The Company was originally incorporated under the laws of the State of New York on March 17, 1986 under the name of Gamogen, Inc. On September 13, 2002, pursuant to an Agreement and Plan of Merger, the Company acquired CDMI Productions, Inc. and changed its name to CDMI Productions, Inc. On November 18, 2004, the Company entered into (1) an Asset Purchase Agreement whereby it issued 2,640,000 shares of its common stock to Matthew and Laurie Crouch for the acquisition of the distribution rights to the feature film "One Night with the King" and to the script for a proposed animated film project the "Prodigal Son" and (2) an Employment Agreement with Matthew Crouch whereby it issued 6,160,000 shares of common stock to Matthew Crouch. On January 10, 2005, the Company reincorporated in Delaware and changed its name to Gener8Xion Entertainment, Inc.
On September 30, 2005, the Company entered into an Asset Purchase Agreement with Merd Holdings, LLC, doing business as Cinemills Corp. ("Cinemills"). The transaction was consummated with cash of approximately $440,000 and the issuance of 100,000 shares of common stock. The excess of cost over the fair value of the assets acquired amounted to $439,254 and was recorded as goodwill. The Company's purchase price allocation has been finalized in accordance with SFAS No. 142, "Goodwill and Other Intangible Assets". A five year carrying value for impairment loss test was performed as of October 31, 2007 and it was determined that goodwill has been impaired. The Company has elected to take full impairment as of October 31, 2007.
