Current Report Filing (8-k)
December 04 2015 - 4:24PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) November 30, 2015
|
UnifiedOnline, Inc.
|
|
(Exact name of registrant as specified in its charter)
|
|
Delaware
|
0-27865
|
13-2640971
|
|
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
|
4126 Leonard Drive, Fairfax, VA
|
22030
|
|
(Address of principal executive offices)
|
(Zip Code)
|
Registrant's telephone number, including area code (816) 979-1893
| |
|
(Former name or former address, if changed since last report)
|
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Information included in this Form 8-K may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). This information may involve known and unknown risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by any forward-looking statements. Forward-looking statements, which involve assumptions and describe the Company’s future plans, strategies and expectations, are generally identifiable by use of the words “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend” or “project” or the negative of these words or other variations on these words or comparable terminology. These forward-looking statements are based on assumptions that may be incorrect, and there can be no assurance that any projections included in these forward-looking statements will come to pass. The Company’s actual results could differ materially from those expressed or implied by the forward-looking statements as a result of various factors. Except as required by applicable laws, the Company undertakes no obligation to update publicly any forward-looking statements for any reason, even if new information becomes available or other events occur in the future.
|
Item 1.01
|
Entry Into a Material Definitive Agreement
|
|
Item 2.03
|
Creation of a Direct Financial Obligation
|
|
Item 3.02
|
Unregistered Sales of Equity Securities
|
Effective December 3, 2015, the Company entered into $135,000 loan agreement (the “Loan”) with Power UP Lending Group, LTD. (“the Lender”). The Loan has a maturity date of nine (9) months from the Funding Date. The Loan is repayable daily at a rate of $967.29 for a total repayment amount of $182,250.
The foregoing is not a complete summary of the terms of the Loan described herein and reference is made to the complete text of the Agreement as Exhibit 10.1 to this Current Report on Form 8-K, and hereby incorporated by reference.
A portion of the proceeds from the Loan were used to pay off a Convertible Promissory Note and accrued interest to Vis Vires Group, Inc. and two previous loans to the Lender which was previously reported on Form 8-K.
On November 30, 2015, the Company issued 1,000,000 shares of restricted common stock to accredited investors upon the conversion of $3,000 outstanding principal of outstanding convertible notes. No commissions were paid in connection with these issuances.
These securities were not registered under the Securities Act. These securities qualified for exemption under Section 4(2) of the Securities Act since the issuance of securities by us did not involve a public offering. The offering was not a “public offering” as defined in Section 4(2) due to the insubstantial number of persons involved in the deal, size of the offering, manner of the offering and number of securities offered. We did not undertake an offering in which we sold a high number of securities to a high number of investors. In addition, these shareholders had the necessary investment intent as required by Section 4(2) of the Securities Act since the Conventions Shareholders agreed to and received share certificates bearing a legend stating that such securities are restricted pursuant to Rule 144 of the Securities Act. This restriction ensures that these securities would not be immediately redistributed into the market and therefore not be part of a “public offering.” Based on an analysis of the above factors, we have met the requirements to qualify for exemption under Section 4(2) of the Securities Act.
|
Item 9.01
|
Financial Statements and Exhibits. |
(d) Exhibits.
10.1 PowerUp Loan Agreement dated December 3, 2015.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| |
UnifiedOnline, Inc.
|
|
| |
|
|
|
|
|
By:
|
/s/ Robert M. Howe, III |
|
| |
|
Robert M. Howe, III, Chief Executive Officer
|
|
| |
|
|
|
| |
|
|
|