In November 2012, Mario Bonsetti and Rico Sanchez incorporated Gnarly Vulcan Gear, Inc. (GVG), to manufacture windsurfing equipment. Bonsetti owned 60 percent and Sanchez owned 40 percent of the corporation's stock, and both men served on the Board of Directors. In January 2014, Hula Boards, Inc., owned solely by Mai Jin Li, made a public offer to Bonsetti and Sanchez to buy GVG Stock. Hula offered 30 percent more than the market price per share for the GVG stock, and Bonsetti O and Sanchez each sold 20 percent of their stock to Hula. Jin Li became the third member of the GVG Board of Directors. In April 2015, an irreconcilable dispute arose between Bonsetti and Sanchez over design modifications of their popular Baked Chameleon board. Sanchez and Jin Li voted to merge GVG with Hula Boards under the name Hula Boards, despite Bonsetti's dissent. GVG was dissolved, and production of the Baked Chameleon ceased. Required : diagram the transaction - to illustrate that transaction .2