Leo Motors, Inc. (OTCPK:LEOM) acquired LGM Co. Ltd. for KRW 2.4 billion in stock on June 30, 2014. Under the terms of share purchase agreement, Leo Motors issued approximately 47.35 million shares of its common stock as consideration for the purchase. LGM Co. Ltd reported total assets of $1 million (KRW 1.1 billion), total equity of $0.51 million (KRW 536.13 million), revenues of $0.58 million (KRW 608.65 million) and net income of $0.12 million (KRW 127.38 million). Jung-dong Accounting Corporate conducted the valuation of LGM Co. The currency conversion has been done through www.oanda.com as on December 31, 2013.

Leo Motors, Inc. (OTCPK:LEOM) completed the acquisition of LGM Co. Ltd. on June 30, 2014.