles

The intangibles correspond to software formed for its own use, through which services related to the corporate purpose are rendered. In this respect, the Company capitalized the improvements made to the software up until 2014. The amortization is calculated through the straight-line method and it is charged to operations during the estimated useful life of the asset, which in this case is ten (10) years.

 

g. Labor obligations

This liability corresponds to the obligations that the Company has on account of the social benefits with its employees.

 

h. Income tax provision

The Company determines the income tax and income tax for equity (CREE) provisions based upon the taxable income or the presumptive income, whichever is greater, estimated at rates specified in the tax law; further, it records as deferred income tax the effect of the temporary difference between books and taxes in the treatment of certain items, provided that there is a reasonable expectation that those differences shall revert.

 

 

 

 

3.CASH AND CASH EQUIVALENTS

 

As of December 31, 2014 and 2013 this account included the following:

 

   2014   2013 
General Cash  $648   $- 
Petty cash   229    252 
Banks   1,994    3,309 
   $2,871   $3,561 

 

4.ACCOUNTS RECEIVABLE

 

As of December 31, 2014 and 2013 this account included the following:

 

   2014   2013 
Clients  $140,404   $92,640 
Advanced payments and advances   3,987    1,401 
Deposits   -    - 
Prepaid taxes   61,472    64,377 
   $205,863   $158,418 

 

5.EQUIPMENT

 

As of December 31, 2014 and 2013 this account included the following:

 

   2014   2013 
Furniture and fixtures  $21,110   $33,867 
Computer and communications equipment   43,980    33,107 
Accrued depreciation   (43,049)   (36,154)
   $22,041   $30,820 

 

 

 

 

6.INTANGIBLES

 

As of December 31, 2014 and 2013 this account included the following:

 

   2014   2013 
Software  $572,944   $789,384 
   $572,944   $789,384 

 

7.FINANCIAL OBLIGATIONS

 

As of December 31, 2014 and 2013 this account included the following:

 

   2014   2013 
Promissory notes  $-   $1,380 
Bank overdrafts   281,323    255,592 
Other obligations   215,392    325,505 
           
    496,715    582,478 
           
Long-term promissory notes   -   - 
           
   $496,715  $582,478 

 

8.SUPPLIERS

 

As of December 31, 2014 and 2013 this account included the following:

 

   2014   2013 
Supplires  $38,123   $6,645 
   $38,123   $6,645 

 

 

 

 

9.ACCOUNTS PAYABLE

 

As of December 31, 2014 and 2013 this account included the following:

 

   2014   2013 
         
Costs and expenses payable  $93,479   $23,413 
Withholding taxes   12,320    10,872 
Value Added Tax withheld   3    - 
Industry and Commerce Tax withheld   1    6 
Payroll withholdings and contributions   7,108    6,434 
Sundry creditors   6,813    5,093 
Other accounts payable   -    - 
           
   $119,723   $45,819 

 

10.LOANS TO RELATED PARTIES

 

As of December 31, 2014 and 2013 this account included the following:

 

   2014   2013 
         
Loans with stockholders  $334,136   $197,913 
   $334,136   $197,913 

 

The amount corresponds to stockholders’ loans with the purpose that the Company had cash flow to comply with the contractual obligations, especially the payment of payroll, labor obligations and other liabilities.

 

11.TAXES. ENCUMBRANCES AND RATES

 

As of December 31, 2014 and 2013 this account included the following:

 

   2014   2013 
         
Value Added Tax payable  $60,350   $70,646 
Industry and Commerce Tax payable   7,669    6,067 
           
   $68,019   $76,713 

 

 

 

  

12.LABOR OBLIGATIONS

 

As of December 31, 2014 and 2013 this account included the following:

 

   2014   2013 
Salaries payable  $-   $- 
Consolidated severance pay   9,276    - 
Consolidated vacations   12,979    8,491 
           
   $22,255   $8,491 

 

13.ACCRUED LIABILITIES AND PROVISIONS

 

As of December 31, 2014 and 2013 this account included the following:

 

   2014   2013 
Accrued liabilities and provisions  $26,142   $27,523 
Income tax   -    - 
           
  $26,142   $27,523 

 

14.OTHER LIABILITIES

 

As of December 31, 2014 and 2013 this account included the following:

 

   2014   2013 
Advanced payments and advances received  $13,512   $3,991 
           
   $13,512   $3,991 

 

15.STOCKHOLDERS (DEFICIT)

 

As of December 31, 2014 and 2013 this account included the following:

 

   2014   2013 
Subscribed and paid-in capital  $1,385,728   $1,720,598 
Reserves   5,413    6,721 
Retained Earnings   (1,363,727)   (1,208,441)
Results for the period   (342,321)   (484,839)
           
   $314,907   $34,039 

 

 

 

 

16.REVENUES

 

