Business Description
On August 11, 2017 (date of Reorganization), the Company consummated a Stock
Purchase Agreement whereby its former Chief Executive Officer (“Former
CEO”) acquired all of the outstanding capital stock of three of the Company’s
subsidiaries, Abbey Technology GmbH, Horizon Globex GmbH and Horizon Globex
Ireland Ltd., and approximately 99.7% of the outstanding shares in One Horizon
Group plc (collectively the “Discontinued Entities”) from the Company
in exchange for the forgiveness of $1,968,253 due by the Company to the Former
CEO. In connection with the transaction, the Former CEO and the Discontinued
Entities released the Company and its remaining subsidiaries (the “Excluded
Entities”) from any claims outstanding as of the date of the transaction
and the Company and the Excluded Entities released the Discontinued Entities
from any outstanding claims.
The Company has the following wholly owned subsidiaries: (except for Once In
A Lifetime, LLC, which is 51% owned)
Once In A Lifetime, LLC d/b/a/ 123Wish (effective 2018)
Global Phone Credit Ltd
One Horizon Hong Kong Ltd
Horizon Network Technology Co. Ltd
C-Rod, Inc. (effective 2018)
In addition to the subsidiaries listed above, Suzhou Aishuo Network Information
Co., Ltd (“Suzhou Aishuo”) is a limited liability company, organized
in China and controlled by us via various contractual arrangements. Suzhou Aishuo
is treated as one of our subsidiaries for financial reporting purpose in accordance
with generally accepted accounting principles in the United States (“GAAP”).
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