CLOUDCOMMERCE, INC. (OTCMKTS:CLWD) Files An 8-K Entry into a Material Definitive AgreementItem 1.01
As previously reported on a Form 8-K that was filed with the Securities and Exchange Commission on August 2, 2017, on August 1, 2017, CloudCommerce, Inc. (the “Company”) entered into a Purchase Agreement with Parscale Media, LLC (“Parscale Media”) and Bradley Parscale (“Seller”), to which the Company agreed to purchase 50% of the issued and outstanding membership interests of Parscale Media (“Membership Interests”).
As previously reported on a Form 8-K that was filed with the Securities and Exchange Commission on February on February 7, 2018, on February 1, 2018, the Company, Parscale Media and the Seller entered into an amendment (the “Amendment”) to the Purchase Agreement. to the Amendment, the parties to the Purchase Agreement agreed that the $1,000,000 purchase price for the Membership Interest would be paid by the Company’s issuing the Seller an unsecured promissory note (the “Note”) in the principal amount (the “Principal Amount”) of one million ($1,000,000) dollars. As of November 20, 2018, the balance of the Note was $663,380.
Seller is the sole member of Parscale Strategy, LLC and Parscale Strategy, LLC owed the Company $729,979.37 related to certain invoices for work performed by the Company (the “Invoices”).
to an Agreement November 20, 2018, the Company and the Seller agreed that the Note would be deemed paid in full and satisfied and $663,380 of the Invoices would be paid in full leaving a balance of $66,599.37 owed to the Company.
Item 1.02 Termination of a Material Definitive Agreement.
The information contained in Item 1.01 is hereby incorporated by reference.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit No. | Description |
| 1.01 | Agreement, date November 20, 2018 |
CLOUDCOMMERCE, INC. ExhibitEX-1.01 2 ex1_1.htm AGREEMENT,…To view the full exhibit click here
About CLOUDCOMMERCE, INC. (OTCMKTS:CLWD)
CloudCommerce, Inc. is a global provider of cloud-driven e-commerce and mobile commerce solutions. The Company focuses primarily on four main areas: engaging frontend design, backend integration, digital marketing and analytics, and complete solutions management. The Company’s core solutions build enterprise back-end application integrations, drive traffic mobile e-commerce, desktop e-commerce and manage hosting. The Company’s digital marketing services include search engine optimization, e-mail campaign creation and social promotions. In addition to digital marketing services, it also applies data analytics to enable businesses understand the behavior of their online customers. In addition to development, the Company also manages its client solutions with services, such as technology consulting, ongoing maintenance, hosting infrastructure build out and management. It customizes solutions using middleware or custom engineering to achieve any level of integration the customers desire.
