v3.19.3

Nature of the Business | 9 Months Ended
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Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Nature of the Business | Note 1 – Nature of the Business 12 ReTech Corporation (“the Company”) is a holding company with subsidiaries that develop, sell and deploy software that the Company believes will REINVENT RETAIL for shoppers and retailers. As a holding company, we also acquire synergistic operating companies that manufacture and sell products to other retailers as well as sell products online. As a subsequent event on October 1, 2019, the Company acquired twelve (12) retail stores operating in airport terminals and casinos transforming the Company into a true Omni-Channel retailer. The new operations will allow us to deploy our cutting-edge software in the United States to demonstrate its effectiveness as well as to test, in real time, new software products that will continue to delight consumers and generate additional revenue and profit opportunities for retailers. 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 Hong Kong Limited (“12HK”) |  | Hong Kong, China |  | February 2, 2014 |  | June 27, 2017 |  |  | 100 | % |  | Development and sales of technology applications
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.
Red Wire Group, LLC |  | Utah, USA |  | July 2, 2015 |  | February 19, 2019 |  |  | 100 | % |  | A subsidiary of 12 Retail and is part of the brand acquisition strategy. Operates its own “cut & sew” factory for independent third party brands who contract us to produce their apparel products.
Rune NYC, LLC |  | New York, USA |  | Jan 23, 2013. |  | March 14, 2019 |  |  | 92.5 | % |  | A subsidiary of 12 Retail and is part of the brand acquisition. Operates contemporary women’s ‘Athleisure’ brand which is primarily sold to retailers.
12 Japan Limited (“12JP”) |  | Tokyo, Japan |  | February 12, 2015 |  | July 31, 2017 |  |  | 100 | % |  | Consultation and sales of technology applications
12 Europe AG (“12EU”) |  | Zurich, Switzerland |  | August 22, 2013 |  | October 26, 2017 |  |  | 100 | % |  | Inactive as of August 20, 2019
Bluwire Group, LLC (“Bluwire”) |  | Florida, USA |  |  |  | October 1, 2019 |  |  | 51% |  |  | As a subsequent event, this 12 location retailer was acquired.

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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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