As of December 31, 2014 and 2013 this account included the following:

 

   2014   2013 
Wholesale and retail trade  $201,211   $58,277 
Real estate, enterprise and rental activities   563,924    1,243,250 
Returns, rebates, and discounts in sales   (32,998)   (200,461)
    732,137    1,101,067 
Non-operating   2,602    9,541 
           
   $734,738   $1,110,609 

 

17.OPERATING COSTS AND SALES

 

As of December 31, 2014 and 2013 this account included the following:

 

   2014   2013 
Operating sales  $306,078   $503,620 
           
Operarting Costs          
Personnel expenses   63,572    128,901 
Fees   11,525    519 
Rentals   -    22,188 
Contributions and affiliations   -    - 
Services   35,686    19,598 
Maintenance and repair   28,311    39,928 
Sundry   606    2,956 
           
   $445,779   $717,711 

 

18.EXPENSES

 

As of December 31, 2014 and 2013 this account included the following:

 

   2014   2013 
Operating - Administration          
Personnel expenses  $116,891   $45,880 
Fees   78,980    60,344 

 

 

 

  

   2014   2013 
Rentals   46,423    67,952 
Contributions and affiliations   -    1,297 
Insurance   2,148    1,865 
Services   14,121    19,563 
Legal expenses   7,090    7,672 
Maintenance and repair   2,012    3,041 
Travelling expenses   2,734    620 
Depreciation   9,864    11,960 
Amortization   122,625    166,895 
Provisions   20,380    206,900 
Sundry   4,178    5,164 
           
   $427,447   $599,153 
           
Operating - Sales          
Personnel expenses  $13,550   $37,658 
Fees   1,913    - 
Taxes   8,107    9,673 
Travelling expenses   -    4,194 
Services   15,476    5,318 
Amortization   10,792    7,817 
Sundry   180    593 
           
   $50,019   $65,253 

 

   2014   2013 
Non-operating          
Financial  $142,594   $150,940 
Extraordinary expenses   19    32,462 
Sundry expenses   11,203    19,895 
           
   $153,815   $203,297 

 

19.GOING CONCERN

 

As of December 31, 2014 and 2013, the Company shows Going Concern problems, due to the fact that the losses have diminished equity below 50% of the capital stock, which causes the Company to be under a dissolution causal. The company’s Management are aware of this situation, and as of this date, they are reviewing the options to solve this situation.

 

 

 

 

20.SUBSEQUENT EVENTS

 

Convergence into International Financial Reporting Standards:

In conformity with the provisions of Law 1314 de 2009, Regulatory Decree 2784 of December 2012 and Decree 3024 of 2013, the Company belongs to Group 2 of financial information preparers. The Company has to elaborate the Opening Statement of Financial Position as of January 1, 2015 and the issuance of the first financial statements under International Financial Reporting Standards will be as of December 31, 2016. The instances responsible for the preparation for convergence and their adequate compliance are the Board of Directors and the Legal Representatives.

 

As of the date of this report, the Company is in the process of elaborating first the financial statements as of December 31, 2016; for that reason, we do not know the definitive effect on the financial statements of the first-time adoption of the International Financial Reporting Standards.

 

 

 

 

 EX-99.2 3 s105683_ex99-2.htm EXHIBIT 99-2

 

Exhibit 99.2

 

The unaudited pro forma consolidated financial statements of Ipsidiy Inc. (f/k/a ID Global Solutions Inc.) and Multipay S.A. reflect pro forma adjustments for certain transactions as if such transactions had occurred as of December 31, 2014 for purposes of the unaudited pro forma consolidated condensed balance sheet and the consolidated statements of operations.

 

Ipsidy Inc., Formerly Known As ID Global Solutions Corporation

 

Index to Unaudited Pro Forma Condensed Combined Financial Information

 

December 31, 2014

 

  Pages
Introduction to Unaudited Proforma Condensed Combined Financial Statements 2
   
Unaudited Proforma Condensed Combine Balance Sheet as of December 31, 2014 3
   
Unaudited Proforma Condensed Combined Statement of Operations for the Year Ended  December 31, 2014 4
   
Notes to Unaudited Proforma Condensed Combined Financial Statements 5

 

 1 

 

 

Ipsidy Inc., Formerly Known As ID Global Solutions Corporation

 

Introduction to Unaudited Pro Forma Condensed Combined Financial Information

 

Multipay S.A.

