Innovative Holdings Alliance, Inc. (OTCPK:IHAI) entered into a definitive agreement and acquired David L. Wallace and Associates, P.A. for $1 million in stock on March 21, 2014. The consideration includes issuance of 5 million in stock. The stock issuance imposes certain performance requirements to be met within a 24 month period. In the event that the performance requirements are not met, the parties have the right to reacquire the assets or stock from the non-performing party. Subsequent to acquisition, the assets and liabilities were transferred to IHA Architectural Corporation (“IHAC”), a newly formed, wholly owned subsidiary of Innovative Holdings Alliance, Inc. The transaction includes ongoing contracts for professional services from David L. Wallace and Associates, P.A. As of May 31, 2014, the shares had not been issued.

Innovative Holdings Alliance, Inc. (OTCPK:IHAI) cancelled the acquisition of David L. Wallace and Associates, P.A. on August 8, 2014.