v3.19.2

Nature of the Business | 6 Months Ended
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Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Nature of the Business | Note 1 – Nature of the Business At our core, we are a software Company whose technology allows retailers to combat the dual threats of Walmart and Amazon — both online and in physical stores. Our Brand rollup acquisition strategy allows us to demonstrate the effectiveness of our software and devise and test new products, while providing shareholder value through immediate revenue and earnings growth. The Company operates through our subsidiaries on three continents: 12 Hong Kong, Limited (“12HK”, “12 Hong Kong, Ltd.”), 12 Japan, Limited (“12JP”, “12 Japan, Ltd.”), 12 Europe A.G. (“12EU”, “12 Europe AG”), and 12 Retail Corporation (“12 Retail”) which, with its subsidiaries, designs, manufactures, and sells primarily fashion products through all channels including online, wholesale to retailers, and in our own store(s) from North America. 12 Retail’s subsidiaries include: Emotion Fashion Group, Inc. (acquired May 2018), Red Wire Group, LLC (Acquired February 2019) and Rune NYC, LLC (Acquired March 2019). Principal subsidiaries The details of the principal subsidiaries of the Company are set out as follows:
Name of Company |  | Place of Incorporation |  | Date of Incorporation |  |  | Acquisition Date |  | Attributable Equity Interest % |  |  | Business
12 Retail Corporation (“12 Retail”) |  | Arizona, USA |  |  | Sept. 18, 2017 |  |  | Formed by 12 ReTech Corporation |  |  | 100 | % |  | As a holding Company to execute the Company’s roll up acquisition strategy as well as to penetrate the North American market with our technology to select retailers.
12 Hong Kong Limited (“12HK”) |  | Hong Kong, China |  |  | February 2, 2014 |  |  | June 27, 2017 |  |  | 100 | % |  | Development and sales of technology applications
12 Japan Limited (“12JP”) |  | Japan |  |  | February 12, 2015 |  |  | July 31, 2017 |  |  | 100 | % |  | Consultation and sales of technology applications
12 Europe AG (“12EU”) |  | Switzerland |  |  | August 22, 2013 |  |  | October 26, 2017 |  |  | 100 | % |  | Consultation and sales of technology applications.
E-motion Fashion Group, Inc. F/K/A Emotion Apparel, Inc, Lexi Luu Designs, Inc, Punkz Gear, Skipjack Dive and Dancewear, Cleo VII |  | Re-incorporated, in Utah, USA F/K/I in California, USA |  |  | September 9, 2010 Reincorporated on July 6, 2018 and changed its name on July 26, 2018 |  |  | May 1, 2018 |  |  | 100 | % |  | A subsidiary of 12 Retail and is the first microbrand acquired under the microbrand acquisitions roll up strategy. Operates its own production facilities that can be utilized by all of the Company’s future microbrands.
Red Wire Group, LLC |  | Utah |  |  | July 2, 2015 |  |  | February 19, 2019 |  |  | 100 | % |  | A subsidiary of 12 Retail and is the second acquisition in the brand acquisition strategy. Operates its own “cut & sew for independent third parties’ contract to produce clothes
Rune NYC, LLC |  | New York |  |  | Jan 23, 2013. |  |  | March 14, 2019 |  |  | 92.5 | % |  | A subsidiary of 12 Retail and is the third in the brand acquisition. Operates contemporary women’s ‘Athleisure’ brand which is primarily sold to retailers

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- Definition The entire disclosure for the business description and basis of presentation concepts. Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI http://asc.fasb.org/topic&trid=2122369 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -URI http://asc.fasb.org/topic&trid=2122149 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -URI http://asc.fasb.org/topic&trid=2134479 + Details
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