 

On April 6, 2015 (the "Closing Date"), the Company and all of the shareholders (the "Multipay Shareholders") of Multipay S.A., a Colombian corporation ("Multipay"), closed (the "Closing") on the Share Purchase Agreement entered into between the parties on March 6, 2015. As a result of the Closing, the Company acquired 100% of the issued and outstanding shares of Multipay (the "Multipay Shares") from the Multipay Shareholders on a fully diluted basis. In consideration for the Multipay Shares, the Company agreed to issue to the Multipay Shareholders up to an aggregate of 7,600,000 shares of common stock of the Company. Under the terms of the initial agreement, within ten days of the Closing Date, the Company was required to issue 7,000,000 shares of common stock. Upon the Multipay Shareholders paying certain liabilities in the approximate amount of $370,000, the Company was required to deliver the balance of 600,000 shares of common stock to the Multipay Shareholders. In the event the Multipay Shareholders do not pay the entire amount of the certain liabilities by the 12-month anniversary of the Closing Date, the Company will not be required to deliver the remaining shares of common stock. On May 7, 2015, the Company and Multipay executed an amendment to the Share Purchase Agreement to 1) amend the number of shares to be issued within ten days of the Closing Date from 7,000,000 shares to 6,101,517 shares; and 2) to amend the balance of shares to be delivered from 600,000 shares to 1,498,483 shares, upon the payment of certain liabilities by the Multipay Shareholders. The payment of these shares has been extended by six months to November 7, 2016. The 6,101,517 shares were issued on May 18, 2015. The Company has recorded a contingent liability of approximately $370,000 because of the contingency of the shares to be issued and debt to be released upon the payment of certain liabilities by the Multipay Shareholders.

 

In accordance with ASC 805, “Business Combinations,” the Company accounted for the acquisition of Multipay as a business combination using the acquisition method of accounting. The purchase price was allocated to specific identifiable tangible and intangible assets at their respective fair values at the date of the acquisition.

 

The following table summarizes the total fair value of consideration transferred as well as the fair values of the assets acquired and liabilities assumed.

 

Common stock consideration  $860,491 
Liabilities assumed   909,721 
Total purchase consideration   1,770,212 
Current assets   (295,654)
Property and equipment   (20,000)
Customer relationships   (14,087)
Intellectual property   (1,273,781)
Goodwill  $166,689 

 

Goodwill is calculated as the excess of the consideration transferred over the net assets recognized and represents the expected revenue and cost synergies of the combined company, which are further described above. Goodwill recognized as a result of the acquisition is not deductible for tax purposes. See Notes 1 and 3 for additional information about goodwill and other intangible assets. The recognized goodwill related to MultiPay is directly attributable to its payment gateway platform. 

 

As noted above, control was obtained on April 6, 2015, pursuant to the Share Purchase Agreement at which time the management of IDGS took over the operations of MultiPay. Control was achieved with IDGS personnel in Colombia and a restructuring of the reporting hierarchy to IDGS management.

 

 2 

 

 

The following unaudited pro forma condensed consolidated statement of operations

 

The information presented in the unaudited proforma combined financial statements does not purport to represent what our financial positions or results of operations would have been had the Share Purchase Agreement been consummated nor is it indicative of our future financial positon or results of operations for any period. You should rely on this information as being indicative of the historical results that would have been achieved had the companies always been combined or the future results that the combined company will experience after the Share Exchange Agreement.

 

Ipsidy Inc.

Formerly know as ID Global Solutions Corporation

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

 

   Ipsidy Inc.
December 31,		   Multipay SAS   subtotal   Pro Forma Adjustments   Proforma 
   2014   2014   2014   Dr.   Cr.   Balances 
                 
Revenues:                              
Revenues, net  $735,364   $732,137   $1,467,501    -    -   $2,935,002 
                               
Cost of Sales        445,779    445,779    -    -    891,558 
                               
Gross profit (loss)   735,364    286,358    1,021,722    -    -    2,043,444 
                               
Operating Expenses:                              
General and administrative   9,003,143    477,465    9,480,608    -    -    9,480,608 
Research and development   480,789    -    480,789    -    -    480,789 
Depreciation and amortization   147,052    -    147,052    130,787    -    277,839 
Total operating expenses   9,630,984    477,465    10,108,449    130,787    -    10,239,236 
                               
Loss from operations   (8,895,620)   (191,107)   (9,086,727)   130,787    -    (18,042,667)
                               
Other Income (Expense):                              
Gain (loss) on derivative liabilities   (26,647,021)   -    (26,647,021)   -         (26,647,021)
Interest income (expense) - net   (1,136,528)   (142,594)   (1,279,122)   -    142,594    (1,136,528)
Other income (expense) -net        (8,620)   (8,620)   -    -    (8,620)
Other income (expense), net   (27,783,549)   (151,214)   (27,934,763)        142,594    (27,792,169)
                               
Loss before income taxes   (36,679,169)   (342,321)   (37,021,490)   130,787    142,594    (37,009,683)
                               
Income Taxes   -    -    -                
                               
Net loss  $(36,679,169)  $(342,321)  $(37,021,490)  $130,787   $142,594   $(37,009,683)
                               
Net Loss Per Share - Basic and diluted  $(0.21)  $-   $-     N/A     N/A   $(0.20)
                               
Weighted Average Shares Outstanding - Basic and diluted   175,696,214     N/A      N/A     6,101,517         181,797,731 

 

 3 

 

 

Ipsidy Inc.

