Genesis Financial Completes Exchange Agreements with EPOINT and Fintech Holdings

On February 15, 2018, Genesis Financial, Inc. completed two significant exchange agreements involving fintech payments entities. The first was a Capital Stock Exchange Agreement with EPOINT Payment Corp., a fintech payments company, and the second was a Membership Interest Exchange Agreement with Fintech Holdings LLC. Genesis issued shares as part of these transactions, which were accounted for as a reverse business combination under ASC 805.

Additionally, EPOINT signed a Membership Interest Purchase Agreement to acquire SmartPay Leasing LLC for $48.5 million in cash plus the assumption of liabilities. The combined transactions positioned the resulting entity in the fintech payments and leasing space. The deals were disclosed in an SEC 8-K filing dated February 22, 2018, indicating the formal completion and reporting of the transactions.