Grapefruit Usa, Inc [GPFT]

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Company Overview

Grapefruit Boulevard Investments, Inc. (we, our, us, Grapefruit, GBI, or the Company) was formed as a California corporation on August 28, 2017 and began operation in September 2017. On July 10, 2019, Grapefruit acquired Imaging3, Inc. (IGNG) in a reverse acquisition (the Acquisition). Under the terms of the Share Exchange Agreement, IGNG issued to Grapefruits existing shareholders approximately 81% of the post-Acquisition IGNG common shares and the IGNG shareholders retained 19% of the post-Acquisition IGNG common shares. As a result, our financial statements are prepared using the acquisition method of accounting with Grapefruit as the accounting acquirer and IGNG treated as the legal acquirer and accounting acquiree.