SHARECARE 4.6% OWNERSHIP;[PG.11]I AM READING THIS; In 2009, we co-founded a U.S.-based venture, Sharecare, Inc. (“Sharecare”), to build a web-based platform that simplifies the search for health and wellness information. The other co-founders of Sharecare were Dr. Mehmet Oz, HARPO Productions, Discovery Communications, Jeff Arnold and Sony Pictures Television.
As of September 30, 2019, we owned approximately 4.6% of Sharecare’s issued stock and maintained representation on its Board of Directors.
https://www.otcmarkets.com/filing/...3734741&guid=G5oHUeLsyo_dlbh
During June 2018, one of our consolidated VIEs acquired a
20% interest in Beijing All-in-one Cloud Net Technology, Co. Ltd.
(“AIO”), a Chinese technology company which provides consulting and
data services to the Chinese film industry, in exchange for $1.0 million, a portion of which was paid by September 30, 2019,
and a license to use our proprietary KanKan data intelligence platform in China.
Based on our evaluation of the facts and circumstances related to the transaction, we determined that we will account for such transaction using the equity method of accounting.
We recognize our equity in the net earnings or losses relating to AIO
on a one-quarter reporting lag in our Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss. For the three months ended September 30, 2019, the amount of our equity in AIO’s net earnings for their quarter ended June 30, 2019 was not material. |
