Ok guys sorry this took me a while, I had to learn a fair amount...

Ok guys sorry this took me a while, I had to learn a fair amount of stuff to better understand the situation.

An explanation first.

EVE uses the carrying value methodology to determine the value of investments that they do not wholly own such as Omni Blend (Omni Innovations) and NAP.

Meluka used to be one of them but they bought out the remaining 50% so its assets were fully included in the EVE's assets.

The methodology is very similar to the Equity line you find in company's Statement of Financial Position, it's assets and liabilities.

To calculate Equity you take the sum of all Issued Capital and you add the Reserves and Retained Earnings/Accumulated Losses. Equity will be equal to Net Assets and it's evolution is a very simple yet powerful tool to quickly understand the health of a company.

The Carrying Value is extremely similar. You take the value of the share of Omni Blend that we bought and you Add/Subtract EVE's share of Profit/Losses.

There were a few changes over the years regarding the years on how things we valued but ultimately I was able to make the table below.

I am not an accountant by any stretch of the imagination but I think the table is fairly accurate.

You can see that financing this acquisition was an extremely laborious process and it was far easier to buy Jenbrook than to buy Omni Blend.


Below is the timeline of the Omni Blend investment:

- Partnership with Eagle Health Holdings (ASX:EHH) which would go through and Exclusive Licensing Agreement generating $1.5m for the company to distribute Omni's pre-meal shake product for Type 2 diabetes and Pre‐Type 2 diabetes, throughout mainland China (16/08/2017)
- Agreement between Omni Blend and EHH is executed (22/09/2017)
- Production starts by EHH (31/10/2017)
- Eagle Begins Shipment of Omni Innovation's Diabetes Product (08/12/2017)
- First Quarter China Sales Progress: Hutang-1 is the name of the pre-meal drink in the Chinese market. Hutang-1, has now reached over 80,000 consumers, including over 24,000 diabetes or pre-diabetes patients and showed promising conversion to sales. (26/04/2018)
- Eagle Plans to Significantly Expand China Distribution. In December 2017 there were 4 stores in Xiamen. The expansion would aim to open 100 stores across China (31/05/2018) NOTE: They will, under their brand Zhang Lao San.
- Update by Eagle Health on Chinese Market EHH announces being "On Track for Growth" and opening 3 new stores by 31/07/2018 (16/07/2018)
- EVE FY18 Annual Report: Omni revenue $1,001,193.
- Omni Innovation - Update by Eagle Health. EHH in process of registering Hutang-1 as Food for Special Medical Purpose (FSMP)
- EHH provides Yearly Report for CY18. Revenue $100m and profit $18m. Upgrade of the High Speed Line of Hutang-1 production facility. Rollout of Zhang Lao San stores (28/02/2019).
- EHH announces the opening of its 100th Zhang Lao San store (13/05/2019)
- EVE Appendix 4C Eagle Health continued with the registration of the Hutang‐1 product formula with the China Food & Drug Administration (CFDA) as a Food for Special Medical Purpose (FSMP). Eagle Health expects the FSMP registration process to be completed by Q4 2019. In the meantime, product sales have been restricted until this is granted. Due to the lack of sales in the period, Eagle Health did not meet the sales target required to maintain exclusivity in the Chinese market. Consequently, the Eagle Health licence for the Chinese market has reverted to a non‐exclusive licence. Omni Innovation is free to explore other potential partners for the Chinese market to also distribute the product.

- EVE annual report for FY19. Omni revenue -$3,451. Progress continued during the year with Eagle Health’s application for registration of the Hutang-1 as a Food for Special Medical Purposes (FSMP). The Eagle Health license for the Chinese market reverted to a nonexclusive license due to exclusivity requirements not being met, however NMPA registration is still expected to be completed by December 2019 and would provide Omni Innovation with proceeds of $500,000 and allow recommencement of sales royalties. Omni Innovation is poised to explore potential additional partners for the Chinese market in the coming year as well as explore the opportunity to reposition its technology for additional applications in other offshore markets. (16/09/2019)

- EHH announce a dividend of $0.0012 per share (03/03/2020)

- EHH cancels the announced dividend due to COVID-19(15/04/2020)

- EHH has 300 Zhang Lao San stores (20/02/2020
- EHH announces that On around 30 March 2020, EHH's external auditor, Grant Thornton Australia (Grant Thornton), experiencedproblems completing certain audit verification issues (Verification Issues) in relation to EHH's mainland Chinesebased financial, including banking, records. Those issues have prevented the finalisation of the 2019 Financial Statements to date. (07/07/2020)
- EVE annual report for FY20. Omni revenue $0. During the year Omni Innovation appointed experienced corporate executive Rod Hannington as its CEO. The intellectual property program continued with the granting of patents for the Company’s technology in Hong Kong, Israel and South Korea. Omni Innovation continues its strategy of the
commercialisation of the intellectual property in Australia and overseas (31/08/2020)
- EHH delisted from ASX following non publication of FY19 annual report. Work was done and they were close to release. COVID-19 made the situation even harder in terms of auditing in China. EHH asked for extension but ASX didn't grant it. Company is still trading but unlisted. (01/04/2021)
- EVE annual report for FY21. Omni revenue $0. Term Sheet Agreement with Myopharm granting it a 15-year licence for the manufacture, marketing and distribution of Omni’s foundation product, the clinically proven pre‐meal glycaemic control product for Type 2 diabetes and Pre‐Type 2 diabetes, throughout Australia, mainland China and the UK/Europe. (31/08/2021)
- EVE annual report for FY21. Omni revenue $645k. Conditional Share Sale Agreement with Myopharm Limited for the
sale of 100% of Omni. (03/10/2022)
- EVE announces completion of sale of Omni (20/12/2022)