Novus Robotics Inc. (NRBT) filed on Fri, May 17 10-Q

Novus Robotics Inc. files 10-Q in a filing on Fri, May 17.

The Company entered into a lease to purchase equipment in November of 2015. An initial payment of $16,900 was made with the balance of the lease to be satisfied in 36 equal monthly payments of approximately $820. The interest rate related to the lease obligation is 14% with a maturity date of November 2018 at which time the option was exercised to purchase the equipment for $4,600.

The Company implemented ASC 842 as of January 1, 2019, utilizing the transition relief guidance under the ASC 840 Comparatives option. The net present value of the remaining minimum lease payments were recorded utilizing a 5% discount rate and based on the previously-disclosed minimum payments through July 2019. Novus has reflected these remaining lease payments in prepaid expenses and accounts payable and accrued expenses accordingly in the amount of $24,735 respectively.

Ecoland International, Inc., now known as Novus Robotics Inc., D&R Technology Inc., a private corporation (‘D&R Technology’) and, Berardino Paolucci and Drakso Karanovic, the shareholders of D&R Technology Inc. (the ‘D&R Shareholders’) entered into that certain share exchange agreement dated January 27, 2012 (the ‘Share Exchange Agreement’). Our Board of Directors approved the execution and consummation of the transaction under the Share Exchange Agreement on February 1, 2012. In accordance with the terms and provisions of the Share Exchange Agreement, we issued an aggregate of 59,000,000 pre-Reverse Stock Split shares of our restricted common stock to the D&R Shareholders (which consisted of Messrs. Paolucci and Karanovic and D Mecatronics, which is holding the shares for the benefit of the remaining shareholders of D&R Technology) in exchange for 100% of the total issued and outstanding shares of D&R Technology, thus making D&R Technology its wholly-owned subsidiary. Our Board of Directors deemed it in the best interests of our shareholders to enter into the Share Exchange Agreement pursuant to which it would acquire all the technology and assets and assume all liabilities of D&R Technology. This resulted in a change in control and our overall business operations thus bringing potential value to our shareholders. D&R Technology was previously the wholly-owned subsidiary of D Mecatronics Inc., a Delaware corporation. On approximately November 10, 2011, D Mecatronics spun-off D&R Technology. D&R Technology subsequently issued shares of its restricted common stock to the shareholders of D Mecatronics on a pro-rata basis in accordance with their respective equity holdings in D Mecatronics. The equity percentages regarding the issuance of shares by D&R Technology were 48% to Berardino Paolucci, 24% to Drasko Karanovic and 28% to various shareholders (which shares were previously held by D Mecatronics on behalf of these shareholders).

The stock decreased 8.87% or $0.0044 during the last trading session, reaching $0.0456. About 41,490 shares traded or 169.21% up from the average. Novus Robotics Inc. (OTCMKTS:NRBT) has 0.00% since May 18, 2018 and is . It has underperformed by 4.37% the S&P500.

Novus Robotics, Inc., through its subsidiary, D&R Technology Inc., engages in engineering, designing, manufacturing, and selling automated tube processing solutions for the automotive industry worldwide. The company has market cap of $2.47 million. It creates and installs retrofits to existing automated systems, as well as offers spare parts, maintenance, and repair and production support services to automotive tier I businesses and their suppliers. It has a 22.78 P/E ratio. The company's products comprise seat frame systems, IP tube systems, and integrated bend-weld systems.

More news for Novus Robotics Inc. (OTCMKTS:NRBT) were recently published by: Prnewswire.com, which released: “OTC Markets Group Announces Lists of Compliance Downgrades and Caveat Emptor Designations for the Month of January – PR Newswire” on February 06, 2018. Prnewswire.com‘s article titled: “OTC Markets Group Provides Monthly Lists of Compliance Downgrades and Caveat Emptor Designations – PR Newswire” and published on November 02, 2017 is yet another important article.

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