Formerly known as ID Global Solutions Corporation

CONDENSED CONSOLIDATED BALANCE SHEETS

 

   Ipsidy Inc.          

 

         
   December 31,   Multipay SAS       Pro Forma Adjustments   Proforma 
   2014   2014   sub-total   Dr.   Cr.   Balances 
                         
ASSETS                         
Current Assets:                              
Cash  $159,296   $2,871   $162,167    987        $163,154 
Accounts receivable, net   -    205,863    205,863    60,673    205,863    60,673 
Inventory                  62,861         62,861 
Total current assets   159,296    208,734    368,030    124,521    205,863    286,688 
                               
Property and Equipment, net   21,582    22,041    43,623    20,000    22,041    41,582 
Other Assets   174,387         174,387    171,133         345,520 
Intangible Assets, net   421,774    572,944    994,718    1,287,868    572,944    1,709,642 
Goodwill   -         -    166,689         166,689 
Total assets  $777,039   $803,719   $1,580,758    1,770,211   $800,848   $2,550,121 
                               
LIABILITIES AND STOCKHOLDERS DEFICIT                     
Current Liabilities:                              
Accounts payable and accrued expenses  $150,228   $206,244   $356,472    206,244    454,181   $604,409 
Financial obligations   -    496,715    496,715    496,715        $- 
Taxes and encumbrances   -    68,019    68,019    68,019    65,137   $65,137 
Contingent purchase consideration (Note 10)   -    -    -    -    370,125   $370,125 
Note payable related party   48,417    -    48,417    -    -   $48,417 
Related party payables   60,200    334,136    394,336    334,136    -   $60,200 
Other liabilities   -    13,512    13,512    13,512    22,538   $22,538 
Total current liabilities   258,845    1,118,626    1,377,471    1,118,626    911,981    1,170,826 
                               
Commitments and Contingencies (Note 10)                              
                               
Stockholders' Equity:                              
Common stock, $0.001 par value, 500,000,000 shares authorized; 214,196,550 and 187,854,139 shares issued and outstanding as of June 30, 2016 and December 31, 2015, respectively   16,354    1,385,728    1,402,082    1,385,728    610    16,964 
Additional paid in capital   2,897,261    -    2,897,261    -    860,491    3,757,752 
Accumulated deficit   (2,395,421)   (1,706,048)   (4,101,469)   -    1,706,048    (2,395,421)
Reserves   -    5,413    5,413    5,413    -    - 
Total stockholders' equity   518,194    (314,907)   203,287    1,391,141    2,567,149    1,379,295 
Total liabilities and stockholders' equity  $777,039   $803,719   $1,580,758   $2,509,767   $3,479,130   $2,550,121 

 

 4 

 

  

Ipsidy Inc., Formerly Known As ID Global Solutions Corporation

 

Notes to Unaudited Pro Forma Condensed Combined Financial Information

 

1)Basis of Presentation.

 

The unaudited proforma condensed combined financial statements have been prepared in order to present combined financial position and results of operations of Ipsidy Inc.(formerly known as ID Solutions Corporation) and the Multipay acquisition had occurred as of December 31, 2014.

 

The financial statements of Multipay S.A.S. is as of its reporting period which ended on December 31. These financial statements have been prepared in accordance with Generally Accepted Accounting Principles. The audit report of Multipay S.A.S is intended to meet the requirement of a non-issuer entity who financial statements are filed to satisfy S-X 3-05 or 3-14 and are not required to be audited or have an auditor’s report of a firm registered with the PCOAB.

 

2) The consummation of the Share Purchase Agreement is deemed to be an acquisition. Ipsidy Inc. is considered to be the acquirer. The financial statements of the combined entities is intended to provide a fair representation of the combined entities financial statements in substance would been had the acquisition prior to the December 2014 Form 10K filing. We have included the fair value of assets related to the Multipay acquisition. As the valuation was completed as of the acquisition date, the amounts could vary from the actual entries ultimately recorded on the books.

 

 

3)The following adjustment have been recorded to reflect the acquisition:

 

Balance Sheet:

 

a.Amounts were recorded for the fair valuation of intellectual property, non-compete agreement, fixed assets and goodwill per the third party independent valuation report.

 

b.Elimination of note payable and notes payable related party.

 

c.Elimination of retained earnings of acquired entities.

 

d.Recording of the issuance of common stock for the acquisition cost.

 

Statement of Operations:

 

a.Reversal of interest expense on the financial obligations eliminated.

 

b.Recording of depreciation and amortization expense for the assets recorded as noted above.

 

 5 

 

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