Get Started for Free Contexxia identifies hard-to-find pieces of information in SEC filings. No more highlighters, no more redlining, no more poring over huge documents. Genesis Electronics Group, Inc. (1302913) 10-Q published on Nov 21, 2011 at 3:35 pm
Reporting Period: Sep 29, 2011
On February 11, 2005, Pricester.Com (the "Company") merged into Pricester.com, Inc, ("BA22") a public non-reporting company (that was initially incorporated in Nevada in March 1998 as Business Advantage #22, Inc). BA22 acquired 100% of the Company's outstanding common stock by issuing one share of its common stock for each share of the Company's then outstanding common stock of 21,262,250 shares. The acquisition was treated as a recapitalization for accounting purposes.
The share exchange was accounted for as a purchase method acquisition pursuant to FASB ASC 805 "Business Combinations". Accordingly, the purchase price was allocated to the fair value of the assets acquired and the liabilities assumed. The Company was the acquirer for accounting purposes and Genesis was the acquired company.
In November 2008, the Company obtained through a vote of majority of its shareholders the approval to change the Company's name to Genesis Electronics Group, Inc. In February 2009, the Company filed an amendment to its Articles of Incorporation with the Secretary of State of Nevada. The Company changed its name to Genesis Electronics Group, Inc.
ASC Topic 280 requires use of the "management approach" model for segment reporting. The management approach model is based on the way a company's management organizes segments within the company for making operating decisions and assessing performance. Reportable segments are based on products and services, geography, legal structure, management structure, or any other manner in which management disaggregates a company. During the three and nine months ended September 30, 2011 and 2010, the Company operated in two reportable business segments, development of e-commerce websites for businesses and solar and alternative energy applications for consumer devices such as mobile phones.
We reported a net loss of $104,112 or $0.00 per share for the three months ended September 30, 2011 from continuing operations as compared to a net loss of $316,941 or $0.00 per share for the three months ended September 30, 2010. Net loss from discontinued operations were $34,148 or $0.00 per share for the three months ended September 30, 2011 as compared to a net loss from discontinued operations of $257,216 or $0.00 for the three months ended September 20, 2010.