Item 2.01. Completion of Acquisition or Distribution of Assets.
On
(a) A Secured Convertible Promissory Note in the principal amount of$300,000,000 , bearing an interest rate of 5% per annum, and convertible into Shares of Common Stock of the Registrant in accordance with the terms of the Note, a copy of which is annexed hereto as an Exhibit; (b) 40,000,000 shares of the Registrant's authorized but unissued$0.001 par value common stock; (c) 1,000,000 shares of the Registrant's authorized but unissued Series "A" Preferred Stock, and 1,000 shares of the Registrants' authorized but unissued Series "B" Preferred Stock, which shall bear the rights, privileges and preferences as set forth in the Certificate of Designation annexed hereto as an Exhibit; (d) 20,000,000 Class "A" Common Stock Purchase Warrants, exercisable at$.02 per Share and expiring 10 years from the date of issuance. The Form of Common Stock Purchase Warrant is annexed hereto as an Exhibit.
Item 3.02. Unregistered Shares of
Pursuant to the terms of the Asset Purchase and Sale Agreement, the Registrant
on
(1) 40,000,000 Shares of the Company's authorized but unissued$0.001 par value common stock; (2) 1,000,000 Shares of Purchaser's authorized but unissued Series "A" Preferred Stock, and 1,000 shares of Purchaser's authorized but unissued Series "B" Preferred Stock, which shall bear the rights, privileges and preferences as set forth in the Certificate of Designation annexed hereto as an Exhibit; (3) 20,000,000 Class "A" Common Stock Purchase Warrants, exercisable at$.02 per Share and expiring 10 years from the date of issuance. The Form of Common Stock Purchase Warrant is annexed hereto as an Exhibit.
The foregoing securities are considered to be "restricted securities", and were issued by the Registrant pursuant to an exemption from Registration afforded by Section 4(a)(1) of the Securities Act of 1933, as amended.
2
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On
Item 9.01. Financial Statements & Exhibits.
4.1 Form of Class A Common Stock Purchase Warrant 10.1 Agreement for Purchase and Sale of Assets 10.2 Secured Promissory Note 17.1 Resignation of Officer and Director 104 Cover Page Interactive Data File (embedded within the inline XBRL document) 3
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