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ORGANIZATION
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12 Months Ended |
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Dec. 31, 2014
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| ORGANIZATION | |
| ORGANIZATION | NOTE 1 - ORGANIZATION
Ehouse Global, Inc. was incorporated under the laws of the Commonwealth of Massachusetts on February 11, 2005, and became a corporation in the State of Nevada on January 7, 2009. It changed its name to Ehouse Global, Inc. (the “Company”) in January, 2013.
Reverse Merger and Spinoff
We entered into a Share Exchange Agreement effective April 30, 2013 (the “Exchange Agreement”) by and among (i) Ehouse (ii) NutraLiquids, LLC and (iii) the members of NutraLiquids, pursuant to which the holders of 100% of the outstanding units of NutraLiquids transferred to us all the units of NutraLiquids in exchange for the issuance of 52,000,000 shares of our common stock. As a result of the Share Exchange, NutraLiquids became a wholly-owned subsidiary of Ehouse.
The merger was accounted for as a reverse acquisition and recapitalization. NutraLiquids is the acquirer for accounting purposes, and Ehouse is the issuer. Accordingly, NutraLiquids’ historical financial statements for periods prior to the acquisition become those of the acquirer retroactively re-stated for the equivalent number of shares issued in the merger. Reported operations prior to the merger are those of NutraLiquids. No E House operating results from prior to the merger date are included in the reported financial statements of operations. Earnings per share for the period prior to the merger are restated to reflect the equivalent number of shares outstanding.
We entered into an Assignment and Assumption Agreement (the “Spin-off Agreement” ) with Edward Peplinski, the former President and largest stockholder of Veterans in Packaging, Inc, under which we assigned and transferred to Mr. Peplinski all of our rights, title, and interest in and to the operating assets specifically associated with its packaging business and assumed the liabilities specifically associated with the packaging business as defined in the Agreement and returned 198,000,000 shares of our common stock owned by him.
As a result of the Spin-off Agreement, we ceased to be a company engaged in the commercial packaging market. Our operations are now conducted through NutraLiquids and primarily consist of development of and plan to sell liquid nutritional beverages.
The Company cannot take advantage of being an emerging growth company under the JOBS Act because it had gone public prior to December 8, 2011. |