Quarterly report pursuant to Section 13 or 15(d)


9 Months Ended
Oct. 31, 2018
Business Combinations [Abstract]  

On March 31, 2017, MCIG acquired software code for a cloud-based social media platform to be known as 420Cloud, which was assigned to OBITX. The Company considers the acquisition of 420Cloud as a purchase of an asset, not a business.  In this particular acquisition, the Company acquired software code and supporting functions for five different software packages that had not been finalized, marketed, and launched at the time of acquisition.  The Company expects to continue to expend a significant amount of time and capital to further develop the software. 


At the time of acquisition, the assets have no operational income and could not generate revenue without major consideration and effort by the Company. The following table summarizes the estimated fair values of the assets acquired and their accounting classifications, at the date of acquisition.  We assumed the liability and responsibility to complete the software as it was designed for with the intent to market.


420Cloud Accounting Classifications
Software - 420 Cloud - Mobile   $       677,389
Software - 420 Cloud – Browser     315,709
Software – 420 Cloud API     90,116
Software - Whodab     67,587
Software - Ehesive     450,882
Software – 420 Cloud – Single Sign On     450,882
Software – 420 Job Search     135,173
Software – Weedistry     45,058
Software – Marketaro     112,644
Software – 420 Cue     450,882
Software – 420 Wise Guy     225,593
Software – Palm Weed     22,529
Total assets acquired   $       3,044,444
Due to Shareholder – MCIG, Inc.   $       3,044,444