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Purpose The purpose of this challenge is to test applicant’s…

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Purpose The purpose of this...

Purpose
The purpose of this challenge is to test applicant’s ability to research and document accounting and financial statement treatment and presentation conclusions related to a test scenario.BackgroundTechnology LLC consists of the intellectual property, excluding trademarks, of White Walker Auction and its technology team of employees. The intellectual property includes the website, the back end platform that supports the website, the way in which data is analyzed with proprietary lead scoring, and how these lead scoring is tracked between the website, email platform, various data sources, and the White Walker Auction database. This intellectual property was used by White Walker Auction to maximize the efficiency of its sales team time, directing them what leads had the highest scores, and thus being the best leads to focus their efforts on. The way this platform is built made it highly scalable and powerful. The assets related to our Technology LLC business had a net book value of approximately $10K as of October 15, 2017.On October 15, 2017, White Walker Auction entered into an agreement to sell its assets related to Technology LLC to Lancelot Realty Technologies, LLC (“Lancelot”) for $4.0 million. The sale closed on October 15, 2017, on which the Company received $3.75M, and the remaining $250k is held in escrow for 18 months. The $250k escrow funds will be held for 18 months following the sale of Technology LLC to satisfy indemnification claims. Given the sale consisted of the transfer of internally built technology, to which White Walker Auction retained the right to continue using the technology, the risk of claims is minimal.Lancelot plans to use the base technology developed to develop a more robust platform, that will use the underlying algorithms and functionality of the preexisting platform, but will be able to handle more than 40,000 agents who will utilize the system, and the high traffic flow their businesses receive. Lancelot plans to bolt on additional functionality over time, including an agent/salesperson interface that sits on top of the database so that less licenses are utilized, reducing database costs. Additionally Lancelot expects the system to have a full mobile app, mapping software, and other major enhancements in the future. In conjunction with the Asset Purchase Agreement, Lancelot issued a license agreement, licensing the technology back to White Walker Auction. This license is $50,000/month starting in January 2020 and the license has no charge prior to this date, and includes hosting support and maintenance. There is no commitment to pay the license fee unless White Walker Auction fails to terminate the agreement without 60 days notice prior to the end of the free license period. However, the Company can continue with the $50,000/month payment at its option through October 15, 2022.White Walker Auction had engaged lawyers and bankers with respect to our potential capital raise in early 2016. The cost of their work related to the transaction totaled $400,000. These services included analyzing and evaluating the business, due diligence, and structuring and negotiating the potential transaction.In conjunction with the sale of the Technology LLC assets, White Walker Auction and Real Estate of America (“REoA”), the parent company to Lancelot, entered into a revenue share agreement. In this agreement, White Walker Auction agrees to pay REoA brokerages 25% of its gross margin, before sales incentives, for any auction referred by a REoA to White Walker Auction, excluding 2 Brokers White Walker Auction already does business with. Currently REoA generated leads only make up about 3% of White Walker Auction revenues. The purpose of this revenue share agreement is to incentivize REoA to refer more business to White Walker Auction. REoA will be making formal introductions between the Company and their luxury brokerages and have Concierge as their preferred auction pro

Submitted: 8 months ago.Category: Single Problem
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Answered in 12 hours by:
12/20/2017
Business Tutor: F. Naz, B.Com replied 8 months ago
F. Naz
F. Naz, B.Com
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Please mention your deadline and also mention what is needed as the instructions are not very clear, moreover will you be able to cite my work in your assignment, thanks.

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Customer reply replied 8 months ago
I need to submit by Saturday. It needs to be very clear and explanatory. Can you handle it?
Business Tutor: F. Naz, B.Com replied 8 months ago

What is the requirement for this whole assignment? you have only provided the scenario data but no requirement is presented in it, please provide exact requirement , thanks.

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Customer reply replied 8 months ago
Please see attached document
Business Tutor: F. Naz, B.Com replied 8 months ago

Hello

Thanks for the message, how long the paper should be? and could you cite me in this assignment?

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Customer reply replied 8 months ago
Not long at all. Just a few sentences per question.
Business Tutor: F. Naz, B.Com replied 8 months ago

Please tell me the current data and time as i am from different time zone and also reply to my citation question, thanks.

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